Open interest in perpetual futures tied to SanDisk shares reached approximately $1.73 billion across 32 tracked crypto venues on Aug. 17, making SNDK the largest stock perpetual market by outstanding positions. Data cited by Wu Blockchain and Loris Tools showed SNDK pulled ahead of SK Hynix-linked SKHX at about $1.35 billion, SpaceX-linked SPCX at $967.7 million, and Micron-linked contracts at roughly $499.6 million.
The 24-hour SNDK perpetual volume was $2.51 billion, up 248% from the previous period and ranking fourth among all perpetual assets tracked by Loris, behind only Bitcoin, Ethereum and Solana. That was nearly eight times the roughly $320 million recorded for Micron perpetuals over the same snapshot.
The growth reflects a broader expansion of crypto exchange infrastructure into traditional equities. Binance launched USDT-margined SNDK and Micron perpetuals on April 7, Coinbase International later announced SNDK, Micron and Intel contracts, and Bybit expanded its 24/7 TradFi perpetual lineup. On Hyperliquid, SanDisk exposure trades through the Trade[XYZ] HIP-3 market; Loris data showed Trade[XYZ] processed about $113.5 billion in 30-day perpetual volume, including roughly $10 billion in SNDK alone.
SanDisk’s underlying equity move has added fuel. Shares closed at $1,641.11 on Aug. 14, up 7.37% for the day. The company reported fiscal Q4 revenue of $8.97 billion, up 51% sequentially, with GAAP net income of $6.90 billion and full-year revenue of $20.25 billion. It also expanded its buyback authorization by $14 billion and projected mid-to-high-teens revenue growth for fiscal 2028 through 2030.
Traditional market makers are also present. Jane Street disclosed beneficial ownership of 7,409,437 SanDisk shares as of July 30, equal to exactly 5.0%. Cboe and MIAX records list Susquehanna, IMC and Citadel Securities in market-making roles for SNDK-related options products. Still, the $1.73 billion open interest represents outstanding derivative positions, not direct ownership of SanDisk stock, and high open interest does not show whether traders are bullish or bearish. The rapid growth also brings leverage, margin and funding risks, as large price moves can trigger forced liquidations faster than in unleveraged equity portfolios. The milestone highlights how crypto’s perpetual-futures architecture is increasingly being exported to Wall Street assets.
