Layer 1 blockchain Flare announced the introduction of an FXRP/USDH spot trading pair on decentralized exchange Hyperliquid, extending XRP’s onchain trading capabilities into additional ecosystems. The launch follows the debut of the FXRP/USDC market two weeks earlier and represents a further move to expand XRP liquidity and functionality within Hyperliquid’s onchain orderbook environment.
The newly listed FXRP/USDH market combines XRP exposure with USDH, a native quote asset within the Hyperliquid ecosystem. USDH, introduced in September 2025 as a core Hyperliquid initiative, has since become a central settlement asset across HyperEVM, supporting a range of applications including lending protocols, options markets, and yield-focused strategies.
USDH is fully collateralized on a one-to-one basis by US Treasuries and cash-equivalent assets and is supported by custody infrastructure designed to meet institutional standards. The asset also features built-in trading incentives on Hyperliquid, such as reduced taker fees and enhanced maker rebates, creating a capital-efficient setting for FXRP liquidity to expand alongside Hyperliquid’s fast developing financial stack.
While FXRP spot markets remain at an early stage of development, early indicators suggest solid demand following the initial FXRP rollout, reflected in engagement across ecosystem participants, community discussions, and media attention. The addition of the new trading pair underscores increasing interest in accessing XRP exposure on Hyperliquid and highlights the importance of efficient capital flows between the XRP Ledger, Flare, and HyperEVM.
Flare has continued to address these infrastructure requirements. One week after the FXRP/USDC market became available, direct bridging of FXRP from Flare to HyperEVM was enabled. A dedicated FXRP bridge leveraging Flare Smart Accounts is expected to be introduced in the near term, allowing streamlined withdrawals from Hyperliquid back to the XRP Ledger while maintaining FXRP’s canonical linkage.
“We believe FXRP will become the XRP asset of choice on Hyperliquid,” said Hugo Philion, co-founder of Flare, in a written statement. “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,” he added.
The expansion of FXRP’s spot market offerings comes amid rising activity in XRP derivatives markets. Currently, XRP perpetual markets account for more than $200 million in open interest, while comparable onchain spot infrastructure has remained relatively limited. With both FXRP/USDC and FXRP/USDH markets now available, Hyperliquid provides traders with additional tools to hedge positions, pursue delta-neutral or directional strategies, and capitalize on arbitrage opportunities between spot and derivatives venues.
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