Crypto stock perpetual futures hit $665B record as 3 stocks own half the volume

Crypto exchanges just posted a record month for stock-linked derivatives, and the numbers tell a story of extreme concentration. In August, crypto stock perpetual futures trading volume on centralized exchanges hit $665.42 billion, according to data from WuBlockchain Data Center. Just three underlying names — SanDisk, SK Hynix, and the SpaceX-tracking contract SPCX — generated more than half of that total, a sign that the fast-growing market for tokenized equity exposure is still leaning heavily on a handful of chip-related bets rather than broad-based demand.

Key takeaways

• Stock perpetual futures volume on centralized crypto exchanges reached $665.42 billion in August, up 4.6% from July and 56 times January’s level.
• SanDisk (SNDK), SK Hynix (SKHYNIX), and SpaceX-linked SPCX made up 50.4% of all volume, led by SNDK at $193.58 billion.
• SNDK’s perpetual volume hit 62.4% of the stock’s US spot turnover on August 19, the highest ratio on record.
• Binance logged $433.4 billion in traditional finance perpetual volume, with 79% tied to equity contracts.
• Binance is rolling out options on over 1,000 US stocks and ETFs for eligible non-US users, while Bybit will launch 24/7 options trading on September 17 featuring SpaceX and Nvidia perpetuals.