Building the XRP standard on Hyperliquid: FXRP/USDH spot market now live

Small red and white spheres form a bolt shape

Flare is continuing its mission to bring XRP liquidity and utility deeper into new ecosystems with the launch of the FXRP/USDH spot market on Hyperliquid: https://app.hyperliquid.xyz/trade/FXRP/USDH

Following the rollout of the FXRP/USDC market two weeks ago, this new USDH pairing marks another major step forward for FXRP on Hyperliquid — reinforcing Flare’s commitment to expanding XRP trading infrastructure and liquidity access in new frontiers.

Why USDH is the right quote asset for FXRP

USDH is a native quote asset within the Hyperliquid ecosystem. Launched as a major Hyperliquid initiative in September 2025 and built by Native Markets, a team of industry veterans from Uniswap, BlackRock, Stripe, Circle, and Ramp. USDH has quickly become a foundational settlement layer with strong onchain volume, decentralized distribution, and deep integration across HyperEVM including lending, options, and yield applications.

Fully backed 1:1 by US Treasuries and cash equivalents with institutional-grade custody infrastructure, and offering native trading incentives such as lower taker fees and higher maker rebates, USDH creates the ideal environment for FXRP to scale alongside Hyperliquid’s fastest-growing financial layer.

FXRP momentum is growing on Hyperliquid

While FXRP spot markets are still early in their lifecycle, the community response to the initial FXRP launch has been strong across social channels, ecosystem partners, and media coverage. The signal is clear: traders want XRP exposure on Hyperliquid — and they want a seamless capital route between XRPL, Flare, and HyperEVM.

Flare has been actively closing this infrastructure gap.

Just one week after the FXRP/USDC spot market went live, Flare shipped an upgrade: direct FXRP bridging from Flare to HyperEVM. A dedicated FXRP bridge powered by Flare Smart Accounts will follow in the coming weeks, enabling one-click withdrawals from Hyperliquid back to the XRP Ledger, preserving FXRP’s canonical anchor. This represents a major unlock for XRP trading activity on Hyperliquid.

With this momentum building, expanding FXRP’s market structure is critical to scaling liquidity depth, improving capital efficiency, and onboarding new traders. The FXRP/USDH pair is the natural next step.

“We believe FXRP will become the XRP asset of choice on Hyperliquid. This is another important step forward for FXRP in the ecosystem. We look forward to working closely with Native Markets and growing FXRP in tandem with the HyperEVM ecosystem.” — Hugo Philion, Co-founder of Flare

Enabling new XRP trading strategies on Hyperliquid

Today, there is over $200 million in XRP open interest across perpetual markets, yet traders have had limited onchain spot infrastructure to properly hedge or manage that exposure.

FXRP on Hyperliquid directly addresses this gap by introducing two spot markets: FXRP/USDC and FXRP/USDH that complement existing derivatives activity.

Traders can now:

Combine FXRP spot markets with perpetuals to hedge exposure
Execute delta-neutral or directional strategies
Arbitrage between spot and derivatives markets
Access deeper liquidity routes for XRP exposure

Importantly, FXRP remains fully connected to the XRP ecosystem. At any time, FXRP can be bridged back to XRPL via Flare’s FAssets, allowing users to move seamlessly between Hyperliquid, HyperEVM, and the XRP Ledger.

Get started with FXRP on Hyperliquid

The FXRP/USDH spot market is now live on Hyperliquid and ready for trading.

Whether you're looking to hedge XRP exposure, deploy advanced trading strategies, or access XRP liquidity inside the HyperEVM ecosystem, getting started is simple:

→ Bridge FXRP to HyperEVM
Use the FAssets Portal to move FXRP from Flare into HyperEVM or HyperCore and prepare assets for Hyperliquid trading.

Also available on Stargate: https://stargate.finance.

→ Trade FXRP on Hyperliquid
Access the FXRP/USDH and FXRP/USDC spot markets directly on Hyperliquid.

→ Learn how it works
Follow the step-by-step guide to start trading XRP on Hyperliquid.