Perpetual futures contracts tied to Sandisk shares have become the largest stock perpetual market in the crypto derivatives landscape, with aggregate open interest reaching $1.73 billion across 32 tracked venues as of Aug. 17, according to data from Loris Tools.<\/p>\n
The milestone places SNDK-linked perpetuals ahead of contracts tracking SpaceX and SK Hynix, two names that had previously dominated the niche market for crypto-native equity derivatives. Aggregate 24-hour trading volume in SNDK perpetuals hit $2.51 billion, up 248% from the prior period and ranking fourth among all perpetual assets tracked by Loris, behind only Bitcoin, Ethereum, and Solana.<\/p>\n
Stock perpetuals are derivative contracts that allow crypto traders to speculate on traditional equity prices without holding the underlying shares. They operate similarly to crypto perpetual futures, using funding rates to keep contract prices aligned with spot equity values, and trade on crypto-native platforms rather than traditional exchanges. This structure appeals to traders seeking continuous, 24-hour access to equity exposure.<\/p>\n
The open interest figure reflects the total notional value of outstanding contracts that have not been settled or closed. A rising figure typically signals new capital entering a market, while a decline can indicate positions being closed or liquidated. The $1.73 billion level represents the cumulative value held across all tracked SNDK perpetual contracts, not a measure of single-day trading volume.<\/p>\n
Competitive Landscape Shifts Rapidly<\/p>\n
The rankings among stock perpetuals have been shifting quickly. SNDK’s $1.73 billion in open interest was followed by SKHX at approximately $1.35 billion and SpaceX-linked SPCX at $967.7 million. Micron Technology perpetuals stood at roughly $499.6 million. SNDK is now approximately 1.3 times the size of SKHX and 1.8 times SPCX based on the latest synchronized snapshot.<\/p>\n
Those figures update an earlier comparison that placed SKHX around $493 million and SPCX near $928 million. The sharp increase in SKHX open interest means earlier claims that SNDK was 3.51 times larger are already outdated, though SNDK remains the largest stock perpetual by open interest. The rapid changes illustrate how quickly leveraged positioning can shift in these markets.<\/p>\n
Micron-linked perpetuals generated about $320 million in 24-hour volume over the same snapshot, meaning SNDK volume was nearly eight times higher. The volume differential underscores how concentrated speculative interest has become in the Sandisk contract relative to its memory-chip peer.<\/p>\n
Underlying Equity Rally Fuels Derivatives Activity<\/p>\n
The derivatives surge follows a sharp move in the underlying Sandisk shares. SNDK closed the Aug. 14 U.S. session at $1,641.11, up 7.37% for the day, with roughly 21 million shares traded. That price move preceded the latest weekend increase in crypto perpetual activity, though there is no evidence that any single corporate announcement directly caused the rise in perpetual open interest.<\/p>\n
Sandisk has delivered several major corporate updates this month. The company reported fiscal fourth-quarter revenue of $8.97 billion, up 51% sequentially, with GAAP net income of $6.90 billion. Fiscal-year revenue reached $20.25 billion, while the board expanded its share repurchase authorization by another $14 billion.<\/p>\n
At its Aug. 13 investor day, Sandisk said eight new business model agreements now cover approximately 50% of expected fiscal 2027 bit volumes and about two-thirds for fiscal 2028. Management also projected mid-to-high-teens revenue growth for fiscal 2028 through 2030 and said it expects to return 100% of excess cash after investing in the business. Those longer-term figures are company targets, not guaranteed results.<\/p>\n
The broader context helps explain the speculative interest. Open interest in perpetuals tied to stocks, commodities, and other traditional assets had already climbed above $2 billion by July, after sitting between roughly $350 million and $500 million during spring. Memory chip demand has been a focal point for investors this year, driven in part by data center buildout and AI infrastructure spending.<\/p>\n
Traditional Market Makers Hold Significant Positions<\/p>\n
Traditional market makers are heavily present around the underlying equity and its derivatives. Jane Street Group filed a Schedule 13G on Aug. 5 showing beneficial ownership of 7,409,437 Sandisk shares as of July 30, equal to exactly 5.0% of the company’s common stock. The filing states the securities were not acquired for the purpose of changing or influencing control of Sandisk.<\/p>\n
Jane Street Capital accounted for 5.89 million of the reported shares, while other affiliated entities held the remainder. The stake should not automatically be interpreted as a directional investment thesis, given Jane Street’s role as a large electronic market maker across traditional securities and digital asset markets.<\/p>\n
Cboe’s current symbol directories identify Susquehanna Securities as the designated primary market maker for SNDK on Cboe Options and IMC Financial Markets for SNDK on EDGX Options. Those assignments establish liquidity-provision roles on the listed-options venues; they do not establish that either firm is making markets in crypto SNDK perpetuals.<\/p>\n
MIAX provides another link to the broader SNDK derivatives ecosystem. Its May 26 notice named Citadel Securities as primary lead market maker for options on the T-REX 2X Long SNDK Daily Target ETF, or SNDU.<\/p>\n
Market Impact and Outlook<\/p>\n
The scale of open interest in SNDK perpetuals suggests meaningful speculative capital is flowing into crypto-based bets on Sandisk’s stock performance. Because these contracts are leveraged, large open interest levels can amplify price swings if funding rates shift or if a wave of liquidations occurs during volatile trading sessions.<\/p>\n
The development also points to a broader trend of crypto trading platforms competing to offer exposure to high-profile equities, particularly those tied to semiconductor and AI-adjacent industries. If this pattern continues, other memory or chip-sector stocks could see similar derivatives activity build on crypto exchanges, expanding the overlap between traditional equity markets and crypto-native trading venues.<\/p>\n
The immediate metric to watch is whether SNDK can maintain its lead as open interest rotates among equity contracts. SKHX has already closed much of the gap indicated by earlier figures, while SPCX remains close to $1 billion. High open interest also does not indicate whether traders are predominantly bullish or bearish, because it measures outstanding positions on both sides.<\/p>\n
The contracts also do not represent Sandisk shares. These instruments provide synthetic price exposure through derivatives rather than voting rights, dividends, or ownership in the underlying company. With SNDK now generating $2.51 billion in daily perpetual volume, that distinction becomes increasingly important as crypto and traditional equity markets converge.<\/p>\n","protected":false},"excerpt":{"rendered":"Perpetual futures contracts tied to Sandisk shares have become the largest stock perpetual market in the crypto derivatives…\n","protected":false},"author":2,"featured_media":122451,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[63424,63427,63428,63422,63423,63425,3534,9463,241,240,275,63421,25678,63426],"class_list":["post-122450","post","type-post","status-publish","format-standard","has-post-thumbnail","category-sk","tag-cboe-options","tag-citadel-securities","tag-imc-financial-markets","tag-jane-street-group","tag-loris-tools","tag-miax","tag-micron-technology","tag-sandisk","tag-sk","tag-sk-group","tag-sk-hynix","tag-sndk-perpetual-futures","tag-spacex","tag-susquehanna-securities"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/122450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/comments?post=122450"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/122450\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media\/122451"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media?parent=122450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/categories?post=122450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/tags?post=122450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}