XRP Enters Hyperliquid: Launch of Institutional Spot Trading on Leading DEX

XRP has made a significant entry into institutional-grade on-chain spot trading with the recent launch of FXRP on Hyperliquid’s spot markets. This event marks the first opportunity for traders to gain XRP exposure through Hyperliquid’s fully on-chain orderbook.

Key Takeaways:

XRP has entered institutional-grade on-chain spot trading via the FXRP launch on Hyperliquid.
The FXRP/USDC trading pair enhances how XRP is utilized in decentralized finance.
Hyperliquid offers an order book-based trading environment suited for high volumes and better execution.
FXRP trading has shown significant demand, with a notable increase in trading volume and market interest.
Flare’s integration strengthens the DeFi ecosystem centered around XRP, allowing for seamless access to various financial applications.

XRP Enters Institutional-Grade Onchain Spot Trading Via Hyperliquid

The announcement, made by Flare on January 7, reveals the introduction of the FXRP/USDC trading pair, which enhances the capabilities of how XRP can be traded, settled, and utilized within decentralized finance (DeFi) without depending on off-chain custody.

FXRP Listing Expands XRP Trading Options on Hyperliquid

The new listing makes XRP spot trading available on Hyperliquid’s advanced trading infrastructure, a platform traditionally recognized for its strength in decentralized perpetual contracts.

FXRP is a bridged version of XRP created through Flare's FAssets system, utilizing LayerZero’s Omnichain Fungible Token standard for deployment. This framework allows XRP to transition from the XRP Ledger to Flare, navigate effortlessly across various blockchains, trade on Hyperliquid, and finally return to the XRP Ledger for its canonical settlement.

This system maintains XRP custody while enhancing its accessibility within DeFi environments that were previously out of reach for the asset.

Flare's co-founder, Hugo Philion, emphasized that this launch strategically positions XRP as a programmable, multichain asset without compromising the XRP Ledger's role as the main trust and settlement layer.

Unique Features of Hyperliquid’s Spot Markets

Hyperliquid’s spot markets stand out from the automated market maker pools that are predominant in most decentralized exchanges. Its order book-based design supports higher trading volumes and facilitates better price discovery and execution quality, especially during high volatility.

Hyperliquid Trading Activity

Hyperliquid has successfully captured a substantial segment of decentralized derivatives trading, achieving over $2.9 trillion in total trading volume during 2025 and maintaining a significant share in on-chain perpetual contracts throughout the year.

The platform attracted over 609,000 new users and recorded $3.8 billion in net inflows, reflecting an increasing appetite from both retail and institutional traders for decentralized derivatives.

Hyperliquid Trading Volume

Amid this growth, daily trading volumes often soared into the billions at peak times, aided by its customized Layer 1 architecture and fully on-chain order books.

Though derivatives remain Hyperliquid's primary offering, its spot markets have seen consistent growth. Recent data indicates that Hyperliquid reported over $169 million in 24-hour trading volume, with spot pairs contributing significantly, including the native HYPE token and key assets like BTC, ETH, SOL, and USDC.

Spot Trading on Hyperliquid

The introduction of FXRP brings XRP exposure to this setting for the first time, enabling traders to manage spot positions, hedge against perpetuals, and implement advanced trading strategies—all without leaving the chain.

Increased Activity in On-Chain XRP Trading with FXRP

Activity around FXRP has surged following its introduction. Data from CoinGecko shows that FXRP is currently trading at approximately $2.29, with a circulating supply of about 86 million tokens and a market capitalization nearing $197 million.

FXRP Trading Data

In the past week, FXRP's value has risen over 20%, and its 24-hour trading volume has exceeded $14 million, indicating a growing interest as liquidity moves across trading platforms.

For Flare, this integration bolsters its comprehensive DeFi strategy centered on XRP. The network now has nearly $220 million in total value locked, with a steep increase in decentralized exchange trading volume over the last week.

Flare Trading Volume

In the week following the FXRP launch, decentralized exchange trading on Flare surpassed $84 million, more than doubling week over week, while the market capitalization of stablecoins on the network has also increased.

After execution on Hyperliquid, FXRP can be bridged back to Flare for additional services like lending, staking, and various XRP-focused financial applications or returned to the XRP Ledger through upcoming tools that simplify one-click withdrawals.

This trading lifecycle enables users to bridge once, trade extensively, and settle back on the XRPL without losing custody at any point.