Platform data shows that the open interest for SNDK-related stock perpetual contracts rose to $1.73 billion on August 17, spanning 32 tracked exchanges. This volume has surpassed the contracts related to SK Hynix and SpaceX, making it the largest stock-linked perpetual product in the current crypto market.
24-hour trading volume rose to $2.51 billion.
In addition to increased position sizes, trading activity has also risen significantly. The 24-hour trading volume of the SNDK perpetual contract reached $2.51 billion, a 248% increase from the previous day. According to Loris Tools' metrics, this volume ranks fourth among all perpetual assets, behind Bitcoin, Ethereum, and Solana.
During the same period, the trading volume of Micron-related perpetual contracts was approximately $320 million, significantly lower than that of SNDK. The article noted that SNDK’s trading volume was nearly eight times higher, indicating that capital is rapidly concentrating into a few stock-mapped contracts.
SKHX is rapidly approaching
Based on open interest, SNDK is currently at $1.73 billion, SKHX has risen to approximately $1.35 billion, SPCX is at $967.7 million, and Micron is around $499.6 million. Compared to previously circulated data, SKHX has grown rapidly, and SNDK’s lead over the second-place position has significantly narrowed.
This also indicates that the position changes for equity perpetual contracts occur rapidly. Looking solely at open interest cannot determine whether the overall market is bullish or bearish, as this metric only reflects the total volume of outstanding long and short positions.
Tokenized traditional asset contracts continue to expand
This growth also continues a broader market trend: previously, the total open interest of perpetual contracts linked to traditional assets such as stocks and commodities had surpassed $2 billion in July, up from approximately $350 million to $500 million in the spring.
The article also noted that the underlying company of SNDK recently disclosed strong financial performance and capital initiatives, including quarterly revenue growth and an expanded share repurchase authorization, which have drawn increased attention to related derivative trading.
However, these contracts do not represent actual ownership of the underlying stocks. Traders gain price exposure, not voting rights, dividend rights, or ownership of the underlying shares. As stock perpetual contracts on crypto platforms continue to grow, this distinction becomes increasingly important.