Flare targets XRP liquidity expansion with FXRP/USDH spot market launch on Hyperliquid 

• Flare has launched the FXRP/USDH spot market on Hyperliquid to deepen XRP liquidity and utility within the broader HyperEVM ecosystem. 
• The new spot markets enable better hedging, delta-neutral strategies, and arbitrage against over $200 million in existing XRP perpetual futures open interest.
• The ultimate goal is to make FXRP the primary XRP representation on Hyperliquid as FXRP continues to enjoy strong demand across ecosystem partners.

Flare has launched the FXRP/USDH spot market on Hyperliquid in a bid to deepen XRP liquidity and utility within Hyperliquid’s onchain orderbook and the broader HyperEVM ecosystem 

The new market builds on the foundation set out by the rollout of FXRP/USDC two weeks ago and marks another step in Flare’s effort to deepen XRP liquidity and utility across Hyperliquid’s onchain orderbook.

FXRP/USDH spot market lands on Hyperliquid

In a move that is being touted as a critical step towards the expansion of XRP’s presence in DeFi, Flare network has formally announced the launch of the FXRP/USDH spot market on the leading decentralized trading platform Hyperliquid. 

The FXRP/USDH pair is expected to integrate XRP exposure with USDH, a native quote asset within the Hyperliquid ecosystem. USDH was launched in September 2025 as a major Hyperliquid initiative and has since evolved into a foundational settlement layer across HyperEVM, supporting use cases including lending, options, and yield strategies.

USDH is fully backed 1:1 by U.S. Treasuries and cash equivalents and operates with institutional-grade custody infrastructure. The asset also offers native trading incentives on Hyperliquid, including lower taker fees and higher maker rebates, creating a capital-efficient environment for FXRP liquidity to scale alongside Hyperliquid’s fastest-growing financial layer.

Hyperliquid’s dollar-pegged stablecoin is currently issued by Native Markets, a team selected via a competitive community validator vote held in September 2025. 

Native Markets beat out a strong field of established stablecoin players like Paxos, Ethena, and Frax, among others, that offered proposals backed with juicy benefits like HYPE buybacks and neutrality. 

Ethena, the issuer of the USDe algorithmic stablecoin, pulled out mid-race and instead endorsed Native Markets.

Native Markets’ winning proposal pledged to split all reserve yield equally between Hyperliquid’s Assistance Fund (which conducts HYPE buybacks) and ecosystem growth initiatives. The proposal utilizes Stripe’s tokenization platform, Bridge, to manage reserves, with backing “fully backed by cash and US treasury equivalents with offchain reserves initially managed by BlackRock and onchain reserves by Superstate.” 

Spot demand for FXRP markets has been growing 

The FXRP spot markets are still early in their lifecycle, but initial demand following the FXRP launch has been strong across ecosystem partners, social channels, and media coverage. 

The launch has highlighted growing demand for XRP exposure on Hyperliquid and the need for seamless capital movement between the XRP Ledger, Flare, and HyperEVM.

Flare has continued to reduce this infrastructure gap. Just one week after the FXRP/USDC market went live, the network enabled direct FXRP bridging from Flare to HyperEVM. It also promised a dedicated FXRP bridge powered by Flare Smart Accounts, enabling one-click withdrawals from Hyperliquid back to the XRP Ledger without compromising FXRP’s canonical anchor.

“We believe FXRP will become the XRP asset of choice on Hyperliquid,” said Hugo Philion, co-founder of Flare. “This launch is another important step forward for FXRP in the ecosystem, and we look forward to working closely with Native Markets to grow FXRP alongside the HyperEVM ecosystem.”

The expansion of FXRP’s spot market structure comes as XRP derivatives activity continues to grow. As things stand, there are over $200 million in XRP open interest currently active across perpetual markets, while onchain spot infrastructure has remained limited. 

By offering both FXRP/USDC and FXRP/USDH spot markets, Hyperliquid gives traders the opportunity to hedge exposure, execute delta-neutral or directional strategies, and arbitrage between spot and derivatives markets. The FXRP/USDH spot market is expected to go live on Hyperliquid following the embargo lift.