Flare Network has listed FXRP, a wrapped version of XRP issued on Flare, on Hyperliquid, marking the first time XRP spot exposure has been made available on Hyperliquid. The listing initially launches with an FXRP/USDC trading pair.
Until now, XRP trading on Hyperliquid had been limited to perpetual futures, with no accompanying spot market. Dhruv Shah, DeFi analyst at Flare, told The Block that the absence of a spot listing was due to infrastructure constraints.
“Like bitcoin, XRP is not EVM [Ethereum Virtual Machine] compatible,” Shah said. That’s why Hyperliquid — like other onchain platforms — only lists wrapped versions for spot assets, and FXRP is the XRP implementation of that model, he added.
Hyperliquid already supports wrapped spot versions of assets such as bitcoin. Shah said the lack of “a viable non-custodial bridge” had prevented a wrapped version of XRP from being listed on Hyperliquid.
FXRP is a 1:1 wrapped representation of XRP issued via Flare’s FAssets system and deployed as a LayerZero Omnichain Fungible Token. This setup allows FXRP to move across chains, trade on Hyperliquid’s orderbook, and later be redeemed back to XRP on the XRP Ledger. Flare said a dedicated FXRP bridge powered by Flare Smart Accounts is expected to launch later, enabling one-click withdrawals from Hyperliquid back to the XRP Ledger.
Beyond trading, the FXRP spot market ties into Flare’s broader XRPFi strategy. After trading on Hyperliquid, FXRP can be bridged back to Flare to access DeFi use cases such as lending, staking, and other applications. Shah said the goal is to make FXRP the preferred XRP representation across DeFi ecosystems.
“Flare will always be the home chain for FXRP,” Shah said, adding that Hyperliquid was chosen as the first expansion venue due to its orderbook-based design and the absence of an existing XRP spot pair. He said Flare is working with builders across the Hyperliquid ecosystem to integrate FXRP further and plans to expand FXRP to additional DeFi platforms over time.
Flare has been involved in several recent efforts to grow its XRPFi ecosystem. Last month, Flare, alongside Upshift Finance and Clearstar, launched earnXRP, a yield product designed to bring XRP into DeFi. Separately, Firelight Finance launched an XRP staking protocol on Flare, introducing a liquid staking token called stXRP.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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