XRP futures open interest rises 33% to $800 million since June low
XRP futures open interest peaked at $800M,
XRP perpetual futures open interest surged to $800M on July 8 — the highest since January 19.
Despite a stable spot price, positive funding rates indicate traders are increasingly favoring long positions.
Key takeaways
- Open interest reaches 5-month high: XRP futures open interest peaked at $800M, up 33% from June 22.
- Funding rates stay positive: Annualized rates briefly exceeded 10%, signaling demand for long positions.
- Spot price remains flat: Futures markets show bullish sentiment, but XRP’s spot price has not yet followed.
- Exchanges show strong activity: Binance, Bybit, OKX, and Hyperliquid dominate XRP futures trading volume.
Futures markets show growing confidence
XRP, the payments-focused cryptocurrency, is seeing renewed interest from derivatives traders as open interest in perpetual futures surges to levels not seen in five months. According to Velo data, cumulative open interest reached $800M across Binance, Bybit, OKX, and Hyperliquid on July 8 — the highest since January 19.
The figure currently sits at 743 million XRP, which is still 33% above the level recorded on June 22, when XRP bottomed at $1.90. Open interest represents the total number of active contracts, and its rise often signals increasing capital inflow and trader engagement.
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Funding rates confirm bullish bias
What’s notable is that perpetual funding rates remain positive, a sign that long positions — bets on price increases — are dominating the market. In some instances, these rates have climbed above an annualized 10%, a level that suggests strong bullish demand.
Funding rates are payments made between long and short contract holders, depending on market sentiment. When rates are positive, longs pay shorts, indicating that the futures market is trading at a premium to spot — a classic indicator of rising confidence in future price gains.
Disconnect between futures and spot markets
Interestingly, XRP’s spot price has remained relatively stable, showing none of the sharp movement suggested by activity in the futures markets. This divergence highlights a common phenomenon where derivative markets lead sentiment ahead of price realization.
XRP price dynamics (Dec 2024 - July 2025). Source: TradingView
Analysts caution that while futures activity is often a precursor to spot movement, it is not always a direct predictor, especially during periods of market uncertainty or thin liquidity.
Conclusion
The surge in XRP futures open interest, combined with consistently positive funding rates, underscores a growing appetite for bullish exposure among traders. While XRP’s spot price has yet to mirror the enthusiasm seen in futures markets, current trends suggest that a breakout move may be on the horizon — particularly if broader crypto market sentiment turns favorable.
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