Analyst: Binance XRP funding rate hits a more than 1-year high, spot ETF sees a net outflow of 10,400,000 USD
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AT A GLANCE
The analyst said the Binance XRP funding rate has risen to its highest in more than 1 year, while spot XRP ETFs saw a net outflow of about 10,400,000 USD.
Article
Analyst: Binance XRP funding rate hits a 1-year high, but spot ETF sees a net outflow of 10,400,000 USD
PANews November 10 news, CryptoQuant analyst Darkfost pointed out in a post that the funding rate for XRP perpetual contracts on Binance has risen to its highest level in more than 1 year. The last time such a high rate appeared was in October 2025, shortly after XRP set a record of 3.55 USD. Currently XRP has pulled back about 30% from its previous high, but XRP derivatives positions on Binance remain biased toward bullish, showing signs of crowded longs. Meanwhile, spot XRP ETFs recorded one of their worst performances of the year, with a net outflow of about 9,370,000 XRP (worth 10,400,000 USD), in sharp contrast to the bullish positions on Binance. Darkfost pointed out that shifts in market sentiment often occur in the late stage of a rebound, and as prices pull back, maintaining a bullish preference may face risks.
PANews cited CryptoQuant analyst Darkfost as saying that the funding rate for Binance XRP perpetual contracts has risen to its highest level in more than 1 year.
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It is reported that the last time such a high rate appeared was in October 2025, shortly after XRP set a record of 3.55 USD.
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The report said that XRP has pulled back about 30% from its previous high, and XRP derivatives positions on Binance remain biased toward bullish.
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The report said that spot XRP ETFs saw a net outflow of about 9,370,000 XRP, worth about 10,400,000 USD, one of the worst performances of the year.
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Darkfost cautioned that as prices pull back, maintaining a bullish preference may face risks.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This report contrasts two signals: XRP derivatives positions on Binance remain biased toward bullish, but spot XRP ETFs saw net outflows. Darkfost interpreted the former as a sign of crowded longs and cautioned about the risk of continuing to be bullish when prices pull back.
Why it matters to readers
The divergence between bullish derivatives positions and ETF net outflows is the core of this report; one cannot conclude that the market as a whole is uniformly bullish on XRP based solely on bullish positions.
One should distinguish between the analyst's judgment and verified data; this material does not provide the specific funding rate value or the statistical period of ETF outflows, so it is not appropriate to directly judge subsequent price movements based on it.
Risks and unknowns
The specific funding rate value, raw data, or calculation methodology is not provided.
The specific statistical date, period, and coverage of ETF net outflows are not stated.
Crowded longs is an analyst's interpretation, and the material does not provide complete position data for verification.
The data described comes only from the report's relay and has not been independently verified.
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Related concepts
Funding rate
A fee paid periodically between long and short positions to help keep the price of a perpetual contract close to the price of the underlying asset.
A derivative contract with no expiration date, designed for continuous holding, whose funding rate mechanism helps keep its price close to that of the underlying asset.
