Today XRP’s fee structure says a lot.

Across 26 exchanges, the average funding rate is 0.0179%, roughly 19.5% annualized. Open an XRP long position—just the funding cost is nearly 20% annualized. Among the major mainstream coins, it ranks first.

More exaggerated is CoinEx’s order book. In a single settlement, the fee is 0.32%. It settles every 8 hours—about three times a day—so the principal loss is close to 1% per day.

But the cost isn’t just the fee rate. In a 24h liquidation of $9.5 million, the long side accounted for 99.3%, while the short side was basically unscathed. Going long while paying the highest fee rate across the whole market—and still getting liquidated.

Compared with SOL over the same period, the average fee rate was -0.001%, completely the opposite direction—shorts are the ones getting paid. XRP and SOL are both large-cap Layer 1s, yet the leverage directions are totally different.

XRP trading volume is $1.72 billion; the long-vs-short battle is still ongoing. When the fee rate remains abnormally high but the price can’t hold up, leveraged longs are just lambs waiting to be slaughtered.

Check in real time: https://www.coinboss.com/funding-rate