XRP rose 1.6% from October 8 to 10 while Binance spot turnover dropped 78.6%. Open interest recovered by October 11, but exchange inflows and later market data complicate the case for sustained spot demand.
XRPL.to logged $40.70 million in long liquidations across the completed UTC days of October 7 and 8. Short liquidations totaled $1.72 million over the same period.
Binance accounted for $24.69 million of the sampled long liquidations. Bybit accounted for $11.65 million, while OKX accounted for $4.36 million. A separate October 7 snapshot put XRP liquidations at about $12.64 million over 24 hours, including $12.12 million in longs. The totals cover different measurement windows and cannot be treated as interchangeable.
Those dollar amounts represent the notional value of liquidated contracts, not traders' realized cash losses. The data are incomplete, too: XRPL.to says Binance streams at most one liquidation per symbol per second, and collector restarts can leave gaps. The provider treats its collected stream as a floor. A separate recent OKX liquidation-order sample was excluded because it could overlap with streamed events.
Spot volume thins
Binance's completed XRP/USDT daily candle recorded turnover of 252.45 million USDT on October 8. The figure fell to 120.39 million on October 9, then to 54.12 million on October 10. Across the first and last closes, XRP moved from 1.3805 to 1.4024 USDT. Buyer-initiated trades made up 51.8% of XRP volume on October 9, then 43.1% on October 10.
Buyer-initiated shares show who started trades, not net buying: each completed trade has both a buyer and a seller. The October 11 candle was still open when XRPL.to recorded XRP at 1.3957 USDT at 12:12:18 UTC. That reading was not a daily close. The completed sessions show a modest price gain alongside lower turnover and weaker buyer initiation on Binance.
The gap between headline availability and accessible market liquidity also appears in an earlier XRP liquidity analysis. Here, the question is whether falling turnover on Binance supports the rebound. Binance's figures cannot answer that for the whole market.
Leverage resets
Matched open-interest readings in XRP units show the contraction. From midnight UTC on October 8 to midnight on October 9, Binance XRPUSDT open interest fell from 321.40 million to 295.47 million XRP, an 8.1% drop. Bybit fell from 211.92 million to 197.90 million XRP, down 6.6%. Because the measured quantities declined, the readings indicate fewer outstanding contracts, not just a lower dollar valuation.
Then the direction turned upward. By midnight on October 11, Binance had added 3.72 million XRP of equivalent exposure from the prior midnight, up 1.3%. Bybit added 6.46 million, up 3.3%. Both venues remained below their October 8 levels: Binance by 7.4% and Bybit by 5.2%. Open interest counts contracts still outstanding; it does not show whether traders are net bullish or bearish.
Broader derivatives figures offer context, though they use different snapshots and aggregation methods from XRPL.to's venue-level series. CoinMarketCap estimated September XRP-futures turnover on Binance at about $56.18 billion. Its estimates for Bybit and OKX put the combined monthly reading among the highest in six months, but below earlier peaks.
For October 7, separate estimates put futures turnover at roughly $3.97 billion against about $801 million in spot volume, with open interest near $3.35 billion. Another report for that date recorded futures volume rising 35.01% to $3.57 billion while open interest fell 5.78% to $3.36 billion. Turnover and outstanding exposure measure different things.
Later market data point to a smaller futures footprint than a year earlier. As of October 12, Binance XRP open interest was estimated at about $516.6 million, compared with more than $1.3 billion in October 2025. That comparison uses dollars, so it does not directly match the XRP-unit readings above. It suggests Binance futures exposure was substantially lower year over year, even as September trading activity remained elevated.
Funding and exposure
Funding shifted as positions rebuilt. For the completed October 9 UTC day, settled payments totaled approximately minus 0.0173% on Binance. Bybit's total was minus 0.0163%, and OKX's was minus 0.0101%. Each total covered three payments.
On October 10, Binance turned positive at about 0.0068%. Bybit also moved positive, to 0.0015%, while OKX remained slightly negative at roughly 0.0014%.
At about 12:11:52 UTC on October 11, XRPL.to quoted positive eight-hour rates of 0.005908% on Binance and 0.003203% on Bybit. OKX's quoted rate was 0.005818% for the payment due at 16:00 UTC. These were live quotes, not settled payments, and could change before settlement. Positive funding means longs pay shorts at that rate. It adds a carrying cost for long positions, but does not prove all new exposure is bullish.
Open interest in dollars can tell a different story from open interest in XRP. Binance's dollar valuation fell from $456.53 million to $407.60 million between October 8 and October 9 midnight, a 10.7% decline. That was larger than the 8.1% drop in XRP-denominated exposure. A falling token price can lower the dollar value of contracts without reducing their quantity. OKX is excluded from the matched midnight comparison because its daily history uses 16:00 UTC observations, not the same time used for Binance and Bybit.
The contract structure also limits what the rebuild says about spot demand. Binance XRPUSDT uses USDT as its quote and margin asset. Bybit's XRPUSDT product is a linear perpetual settled in USDT. OKX's XRP-USDT-SWAP is also USDT-settled. These positions create exposure to XRP's price without establishing that traders acquired the underlying tokens. Collateral backing a position can also depend on account and margin mode.
Regulatory classification is a separate part of XRP's market backdrop, not evidence of immediate trading demand. Yahoo Finance reported that the SEC and CFTC jointly categorized XRP among digital commodities in March. An October CFTC proposal would incorporate that treatment into trading rules, but remained a draft subject to public comment. Yahoo Finance's report describes the proposal, which is not a final rule.
Open interest measures outstanding contracts. It does not tally fresh cash entering the market or tokens moving into buyers' wallets. Every contract has a long and a short counterparty. Aggregate open interest can rise through voluntary position openings and fall through closures or liquidations. Margin requirements matter because positions can be reduced or liquidated when available margin drops below required levels. The daily figures here do not show how close current traders are to those thresholds.
