SanDisk Stock Perpetual Futures Open Interest Reaches $1.73 Billion, Largest in Crypto Market

Forecast Trend Report by Period

Open interest in stock perpetual futures tied to SanDisk (SNDK) has surpassed $1.7 billion, the largest among equity-linked perpetual futures traded in the cryptocurrency market.

Wu Blockchain reported on Aug. 16 that open interest in SanDisk stock perpetual futures stood at $1.73 billion. That was about 1.86 times the $928 million in open interest for SpaceX (SPCX) perpetual futures and about 3.51 times the $493 million recorded for SK hynix (SKHX) perpetual futures.

SanDisk has therefore become the largest stock perpetual futures contract in the crypto market by open interest. Its trading volume also significantly exceeded that of major memory and storage-related names, including Micron (MU).

The activity is notable because major traditional financial firms that provide liquidity for SanDisk spot and derivatives products are also active in the crypto market.

Cboe data show Susquehanna International Group and IMC serve as designated primary market makers for SanDisk options on Cboe Options and EDGX Options, respectively. Separate data from Miami International Securities Exchange show Citadel Securities was designated a lead market maker at the launch of options on the T-REX 2X Long SNDK Daily Target ETF (SNDU), which tracks twice the daily return of SanDisk shares.

Jane Street also holds a sizable stake in SanDisk. A Schedule 13G filing submitted on Aug. 5 showed the firm held 7,409,400 SanDisk shares as of July 30, giving it a 5% stake. Jane Street is one of the world's largest electronic market makers and was also among the earlier traditional financial firms to enter digital-asset trading.