- XRP funding rates hit a one-year high as futures traders remain bullish.
- Meanwhile, spot XRP ETFs recorded $10.4 million in outflows.
XRP’s derivatives market is flashing a bullish signal, with Binance funding rates climbing to a one-year high despite a 30% price correction. However, spot XRP ETFs recorded $10.4 million in outflows, sharply contrasting rising futures optimism and weakening investment demand.
XRP Funding Rates Reach Highest Level Since October 2025
CryptoQuant analyst Darkfost highlighted rising XRP funding rates in a November 10 assessment. According to the analyst, the 30-day cumulative funding rate on Binance reached approximately 0.18%, marking its highest reading in more than a year.
The increase comes despite XRP losing around 30% during its recent correction. This suggests that futures traders are continuing to favor long positions even as the spot market struggles.
Funding rates are payments exchanged between traders holding long and short positions in perpetual futures markets. When rates are positive, long traders generally pay short traders, indicating stronger demand for bullish exposure.
Negative funding rates suggest that short positions are more dominant. The latest reading is notable because XRP previously recorded similar funding levels in October 2025, several months after reaching its record high of $3.55.
Darkfost warned that periods of strongly positive funding have often appeared near local price peaks. In contrast, deeply negative readings have frequently coincided with market bottoms.
This pattern does not guarantee another price decline, but it highlights the risks of crowded bullish positions.
XRP’s Previous 53% Recovery Offers Important Context
XRP’s performance during the summer of 2026 provides another example of how funding rates can change alongside market sentiment.
The cryptocurrency rebounded approximately 53% after falling to around $0.70. Funding rates also recovered as the rally progressed, reflecting improving confidence among futures traders.
However, the strongest improvement in sentiment came after XRP had already recorded substantial gains.
Darkfost noted that similar movements have appeared throughout the historical data. Strongly positive funding rates have often accompanied price peaks, while negative readings have appeared during periods of market weakness.
On November 10, individual funding rates on Binance remained positive at approximately 0.0068% per eight hours.
This means long traders were still paying short traders to maintain their positions. The 30-day cumulative rate of 0.18% measures the combined funding payments over a longer period, rather than a single eight-hour settlement.
If XRP continues falling while bullish positions remain crowded, traders could face increased pressure to close their positions.
Spot XRP ETFs Record $10.4 Million in Outflows
While Binance futures traders maintain bullish exposure, spot XRP ETFs are experiencing weaker demand.
According to Darkfost, the investment products recorded approximately $10.4 million in net outflows, equivalent to around 9.37 million XRP. The analyst described the withdrawals as one of the weakest sessions for the funds this year.
The latest outflows follow an uneven October for XRP investment products.
US spot XRP ETFs ended their 13-week inflow streak with $1.84 million in net withdrawals during the October 12–16 trading week. However, the funds still attracted $18.83 million throughout October, showing that monthly demand remained positive despite the interruption.
ETF outflows also appeared at the beginning of November. The first trading session recorded approximately $529,510 in withdrawals before the larger $10.4 million outflow reported in the latest assessment.
The difference between ETF flows and futures positioning highlights two opposing trends in the XRP market. Leveraged traders are maintaining bullish positions on Binance, while investors in spot ETFs are withdrawing capital.
What the Divergence Means for XRP
The combination of elevated funding rates and ETF outflows raises questions about the strength of XRP’s recovery. Positive funding rates show that derivatives traders are willing to pay to maintain bullish exposure. However, persistent ETF withdrawals suggest that demand through regulated investment products has weakened.
If XRP prices continue declining, crowded long positions could increase the risk of further selling as traders close losing positions.
On the other hand, a recovery in ETF inflows alongside stable funding rates could provide stronger evidence of improving market demand.
For now, Darkfost believes traders should monitor both indicators when assessing potential market entry points. The key question is whether bullish positioning on Binance can translate into stronger spot demand or whether elevated funding rates will leave XRP vulnerable to another correction.
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