XRP derivatives open interest (total outstanding derivatives positions) is sitting near $2.36 billion, far above its roughly $379 million spot volume (cash-market trading turnover), pointing to a market still heavily shaped by leveraged activity. Binance leverage fell to a 15-month low, but Bybit climbed to $229 million, suggesting the buildup in risk has moved between venues instead of clearing out. With XRP near $1, the data indicates positioning pressure remains in the market even as it becomes less concentrated on Binance.