Sandisk-linked perpetual futures have become the crypto market’s largest equity perpetual trade, with aggregate SNDK open interest reaching $1.73 billion on Aug. 17 across 32 tracked venues.
Summary
- SNDK stock perpetual open interest reached $1.73 billion, ranking first among equity-linked perpetual contracts globally.
- Twenty-four-hour SNDK perpetual volume reached $2.51 billion, nearly eight times Micron’s comparable $320 million volume.
- SKHX open interest climbed to $1.35 billion, narrowing SNDK’s lead from earlier reported comparisons substantially.
- Jane Street disclosed 7.41 million Sandisk shares, representing exactly 5.0% beneficial ownership in July 2026.
- Cboe and MIAX records identify major market makers supporting SNDK-related options across multiple traditional venues.
The position puts SNDK ahead of other stock-linked contracts including SK Hynix and SpaceX as crypto exchanges expand around-the-clock derivatives tied to traditional assets. Loris Tools’ latest data was updated at 02:57 UTC.
Trading activity has accelerated even faster. Aggregate 24-hour SNDK perpetual volume reached $2.51 billion, up 248% from the previous 24-hour period and ranking fourth among all perpetual assets tracked by Loris behind only Bitcoin, Ethereum and Solana. Micron-linked perpetuals generated about $320 million over the same snapshot, meaning SNDK volume was nearly eight times higher.
SNDK open interest leads a fast-changing stock perp market
SNDK’s $1.73 billion in open interest was followed by SKHX at about $1.35 billion and SpaceX-linked SPCX at $967.7 million. Micron stood at roughly $499.6 million. That makes SNDK approximately 1.3 times the size of SKHX and 1.8 times SPCX based on the latest synchronized snapshot.
Those figures update an earlier WuBlockchain Data comparison that placed SKHX around $493 million and SPCX near $928 million. The sharp increase in SKHX means the previously cited claim that SNDK was 3.51 times larger is already outdated, although SNDK remains the largest stock perpetual by open interest. The rapid changes illustrate how quickly leveraged positioning can shift in these markets.
The growth fits a broader trend. As crypto.news previously reported, 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.
Sandisk’s stock rally adds fuel to derivatives activity
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. There is no evidence that any single corporate announcement directly caused the rise in perpetual open interest.
Sandisk has nevertheless 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.
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 percent of excess cash” after investing in the business. Those longer-term figures are company targets, not guaranteed results.
Jane Street disclosed a 5% Sandisk position
Traditional market makers are also 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.
The stake should therefore not automatically be interpreted as a directional investment thesis. Jane Street Capital accounted for 5.89 million of the reported shares, while other affiliated entities held the remainder. Jane Street is also a large electronic market maker across traditional securities and digital asset markets.
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.
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.
What happens next for SNDK perpetuals
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.
The contracts also do not represent Sandisk shares. As crypto.news reported in its examination of stock perpetuals moving traditional equity exposure onchain, 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.
