Analyst: Binance XRP Funding Rate Hits One-Year High, But Spot ETF Sees $10.4M Net Outflow

November 10: CryptoQuant analyst Darkfost noted that the funding rate for XRP perpetual contracts on Binance has risen to its highest level in more than a year. The last time such a high rate occurred was October 2025, shortly after XRP set a record of $3.55. XRP has now pulled back about 30% from its prior high, yet XRP derivatives positioning on Binance remains skewed bullish, showing signs of crowded longs.

Meanwhile, spot XRP ETFs recorded one of their worst performances of the year, with net outflows of about 9.37 million XRP (worth $10.4 million), in sharp contrast to the bullish positioning on Binance. Darkfost noted that shifts in market sentiment often occur late in a rally, and as prices decline, maintaining a bullish bias may carry risk.