Ripple
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Track XRP perpetual futures open interest across Binance, Bybit, OKX, Deribit, Hyperliquid.
Sharpe Terminal aggregates XRP (XRP) perpetual futures open interest 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. Total USD value of outstanding perpetual futures contracts 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.
Open interest (OI) is the total notional USD value of outstanding perpetual futures contracts that have not yet been closed, liquidated, or settled. OI measures how much leverage is deployed in the market at a given instant — not how much has traded. Rising OI with rising price signals new leveraged longs entering; rising OI with flat or falling price signals short-side buildup and squeeze risk. Falling OI during a price move usually reflects position closures or forced liquidations rather than directional conviction. For top-10 coins, aggregate OI is typically 30-80% of spot market cap; ratios above 100% are rare outside of SOL and the memecoins.
Chart OI against price and overlay funding. OI-up/price-up is a confirmed trend; OI-up/price-flat is a squeeze in progress; OI-down/price-up usually marks the end of a move (shorts capitulating rather than longs adding). Stack OI by exchange to see which venue is driving the change — when OI grows on Hyperliquid or Bybit while Binance OI is flat, the move is retail-speculative rather than institutional. Divergences between OI and spot volume are late-cycle warnings worth taking seriously.