XRPUSDT · Perpetual futures
XRP open interest and funding
Open positions, funding and account positioning for the XRPUSDT perpetual on three venues, with a month of history behind them.
US$9.22亿 sits in open XRP positions on Bybit、Binance和OKX·74% of accounts sit long·a long costs -1.8% a year on average, from -4.6% on OKX to +0.2% on Bybit
There is no series for this metric yet. We keep our own history from the moment the collector started, and the exchange does not hand out the earlier points.
Where the money sits
The same contract behaves differently on each venue: its own book, its own crowd, its own payout interval. A gap in the annualized column between two rows is a gap somebody is already trading.
| Exchange | Open interest | In coins | Funding | Annualized | Interval | Long / short |
|---|---|---|---|---|---|---|
| Bybit | US$3.17亿 | 207,446,208 XRP | +0.0002% | +0.2% | 8h | 3.37 |
| Binance | US$4.95亿 | 323,894,328 XRP | -0.0008% | -0.9% | 8h | 2.46 |
| OKX | US$1.11亿 | 72,586,325 XRP | -0.0042% | -4.6% | 8h | 2.75 |
Positioning that moves on headlines
XRP derivatives trade around news far more than around price structure. Open interest builds ahead of announced dates, sits there while nothing happens, and clears within an hour of the headline regardless of which way it lands. The chart above shows that shape plainly: plateaus with cliffs at the end, not the gradual slope of a carry trade.
Funding follows the same rhythm. It can hold near zero for a week and then run in one direction for a single day, which makes the annualized figure misleading if read as a forecast. It prices what a long costs today, not what it will cost through the event.
Reading the account ratio here
The long/short ratio on XRP skews long more consistently than on the larger contracts, and it stays skewed through drawdowns. Treating a high ratio as a contrarian signal works poorly for that reason: the baseline is simply higher, and only a move away from that baseline carries information.
What is worth watching is the ratio falling while open interest holds. Accounts are switching sides without leaving, and on this contract that has preceded the sharper moves more often than the reverse.
Is this the same contract on all three venues?
It is the same underlying and the same USDT margin, but three separate contracts with three separate books. Contract sizes, payout intervals and leverage limits differ, which is why the rows above never match exactly.
What happens at the payout time?
Every payout period each venue settles funding between longs and shorts at the rate shown. Nothing goes to the exchange. Holding through the payout is what the annualized column prices: at twelve percent a year, a long that sits for a month gives up about one percent of its notional.
Why is the long/short ratio above one while price is falling?
The ratio counts accounts, not money. Retail crowds tend to lean long into weakness, so a ratio above one during a drawdown is ordinary and says more about positioning than about the next move.
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