Perpetual Sandisk Stocks: Record at $1.73 Billion, Surpassing SpaceX and SK Hynix

The crypto derivatives market linked to stocks has a new record to report: the open interest on perpetual Sandisk stocks reached $1.73 billion as of August 17, the highest level ever recorded among all perpetual contracts on individual stocks. This data, released by WuBlockchain Data, makes SNDK the largest perpetual stock in the crypto market, surpassing rivals like SpaceX (SPCX) and SK Hynix (SKHX).

Key Points

• The open interest on perpetual SNDK reached $1.73 billion on August 17, the highest among all perpetual stocks.
• The 24-hour trading volume on SNDK hit $2.51 billion, nearly eight times that of Micron.
• Jane Street holds 7,409,437 shares of Sandisk, representing a 5% stake, according to a 13G filing submitted on August 5.
• Susquehanna, IMC, and Citadel Securities are listed as the main market makers for options linked to SNDK and the SNDU ETF.

SNDK now leads the global ranking of perpetual contracts linked to listed stocks, a segment that is rapidly growing at the intersection of traditional finance and crypto. According to WuBlockchain Data, the open interest of $1.73 billion was approximately 1.86 times that of SPCX ($928 million) and 3.51 times that of SKHX ($493 million) at the time of measurement on August 17.

Record Levels of Open Interest

Recent data collected by crypto.news, based on 32 monitored platforms, shows a rapidly evolving picture: SKHX has risen to about $1.35 billion and SPCX to $967.7 million, narrowing SNDK's lead. The initial multiple of 3.51 times compared to SKHX has already been surpassed by the facts, although SNDK remains the perpetual stock with the highest open interest in the market.

Comparison with Other Perpetual Stocks

The daily trading volume on SNDK reached $2.51 billion, up 248% from the previous period and ranking fourth overall among all perpetual assets, behind only Bitcoin, Ethereum, and Solana. Micron, a direct competitor in the storage sector, generated about $320 million during the same timeframe: a volume nearly eight times lower than that of SNDK.

The surge in derivatives follows a rally in the underlying stock: Sandisk closed the U.S. session on August 14 at $1,641.11, up 7.37%, with about 21 million shares traded. The rise followed the Investor Day on August 13, during which the company reported quarterly revenues of $8.97 billion, a sequential increase of 51%, a GAAP net income of $6.90 billion, and total annual revenues of $20.25 billion, along with an expansion of the buyback program by $14 billion.

Market Makers and Trading Activity on SNDK Options

The liquidity around SNDK is supported not only by native crypto operators but also by some of the main market makers in traditional finance, who are already active in trading digital assets.

Main Market Makers in Traditional Markets

Official Cboe listings indicate Susquehanna (SIG) as the primary designated market maker for SNDK options on Cboe Options and IMC for the same role on EDGX Options. Additionally, MIAX documents show that Citadel Securities has been appointed as the lead primary market maker for options on the T-REX 2X Long SNDK Daily Target ETF (SNDU) since its launch.

Trading Volume and Market Impact

The presence of these operators confirms how the perpetual on Sandisk stocks has become a privileged observation point for understanding how the liquidity of regulated finance intertwines with that of crypto markets. It should be noted that the market-making roles on Cboe and EDGX pertain to traditional listed options, not necessarily positions on perpetual crypto.

Jane Street's Institutional Stake in Sandisk

A Schedule 13G filing submitted by Jane Street on August 5 reveals a significant position in the company's capital.

Ownership Details

As of July 30, Jane Street beneficially owned 7,409,437 shares of Sandisk, representing an exact stake of 5.0%. The document specifies that the securities were not acquired with the intention of changing or influencing control of the company.

Role as Electronic Market Maker and Digital Asset Trader

Jane Street is one of the largest electronic market makers in the world and was among the first traditional financial institutions to move into digital asset trading. Its presence both in Sandisk's equity capital and in the crypto derivatives ecosystem illustrates how the boundaries between the two worlds are thinning, with the same perpetual stock attracting capital and infrastructure from both fronts.

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