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XRP has entered the realm of institutional-grade on-chain spot trading with the introduction of FXRP on Hyperliquid’s spot markets, representing the initial opportunity for XRP exposure via Hyperliquid’s entirely on-chain orderbook.
The announcement made by Flare on January 7 presents an FXRP/USDC trading pair and broadens the methods by which XRP can be traded, settled, and utilized within decentralized finance, eliminating the need for off-chain custody.
FXRP Listing Brings XRP to Hyperliquid Spot Markets
This listing enables XRP spot exposure on Hyperliquid’s advanced trading infrastructure, an ecosystem renowned for its leadership in decentralized perpetuals.
FXRP is a bridged form of XRP issued through Flare’s FAssets system and operated using LayerZero’s Omnichain Fungible Token standard.
This configuration facilitates the transfer of XRP from the XRP Ledger to Flare, enables smooth cross-chain movement, allows trading on Hyperliquid, and supports returning to the XRP Ledger as its primary settlement layer.
The framework maintains XRP custody while enhancing its functionality across decentralized finance platforms that were previously out of reach for the asset.
Flare indicated that this launch aims to establish XRP as a programmable, multichain asset without modifying the XRP Ledger’s role as the main trust and settlement layer.
Hugo Philion, co-founder of Flare, stated that the listing positions XRP within one of the most liquid and efficient on-chain trading environments available, broadening XRP’s presence in the DeFi space while preserving its current settlement framework.
Hyperliquid’s spot markets differ from the automated market maker pools that prevail in most decentralized exchanges.
Its orderbook-based model is designed to accommodate larger trading volumes with enhanced price discovery and execution quality, especially during volatile periods.
Source: ASXN
This has enabled Hyperliquid to secure a significant share of decentralized derivatives activity, with the platform exceeding $2.9 trillion in total trading volume in 2025 and maintaining a leading position in on-chain perpetuals throughout the year.
The platform attracted over 609,000 new users in the year and recorded $3.8 billion in net inflows, reflecting increased interest from both retail and institutional traders for decentralized derivatives.
Source: ASXN
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Daily volumes frequently reached billions during peak times, bolstered by its custom Layer 1 architecture and fully on-chain orderbooks.
While derivatives remain Hyperliquid’s primary product, its spot markets have experienced consistent growth.
@CMEGroup surpasses @binance in $BTC futures with remarkable $16.5B open interest while @HyperliquidX surges to $5B daily volume and commands 80% DeFi perpetual market share.#Binance #Hyperliquidhttps://t.co/7nlCHHrrFY
— Cryptonews.com (@cryptonews) July 8, 2025
Recent statistics reveal Hyperliquid reporting over $169 million in 24-hour trading volume, with spot pairs playing a significant role alongside its native HYPE token and major assets like BTC, ETH, SOL, and USDC.
Source: CoinGecko
The introduction of FXRP brings XRP exposure into this setting for the first time, enabling traders to manage spot positions, hedge with perpetuals, and implement more sophisticated trading strategies without leaving the chain.
FXRP Volume Jumps, Showing Rising Demand for On-Chain XRP Trading
Market activity surrounding FXRP has surged since the launch. Data from CoinGecko indicates that the token is trading around $2.29, with a circulating supply of approximately 86 million tokens and a market capitalization nearing $197 million.
Source: CoinGecko
In the past week, FXRP has increased by over 20%, while the 24-hour trading volume has risen above $14 million, indicating growing engagement as liquidity shifts between venues.
For Flare, this integration enhances its overall XRP-focused DeFi strategy. The network currently holds close to $220 million in total value locked, with decentralized exchange volume sharply increasing over the past week.
Source: DeFiLlama
Seven-day DEX trading volume on Flare exceeded $84 million, more than doubling week over week, while the stablecoin market capitalization on the network has also seen growth.
Following transactions on Hyperliquid, FXRP can be bridged back to Flare to access lending, staking, and other XRPFi applications, or returned to the XRP Ledger through forthcoming tools designed to streamline one-click withdrawals.
This trading lifecycle allows users to bridge once, trade at scale, and settle back on XRPL without losing custody at any phase.
The post XRP Hits Hyperliquid: Institutional Spot Trading Goes Live on Top DEX appeared first on Cryptonews.
