Ripple
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Track XRP perpetual futures liquidations across Binance, Bybit, OKX, Deribit, Hyperliquid.
Sharpe Terminal aggregates XRP (XRP) perpetual futures liquidations data from Binance, Bybit, OKX, Deribit, Hyperliquid and eight additional exchanges into a single real-time chart. Compare exchange-level breakdowns, overlay price, and switch between 1W, 1M, 3M, 1Y and 3Y historical windows. Forced liquidations of leveraged long and short positions across exchanges. Derivatives traders use this view to confirm trend strength, spot crowded positioning, and pinpoint liquidation cascades before they ripple into spot.
XRP has one of the largest retail-driven perpetual markets in crypto, with aggregate OI frequently exceeding $3-5B during legal-catalyst-driven rallies (notably the July 2023 Ripple vs. SEC partial win and the November 2024 post-election rally that took OI above $7B). XRP perp liquidity is concentrated on Binance, Bybit, and OKX with a sizeable Asian retail bid via Bitget and HTX. XRP funding is structurally volatile because positioning is news-driven rather than structural — funding can spike to 200%+ APR during catalyst windows and collapse to negative within 48 hours. Long/short ratios skew heavily long almost permanently (>2.0 on retail venues), which makes XRP one of the most reliable contrarian setups when funding over-extends.
Liquidations are forced position closes triggered when a leveraged trader's margin drops below the exchange's maintenance requirement. The exchange's liquidation engine market-closes the position, which adds one-sided buying pressure (for shorts liquidating) or selling pressure (for longs liquidating). Large liquidation clusters create cascades because one liquidation pushes price into the next liquidation level — this is the mechanism behind crypto's characteristic vertical candles and long wicks. Exchange-reported liquidation data is known to under-report true volume by 50-90% (post-FTX many exchanges throttled their liquidation feeds), so relative trend changes matter more than absolute notional.
Shorts liquidated (green bars above zero) signal a short squeeze in progress; longs liquidated (red bars below zero) signal capitulation. Single-exchange liquidation spikes over $100M on BTC, $50M on ETH, or $20M on mid-cap alts are statistically reliable local-reversal markers. Multi-exchange coordinated liquidation events (visible as synchronous spikes across Binance, Bybit, and OKX) are the most reliable trend-flip signals. Watch the ratio of longs-to-shorts liquidated — sustained long-side dominance during a downtrend confirms deleveraging is still underway.