SNDK perpetual contract open interest reached US$1.73 billion

Sandisk-linked perpetual contracts become the largest equity perpetual trading in the cryptocurrency market

On August 17, on 32 tracking platforms, the total open interest of SNDK (Sandisk-linked perpetual contracts reached US$1.73 billion, making Sandisk-related perpetual contracts the largest equity perpetual trading in the cryptocurrency market.

Highlights

SNDK's stock perpetual contract has open interest of US$1.73 billion, ranking first among equity-linked perpetual contracts in the world. The 24-hour trading volume of SNDK perpetual contracts reached US$2.51 billion, almost eight times the US$320 million transaction volume of similar Micron contracts. SKHX's open interest climbed to US$1.35 billion, significantly narrowing the gap with SNDK shown in previous reports. Jane Street disclosed holding 7.41 million Sandisk shares, accounting for 5.0% of beneficial ownership in July 2026. Cboe and MIAX records show that several major market makers support SNDK-related options in multiple traditional trading venues. The size of SNDK's holdings puts it ahead of other equity-linked contracts such as SK Hynix and SpaceX, while cryptocurrency exchanges are expanding 24-hour derivatives trading tied to traditional assets. The latest data is updated at 02:57 UTC.

Trading activity accelerates

The total 24-hour transaction volume of SNDK perpetual contracts reached US$2.51 billion, a 248% increase from the previous 24 hours, ranking fourth among all perpetual assets tracked by Loris, behind Bitcoin, Ethereum and Solana. During the same period, the transaction volume of Micron's linked perpetual contracts was approximately US$320 million, which means that SNDK's transaction volume was almost eight times that.

SNDK's open interest leads the fast-changing equity sustainability market

After SNDK's $1.73 billion open interest, SKHX is approximately $1.35 billion, SpaceX-linked SPCX is US$967.7 million, and Micron is approximately US$499.6 million. According to the latest synchronized data, the size of SNDK is about 1.3 times that of SKHX and 1.8 times that of SPCX.

According to data, as of August 17, the open interest in Sandisk (SNDK) stock perpetual contracts reached US$1.73 billion, the highest among all stock perpetual contracts. The data updates previous comparisons, when SKHX was approximately US$493 million and SPCX was approximately US$928 million. The significant growth in SKHX means that the previous claim that SNDK is 3.51 times the size of SKHX is outdated, but SNDK remains the largest open equity perpetual contract. These rapid changes demonstrate how quickly leveraged positions move in these markets.

Growth is in line with broader trends

As previously reported, open interest in perpetual contracts linked to stocks, commodities and other traditional assets exceeded US$2 billion by July, compared with between US$350 million and US$500 million during the spring.

Rising Sandisk shares boost derivatives trading activity

The surge in derivatives trading follows a sharp rise in Sandisk shares themselves. SNDK closed at US$1,641.11 in the U.S. trading session on August 14, up 7.37% on the day, with trading volume of approximately 21 million shares. The price change came before an increase in cryptocurrency perpetual contract activity over the recent weekend. There is currently no evidence that any single company announcement directly led to an increase in open interest in perpetual contracts.

Despite this, Sandisk released several major corporate updates this month. The company reported fiscal fourth-quarter revenue of $8.97 billion, a 51% month-on-month increase, and GAAP net income of $6.9 billion. Full-year revenue reached $20.25 billion, and the board of directors increased the share repurchase authorization by an additional $14 billion.

At Investor Day on August 13, Sandisk said eight new business model agreements now cover approximately 50% of expected bit volume for fiscal year 2027 and approximately two-thirds for fiscal year 2028. Management also expects revenue growth to reach mid-to-high tens of digits in the fiscal year 2028 - 2030, and said that "after investing in the business, 100% of the remaining cash is expected to be returned." These long-term numbers are company goals and not guarantees of results.

Jane Street disclosed holding a 5% Sandisk position

Traditional market makers are also heavily involved in trading underlying stocks and their derivatives. Jane Street Group's Form 13G filed on August 5 showed that as of July 30, it beneficially held 7,409,437 Sandisk shares, accounting for 5.0% of the company's common stock. The filing states that the securities were not acquired to change or affect Sandisk's control. Therefore, this position should not automatically be interpreted as a directional investment view. Jane Street Capital holds 5.89 million shares, with other related entities holding the remainder. Jane Street is also a large electronic market maker in traditional securities and digital asset markets.

Cboe's current code catalog shows that Susquehanna Securities is designated as SNDK's main market maker on Cboe Options, and IMC Financial Markets is SNDK's main market maker on EDGX Options. These designations establish their liquidity-providing role in listed options trading venues, but do not indicate that the two companies are making markets for SNDK cryptocurrency perpetual contracts.

MIAX provides another connection to the broader SNDK derivatives ecosystem. Its May 26 notice designated Citadel Securities as the main market maker for T-REX 2X Long SNDK Daily Target ETF (SNDU) options.

The next step for SNDK perpetual contracts

The direct indicator that needs to be paid attention to at present is whether SNDK can maintain its leading position as open interest rotates between stock contracts. SKHX has significantly narrowed the gap shown in previous data, while SPCX is still close to US$1 billion. High open interest does not indicate whether a trader is mainly bullish or bearish, as it measures open positions on both sides.

These contracts also do not represent Sandisk shares per se. As noted in reports that equity perpetual contracts transfer traditional equity risk exposure onto the chain, these instruments provide synthetic price risk exposure through derivatives rather than voting rights, dividends or ownership of the underlying company. As SNDK's daily perpetual contract trading volume reaches US$2.51 billion, this difference becomes increasingly important as cryptocurrencies merge with traditional stock markets.