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The line between crypto and traditional finance continues to blur as digital-asset exchanges emerge as major venues for trading contracts tied to stocks, indexes, and commodities, with hundreds of billions of dollars flowing into these new instruments in 2026.

A flash-memory chipmaker has become the unlikely leader of crypto's equity-linked derivatives market. Perpetual futures tied to SanDisk Western Digital Corporation shares reached $1.73 billion in open interest as of August 17, making SNDK the largest stock perpetual contract across…