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XRP leverage risk shifts as Binance stablecoin open interest falls

Stablecoin-margined XRP open interest on Binance dropped to about $186 million on July 31, while Bybit held about $229 million, suggesting uneven deleveraging as XRP trades near $1.03.

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CryptoQuant data cited by CryptoSlate show stablecoin-margined XRP open interest on Binance fell to about $186 million on July 31, the lowest level since April 2025. In the same contract type, Bybit held roughly $229 million, about $43 million higher than Binance.

CryptoSlate notes that XRP trades near $1.03, around 3% above the $1 threshold that has become a closely watched level. The outlet also points out that Binance had more stablecoin-margined XRP open interest than Bybit in earlier snapshots, including roughly $222 million vs $195 million in March and about $205 million vs $185 million in June.

Beyond the venue-specific snapshot, Glassnode data referenced by CryptoSlate tracks total XRP futures open interest across platforms. In its Aug. 5 dataset, Binance’s open interest was $376.1 million, above KuCoin at $334.4 million and Bybit at $253.3 million.

CryptoSlate adds that higher leverage exposure can increase the risk of forced liquidations if price moves sharply, since the deleveraging flow can spread through arbitrage and market makers. It also estimates that if 45% of Bybit’s $229 million book is directional and half is forced closed, about $52 million in notional could be vulnerable under that scenario, with a more severe cascade case pushing the figure higher.

Latest closeXRP $1.035 ▲0.1%

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