SNDK Perpetual Outpaces Bitcoin and Ether in Binance Trading Volume
Key Takeaways
- •SNDK’s Binance perpetual traded more than $7.38 billion in 24 hours, exceeding Bitcoin’s $6.11 billion and Ether’s $4.57 billion.
- •On August 17, SNDK was already the third-largest perpetual on Binance and held $1.73 billion in open interest.
- •SanDisk shares in the contract hit $1,693 intraday before settling at $1,641, after rising more than 35% from a $1,213 low.
- •Binance’s top-traded perpetuals over the past 24 hours included several TradFi contracts, suggesting strong interest in stock-linked derivatives.
- •Binance’s bStock program has expanded in tokenized stocks, and on August 13 it briefly became the second-largest issuer in the sector by market capitalization.
SanDisk's (SNDK) perpetual contract on Binance has overtaken two of the largest crypto assets, Bitcoin (BTC) and Ether (ETH), in trading volume.
Perpetuals are derivative contracts with no expiry date that let traders take positions on an asset's price without holding the underlying. Binance's stock perpetuals track listed equities and trade around the clock, outside traditional exchange sessions.
The traditional-finance (TradFi) stock contract drew more than $7.38 billion in volume over the past 24 hours, while BTC and ETH recorded $6.11 billion and $4.57 billion respectively, according to Binance market data.
The move was not sudden. As of August 17, SNDK was already the third-largest perpetual on Binance, with 24-hour trading volume of roughly $3.71 billion. At that point, the stock contract carried $1.73 billion in open interest — the total value of outstanding derivative positions — which was 1.86 times SPCX's $928 million and 3.51 times SKHX's $493 million.
SNDK — SanDisk, the NAND flash-memory maker spun off from Western Digital in February 2025 — climbed to a high of $1,693 earlier today before settling at $1,641 at the time of writing. The price has gained more than 35% from its $1,213 low in under two weeks.
TradFi interest builds on Binance
Trading volume suggests interest in stock perpetuals is beginning to overshadow that in major altcoins, at least on Binance. Coinbase has also moved into the space with its own around-the-clock stock perpetual futures. Half of the top 10 traded perpetual contracts on the exchange over the past 24 hours were TradFi contracts.
Behind SNDK, SKHYNIX — the contract tied to South Korean memory-chip maker SK Hynix — posted $2.48 billion in volume, followed by KORU at $1.84 billion, SOXL at $1.82 billion and SPCX at $1.35 billion, according to Binance market data at the time of writing.
Binance began rolling out tokenized stocks in June through its bStock program, which is now the second-largest issuer of tokenized stocks by market capitalization, per earlier Cryptopolitan reporting. Tokenized stocks are blockchain-based representations of equities that trade continuously, giving crypto-market participants exposure to TradFi names without going through conventional brokerage rails.
On August 13, bStock reached a market cap of up to $610.6 million, or 22.1% of the entire sector, overtaking xStocks at $601.2 million. Ondo Finance led the category with $951.8 million and a 34.4% share.
