While XRP open interest on Bybit has seen a massive increase, Binance has fallen to levels last recorded three months ago.
Data from Nov. 11 shows that Bybit held $255 million in XRP open interest, compared with $189 million on Binance. This leaves a $66 million gap between the two platforms, as the XRP price collapses toward $1.05.
The figures suggest that traders have not reduced their XRP exposure at the same rate across exchanges. While some have cut their positions on Binance, Bybit has continued to attract more derivatives activity.
Bybit Extends Its Lead Over Binance in XRP Open Interest
Notably, figures from Aug. 2 present a useful starting point for comparing the two exchanges. At the time, Binance held $182 million in stablecoin-margined XRP open interest, while Bybit recorded $229 million.
By Nov. 11, Binance’s figure had increased by only $7 million, reaching $189 million. Bybit, on the other hand, added $26 million over the same period, taking its open interest to $255 million.
This shows that Bybit has continued to attract more XRP derivatives positions, while Binance has made only a small gain since Aug. 2.
Chart data also shows that Bybit has maintained higher stablecoin-margined XRP open interest than Binance since late August. This is a notable change, considering Binance’s historical position as one of the largest crypto derivatives exchanges.
XRP Selloff Triggers Heavy Liquidations and Falling Open Interest
This growing gap between Bybit and Binance comes shortly after XRP recorded five consecutive losing sessions last week.
The asset lost about 14% during this period and moved toward the $1.09 range. Its Relative Strength Index (RSI) also dropped to around 26, marking the lowest level in three months.
The decline also forced many leveraged traders out of their positions. On Nov. 8 alone, nearly $39 million worth of XRP long positions were liquidated as prices continued to fall.
The pressure remained high the following day, when XRP recorded the largest open interest decline among five major perpetual-futures markets in a single snapshot. Open interest fell by 11.72%, reducing the tracked total to $343.8 million.
There are two possible reasons for such a sharp decline in open interest on a major exchange. First, traders may have chosen to close their positions and reduce risk because market conditions no longer supported their exposure.
Another possibility is that sudden price movements triggered forced liquidations, removing positions that could not withstand the decline. Either way, the drop shows how much pressure XRP’s derivatives market faced during the selloff.
Bybit Holds More Than Half of XRP Open Interest
Despite the recent decline, XRP continues to record considerable derivatives activity across major exchanges. On Nov. 11, OKX held approximately $46 million in XRP open interest. When combined with Binance’s $189 million and Bybit’s $255 million, the three exchanges recorded roughly $490 million in total open interest.
Bybit accounted for more than half of the combined figure. Binance, which has historically been one of the leading exchanges for derivatives trading, now trails Bybit by a wide margin.
The figures show that a larger share of XRP’s derivatives activity currently sits on Bybit at a time when the token struggles with falling prices and heavy liquidations.
Binance Funding Rate Shows Traders Still Holding Long Positions
Meanwhile, further CryptoQuant data shows that XRP’s 30-day cumulative funding rate on Binance reached 0.18% in November 2026. This was its highest reading since October 2025, suggesting that many leveraged traders are still holding bullish positions despite XRP’s price decline.
When funding rates remain high while prices fall, it indicates that long traders are still paying to keep their positions open instead of leaving the market. This could create more selling pressure if those traders eventually decide to close their positions.