SanDisk Perpetual Trading Volume Reaches Record 62.4% of US Spot Turnover
Aggregate trading volume for SNDK (SanDisk) stock perpetual contracts across 32 tracked venues reached $16.291 billion on Aug. 19, equivalent to 62.4% of the company’s U.S. spot stock turnover on the same day, according to data shared by @WuBlockchain.
The ratio marked the highest reading recorded for SNDK and placed the stock at the top of the ranking for this metric among equity-linked perpetual contracts. The data also showed that trading activity in SNDK perpetuals remained elevated for three consecutive sessions in mid-to-late August before declining by Aug. 26.
SNDK Perpetual Volume Hits $16.291 Billion
On Aug. 19, aggregate SNDK perpetual volume across the 32 venues tracked by WuBlockchain Data reached $16.291 billion. That compared with roughly $26.1 billion in SNDK U.S. spot turnover during the same session.
The spot market figure was based on 16.28 million shares traded at an average price of about $1,603. When the perpetual volume was compared with the spot turnover, the resulting ratio reached 62.4%.
That represented the highest level recorded for SNDK under the metric, indicating that activity in perpetual contracts had reached a substantial proportion of the trading value recorded in the underlying U.S. stock market.
Stock perpetuals are derivatives that allow traders to take positions linked to an underlying equity without directly purchasing or selling the shares. Unlike conventional futures, perpetual contracts generally do not have a fixed expiration date.
Elevated Trading Continued for Three Sessions
The increase in SNDK perpetual activity was not limited to a single trading session. Data showed that the ratio remained elevated across three consecutive sessions.
On Aug. 17, aggregate SNDK perpetual volume stood at $13.40 billion against $31.94 billion in U.S. spot turnover, producing a ratio of 42.0%.
The following day, Aug. 18, perpetual volume increased to $16.19 billion, while spot turnover reached $30.78 billion. The ratio consequently climbed to 52.6%.
The trend culminated on Aug. 19, when the ratio reached 62.4%, supported by $16.291 billion in perpetual trading volume compared with markets approximately $26.1 billion in spot turnover.
By Aug. 26, however, the ratio had declined to 38.0%. Perpetual volume was $4.98 billion, compared with $13.10 billion in spot turnover.
The figures indicate that the unusually high level of perpetual activity observed around Aug. 17 through Aug. 19 had moderated by the following week.
SNDK Leads Equity-Linked Perpetual Ranking
SNDK ranked first among all equity-linked finance perpetuals tracked by WuBlockchain Data based on the ratio between perpetual trading volume and U.S. spot turnover.
The next-highest reading belonged to CRCL, which recorded a ratio of 47.2% on Aug. 5. SOXL followed at 38.1% on Aug. 6, while MSTR registered 20.0% and MU recorded 14.6%.
Other major equity-linked perpetuals showed considerably lower ratios. NVDA and Meta both recorded readings below 3%.
The comparison places SNDK well above other equity-linked instruments in the dataset, particularly during its peak period in August.
Trading Activity Eases by Aug. 26
The decline to a 38.0% ratio by Aug. 26 came as both perpetual and spot turnover decreased from their levels recorded during the Aug. 17-19 period.
Perpetual volume fell to $4.98 billion, while U.S. spot turnover declined to $13.10 billion. Despite the reduction, the ratio remained above several of the levels recorded for other equity-linked perpetuals in the data.
The figures shared on X provide a snapshot of trading activity across venues tracked by WuBlockchain Data and distinguish perpetual-contract volume from turnover in the underlying U.S. stock markets. The data does not by itself indicate whether positions were predominantly long or short, or whether the activity resulted in gains or losses for traders.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
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