New Frontiers for XRP on Hyperliquid Thanks to Flare

Flare has announced the launch of the FXRP/USDH spot market on Hyperliquid, marking a significant step in the expansion of XRP’s onchain trading infrastructure within new ecosystems.

This development follows just weeks after the debut of the FXRP/USDC pair and represents another piece in Flare’s strategy to strengthen the liquidity and functionality of XRP on the Hyperliquid platform.

FXRP/USDH: A Bridge Between XRP and Hyperliquid’s Decentralized Finance

The new FXRP/USDH pair integrates exposure to XRP with USDH, a native and fundamental asset of the Hyperliquid ecosystem. Launched in September 2025, USDH quickly established itself as a central settlement layer on HyperEVM, supporting a wide range of use cases such as lending, options, and yield strategies.

USDH stands out for being fully backed 1:1 by U.S. Treasuries and cash equivalents, operating with an institutional-grade custody infrastructure.

Additionally, USDH offers native trading incentives on Hyperliquid, including lower fees for takers and higher rebates for makers, thus creating a highly capital-efficient environment for the growth of FXRP liquidity.

Growing Demand for FXRP and XRP on Hyperliquid

Although the FXRP spot markets are still in the early stages of their lifecycle, the initial demand following the launch of FXRP has proven strong, as demonstrated by the interest from ecosystem partners, social channels, and media coverage. This trend highlights a growing demand for exposure to XRP on Hyperliquid and the need for smooth capital movement between XRP Ledger, Flare, and HyperEVM.

Flare has actively committed to bridging this infrastructure gap. One week after the launch of the FXRP/USDC market, the network enabled direct bridging of FXRP from Flare to HyperEVM. In the coming days, the launch of a dedicated FXRP bridge powered by Flare Smart Accounts is also expected, which will allow one-click withdrawals from Hyperliquid to XRP Ledger, maintaining the canonical anchoring of FXRP.

FXRP as a Reference Asset for XRP on Hyperliquid

According to Hugo Philion, co-founder of Flare, “FXRP will become the reference XRP asset on Hyperliquid.” Philion emphasizes how this launch represents a further step forward for FXRP in the ecosystem, anticipating an increasingly close collaboration with Native Markets to support the growth of FXRP within the HyperEVM ecosystem.

An Expanding Spot Market for Advanced Strategies

The expansion of the FXRP spot market structure occurs at a time when XRP derivatives activity continues to grow.

Currently, over $200 million in open interest on XRP is active in perpetual markets, while the onchain spot infrastructure remains limited. The offering of FXRP/USDC and FXRP/USDH pairs on Hyperliquid allows traders to hedge exposure, execute delta-neutral or directional strategies, and exploit arbitrage opportunities between spot and derivatives markets.

Incentives and Benefits for FXRP Liquidity

One of the key elements of the FXRP/USDH integration is the presence of trading incentives that promote liquidity growth. Reduced fees for takers and increased rebates for makers make the market particularly attractive for institutional and retail operators, facilitating the scalability of FXRP liquidity in parallel with the development of Hyperliquid’s financial layer.

Future Prospects: Interoperability and Ecosystem Growth

The launch of the FXRP/USDH spot market represents just the beginning of a broader interoperability strategy between XRP Ledger, Flare, and HyperEVM. The enablement of direct bridging and the imminent release of the dedicated FXRP bridge promise to make capital movement between the different layers of the ecosystem increasingly simple and secure, consolidating FXRP as a central asset for decentralized finance on Hyperliquid.

Conclusions: A New Era for XRP and FXRP on Hyperliquid

With the introduction of the FXRP/USDH spot market, Flare and Hyperliquid lay the groundwork for a new era of liquidity, efficiency, and innovation in the XRP universe. The integration of assets like USDH, backed by government securities and cash equivalents, along with the presence of advanced trading incentives, positions Hyperliquid as the go-to platform for those seeking exposure to XRP through modern and secure onchain instruments.

The anticipation for the official activation of the FXRP/USDH spot market is high, and all eyes are on Flare’s next moves, which promises to continue leading innovation in interoperability and the growth of the XRP ecosystem.