With leverage outnumbering spot volume 6 to 1, XRP traders are walking a $2.36B tightrope

Stablecoin-margined XRP open interest on Binance fell to about $186 million on July 31, its lowest level since April 2025, according to CryptoQuant. Bybit held roughly $229 million in the same contract type, about $43 million more than Binance.XRP trades near $1.03, putting the token roughly 3% above the $1 level that has become the market's most closely watched threshold.Binance carried more stablecoin-margined XRP open interest than Bybit in every prior snapshot tracked, including roughly $222 million against $195 million in March and about $205 million against $185 million in June.The July 31 reading shows that XRP leverage has shifted between venues.SnapshotBinance XRP OIBybit XRP OIVenue gapMarket readMarch~$222M~$195MBinance +$27MBinance ledJune~$205M~$185MBinance +$20MBinance still ledJuly 31~$186M~$229MBybit +$43MBybit takes leadGlassnode's broader Aug. 5 dataset tracks total XRP futures open interest across every venue. It put Binance's open interest at $376.1 million, above KuCoin's $334.4 million and Bybit's $253.3 million.Binance still leads the broader futures market, with KuCoin as the second-largest venue when all contract types are counted. The CryptoQuant signal de...