SanDisk stock perpetuals become crypto’s largest equity derivative at $1.73B

A flash-memory chipmaker has become the unlikely leader of crypto's equity-linked derivatives market. Perpetual futures tied to SanDisk Western Digital Corporation ↗ 6.35% shares reached $1.73 billion in open interest as of August 17, making SNDK the largest stock perpetual contract across cryptocurrency exchanges, according to data from WuBlockchain.bloomingbit+1

The 24-hour trading volume for SNDK perpetuals hit $2.51 billion — a 248% increase from the prior period — ranking the contract fourth among all perpetual assets tracked by Loris Tools, behind only Bitcoin ↘ 0.59%, Ethereum ↘ 0.62%, and Solana ↘ 1.11%.crypto+1

A Growing Gap Over Rivals

At the initial snapshot, SNDK's open interest was roughly 1.86 times SpaceX-linked SPCX perpetuals at $928 million and 3.51 times SK Hynix-linked SKHX at $493 million. However, the gap has already begun narrowing: updated data from Loris Tools showed SKHX climbing to approximately $1.35 billion and SPCX reaching $967.7 million. Micron ↘ 1.02%-linked perpetuals stood at roughly $499.6 million, with SNDK's daily volume nearly eight times Micron's $320 million.thecryptobasic+3

The surge fits a broader trend. Aggregate open interest in perpetuals tied to stocks, commodities, and other traditional assets surpassed $2 billion by July, up from $350–$500 million during the spring.crypto

Corporate Catalysts Fuel Derivatives Demand

The derivatives activity follows a sharp move in Sandisk shares, which closed the August 14 session at $1,641.11, up 7.37% on the day. At an August 13 investor day, the company projected mid-to-high-teens revenue growth from fiscal 2028 through 2030 and disclosed eight new business model agreements covering roughly half of expected fiscal 2027 bit volumes. Sandisk also reported fiscal fourth-quarter revenue of $8.97 billion, up 51% sequentially, with GAAP net income of $6.90 billion.cryptonomist+2

Institutional Footprint Straddles Both Worlds

Major Wall Street firms sit on both sides of the traditional-crypto divide around SNDK. Jane Street disclosed beneficial ownership of 7.41 million Sandisk shares — a 5.0% stake — in a Schedule 13G filed August 5. Susquehanna serves as designated primary market maker for SNDK options on Cboe ↗ 2.29% Options, while IMC holds that role on EDGX Options. Citadel Securities was named lead market maker for options on the T-REX 2X Long SNDK Daily Target ETF when they launched.bloomingbit+2

These contracts remain synthetic price exposure rather than equity ownership — they carry no voting rights or dividends. With daily volume now in the billions, that distinction grows more consequential as crypto derivatives infrastructure increasingly absorbs demand for traditional market exposure.crypto