CryptoSlate
XRP traded near $1.40 by the October 11 snapshot, rebounding after $40.70 million in long liquidations hit Binance, Bybit and OKX over October 7-8, according to XRPL.to's streamed sample. Binance absorbed $24.69 million of the forced long closures, Bybit $11.65 million and OKX $4.36 million, with short liquidations at just $1.72 million.
The open-interest series in XRP units confirms the flush. Binance's XRPUSDT open interest fell from 321.40 million to 295.47 million XRP between October 8 and 9, an 8.1% contraction, while Bybit's dropped 6.6% over the same interval. By October 11 midnight both books were rebuilding, with Binance up 1.3% and Bybit up 3.3% day over day, yet both still sat below their October 8 levels, by 7.4% and 5.2% respectively.
Why it matters
Funding rates flipped alongside the rebuild. All three venues settled negative on October 9, but Binance and Bybit turned positive on October 10, and by October 11 quotes were positive across the board. Positive funding on top of growing open interest means new longs are paying a carrying cost for renewed exposure.
Crucially, that exposure is to XRP's price, not evidence of tokens changing hands. USDT-margined perps on all three venues allow positioning without holding the underlying asset, so returning open interest says nothing about actual spot demand.
Market impact
Spot activity is the weak leg of the rebound. Binance XRP/USDT turnover collapsed from 252.45 million USDT on October 8 to 54.12 million on October 10, a 78.6% two-day fall, while the closing price rose only 1.6%. Buyer-initiated trades slipped from 51.8% of volume to 43.1% over the same stretch, leaving the recovery without clear evidence of sustained buying.
The next test is whether further open-interest growth in XRP units arrives with solid spot turnover across completed sessions, and whether positive funding holds in settled payments rather than fleeting snapshots.
Frequently asked questions
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How much in XRP long liquidations did the October 7-8 flush record?
XRPL.to's streamed sample recorded $40.70 million in long liquidations across Binance, Bybit and OKX over the October 7-8 UTC days, against only $1.72 million in short liquidations. Binance accounted for $24.69 million of the long closures.
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Did XRP open interest recover after the liquidation wave?
Partially. Binance's XRPUSDT open interest, which fell 8.1% from 321.40 million to 295.47 million XRP, added back 3.72 million XRP by October 11, and Bybit added 6.46 million XRP. Both still sat below their October 8 levels, by 7.4% and 5.2%.
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What are XRP funding rates signaling after the rebound?
Funding settled negative on all three venues on October 9, then Binance and Bybit turned positive on October 10, and October 11 quotes were positive across Binance, Bybit and OKX. Positive funding alongside rebuilding open interest means renewed longs pay a carrying cost.
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Why does falling Binance spot turnover undermine the XRP rebound?
Binance XRP/USDT turnover fell 78.6% over two days, from 252.45 million USDT on October 8 to 54.12 million on October 10, while the closing price rose only 1.6%. Buyer-initiated trades also slipped from 51.8% to 43.1% of volume, so the recovery lacks evidence of sustained spot buying.
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Does rising XRP futures open interest mean tokens were bought?
No. The perps involved are USDT-margined, so they provide price exposure without requiring ownership of the underlying XRP. Returning open interest reflects derivative positioning, and the daily figures cannot show how close positions are to liquidation thresholds.
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