XRP carried the highest annualized funding cost among five major crypto assets in an Oct. 24 futures snapshot, requiring traders with long positions to pay the largest rate among the group.
At 7:06 p.m. ET (23:06 UTC) on Oct. 24, the snapshot showed these rates. XRP’s rate was 0.0100% for each eight-hour period, equivalent to 10.9% annualized. Bitcoin (BTC) was at 0.0083% per period, or 9.1% annualized. Dogecoin (DOGE) was at 4.5% annualized, Solana (SOL) at 4.1% and Ether (ETH) at 2%.
All five readings were positive. At periodic settlement, traders with long positions paid traders with short positions, making funding a cost for the long side during the snapshot.
Open interest moved in both directions across the group. Bitcoin’s outstanding futures contracts totaled $7.71 billion, up 3.08% over 24 hours, and Solana’s rose 1.35% to $875.8 million. Ether’s open interest fell 1.99% to $5.37 billion; XRP’s dropped 1.05% to $397.3 million; and Dogecoin’s declined 0.78% to $210.8 million.
Long accounts were a majority for every asset: 68.2% for Bitcoin, 76.9% for Ether, 74.4% for Solana, 75.7% for XRP and 73% for Dogecoin. Those percentages count accounts on each side, rather than the value of their positions, so they do not show how much futures exposure traders held.
Open interest measures the value of futures contracts that remain active. Its change tracks shifts in outstanding contract value, while funding rates show which side pays the other; open interest alone does not show whether traders expect prices to rise or fall.
Ether’s funding rate moved above zero on Oct. 24, a day after it was negative even as long accounts remained the larger group, as shown in EconoTimes’ prior-day snapshot.
