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FollowingThe largest stock perpetual contract position in cryptocurrencies reaches US$1.73 billion
As of August 17, Sandisk's SNDK perpetual contract open interest has reached US$1.73 billion, making it the largest stock perpetual contract in the cryptocurrency market. This figure is approximately 1.86 times that of SPCX ($928 million) and 3.51 times that of SKHX ($493 million). SNDK's daily trading volume also far exceeds that of most similar contracts in the storage industry, including Micron's (MU) contracts.
This size attracts attention because equity perpetual contracts are at an awkward meeting point: they appear to provide equity exposure, but use cryptocurrency-style funding rates, leverage and clearing mechanisms. When a single underlying contract attracts the largest open interest, it becomes an important benchmark for how much risk the market is willing to take on in products where regulators remain skeptical.
The overlap among the participants behind the order book
The overlap among market makers is difficult to ignore. Cboe's catalog shows that Susquehanna is the designated master market maker for SNDK options on Cboe Options, while IMC plays the same role on EDGX Options. The MIAX filing shows that Citadel Securities was appointed as the main market maker when options on the T-REX 2x long SNDK Daily Target ETF (code SNDU) were listed. None of these institutions are pure cryptocurrency companies.
Jane Street adds another layer of complexity. The 13G document filed on August 5 showed that the company beneficially held 7.4094 million Sandisk shares as of July 30, accounting for 5.0%. Jane Street is one of the world's largest electronic market makers and one of the earliest pioneers among traditional financial institutions to engage in digital asset trading.
Traders often cannot see the full picture of these market makers, but public documents are sufficient to reveal key information. Companies that quote SNDK options and provide market-making services for SNDU are also connected to cryptocurrency liquidity. This overlap may both make SNDK perpetual contracts more efficient and may also pass on risk faster than independent markets when stress comes.
The line between tokenized stocks and traditional market-making is increasingly blurred. Recent data shows that the scale of real-world assets on the chain has exceeded US$20 billion, and real-time tokenized treasury bonds have been settled between Ondo and JPMorgan Chase. Although SNDK perpetual contracts are different products, they also rely on the same institutional infrastructure.
Storage transactions gain cryptocurrency order book
Sandisk's identity as a storage hardware manufacturer makes its perpetual contract activity worthy of attention. The transaction volume of this contract exceeds storage industry targets such as Micron (MU), indicating that traders are using SNDK perpetual contracts as a highly concentrated expression of storage transactions. High open interest may indicate strong demand, but it can also be a sign of crowded positions.
