This article continues the investigation of functorial rings of quotie
nts. In a category of commutative rings with identity, the subring of
the maximal ring of quotients, consisting of all the hyper-fractions,
is discussed. These are the fractions having the property that their d
omains remain dense after passing through each non-trivial morphism of
the category. This ring is analyzed in several important categories,
notably the category of all archimedean f-rings.