SanDisk perpetual open interest hit $1.73B, the largest among stock perps, 1.86 times SpaceX's $928M SPCX, according to data cited by Wu Blockchain.
Open interest in perpetual futures linked to SanDisk shares has reached about $1.73 billion across crypto trading venues. Data cited by Wu Blockchain placed SNDK at the top of the stock-perpetual rankings by outstanding positions, about 1.86 times the $928 million of open interest in SpaceX-linked SPCX perpetuals, the next-largest market in the comparison.
The $1.73 billion is a notional figure. It measures the value of outstanding derivative positions on tracked platforms, not money flowing directly into SanDisk stock. SanDisk shares have climbed several hundred percent during 2026 on investor enthusiasm for AI infrastructure and rapidly strengthening demand for NAND flash storage.
Crypto platforms have spent this year adding equity-linked perpetuals. Binance launched USDT-margined contracts for SanDisk and Micron on April 7. Coinbase International later announced perpetual futures for SanDisk and Micron, then added Intel. Bybit has expanded its 24/7 TradFi perpetual offering to cover dozens of stocks and ETFs. Decentralized venues are growing alongside centralized ones.
On Hyperliquid, SanDisk trades through the Trade[XYZ] HIP-3 market. Loris Tools data show Trade[XYZ] handled about $113.5 billion of perpetual volume over a recent 30-day period, including roughly $10 billion in SNDK alone. HIP-3 lets builders deploy perpetual markets beyond crypto and into equities. Traders can hold leveraged positions on U.S. stocks after Nasdaq closes.
Open interest is a level, not a flow. It counts the notional value of contracts still open, and those positions can be held for minutes or months. In a perpetual, the funding rate periodically shifts payments between longs and shorts to keep the contract near the underlying asset. That mechanism is what allows a no-expiry derivative to trade around the clock.
CryptoQuant data cited by BeInCrypto showed monthly equity-perpetual trading volume on centralized exchanges about 17 times higher in July 2026 than in April. Semiconductor and memory companies have been particularly popular. SanDisk returned to public markets in 2025 after splitting from Western Digital. Western Digital, SanDisk's former parent, carries an Alpha Score of 71/100 and a Moderate label on the WDC stock page.
Perpetual contracts rely on leverage and margin. Sharp price moves can hit forced liquidations faster than an unlevered equity portfolio would. The $1.73 billion of SNDK open interest tops the ranking tracked by Wu Blockchain. SanDisk's latest quarter produced $8.97 billion in revenue, up roughly 372% from a year earlier.
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