With leverage outnumbering spot volume 6 to 1, XRP traders are walking a $2.36B tightrope
Stablecoin-margined XRP open interest on Binance fell to about $186 million on July 31, its lowest level since April 2025, according to CryptoQuant. Bybit held roughly $229 million in the same contract type, about $43 million more than Binance.
XRP trades near $1.03, putting the token roughly 3% above the $1 level that has become the market's most closely watched threshold.
Binance carried more stablecoin-margined XRP open interest than Bybit in every prior snapshot tracked, including roughly $222 million against $195 million in March and about $205 million against $185 million in June.
The July 31 reading shows that XRP leverage has shifted between venues.
| Snapshot | Binance XRP OI | Bybit XRP OI | Venue gap | Market read |
|---|---|---|---|---|
| March | ~$222M | ~$195M | Binance +$27M | Binance led |
| June | ~$205M | ~$185M | Binance +$20M | Binance still led |
| July 31 | ~$186M | ~$229M | Bybit +$43M | Bybit takes lead |
Glassnode's broader Aug. 5 dataset tracks total XRP futures open interest across every venue. It put Binance's open interest at $376.1 million, above KuCoin's $334.4 million and Bybit's $253.3 million.
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