XRP Derivatives Market Shows Bullish Sentiment Amid Controlled Leverage

On January 13, 2026, XRP s derivatives market exhibited renewed vigor with futures open interest surpassing 4 billion while the token traded at 2.11. This indicates that traders are positioning themselves for continued momentum rather than retreating from recent gains.
The total futures open interest stands at approximately 1.93 billion XRP, distributed across major exchanges. CME leads with 909.75 million 22.3 of the total , followed by Binance and Gate. This diverse activity highlights a broad engagement from various trading venues.
Short-term trends are constructive, with aggregate open interest rising by 0.63 over one hour and 2.62 over 24 hours. This suggests that new positions are being established rather than existing ones being adjusted. Exchanges like Bybit and Kucoin reported significant increases, indicating a steady demand for leverage.
Funding rates across exchanges remain positive but moderate, averaging around 0.006 . This indicates that long positions are paying a slight premium without the aggressive skew often seen before sharp pullbacks. Previous spikes in funding rates have not been observed recently, keeping the leverage situation relatively stable.
Taker flow data reveals a slight edge for sellers, with a taker buy ratio of 0.48 and a taker sell ratio of 0.51. However, this does not indicate panic selling rather, it reflects a two-way trade as market participants assess the near-term direction.
The options market presents a clearer picture, with Binance s XRP options open interest skewed towards calls 58.92 calls vs. 41.08 puts . This suggests that traders are willing to pay for upside exposure rather than preparing for significant downside risks. Over the past 24 hours, calls accounted for over 83 of options volume, particularly around strikes between 2.10 and 2.25.
Implied volatility for near-dated options remains elevated but stable, indicating expectations of movement without extreme disorder. Traders anticipate action but not chaos.
The distribution of futures activity is also important. CME s increasing share points to rising institutional participation, while Binance, Bybit, and Gate continue to attract retail-driven leverage. This mix helps explain why funding rates remain controlled even as open interest rises.
Overall, XRP s derivatives market appears active yet disciplined. Futures positions are growing, options traders favor calls, and funding rates are stable. This setup suggests a level of confidence without recklessness for the time being.