Aggregate trading volume for SNDK (SanDisk) stock perpetual contracts across 32 tracked venues reached $16.291 billion on Aug. 19, equal to 62.4% of the company’s U.S. spot stock turnover on the same day, according to data shared by @WuBlockchain.

SanDisk is a NAND flash memory and storage supplier that returned to public markets in February 2025, when Western Digital completed the spinoff of its flash business — the second stint as an independent company after Western Digital acquired SanDisk in 2016.

The ratio was the highest recorded for SNDK and put 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 easing 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 perpetual volume was measured against spot turnover, the ratio reached 62.4%.

That was the highest level recorded for SNDK under this metric, showing that activity in perpetual contracts reached a significant share 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 buying or selling the shares. Unlike conventional futures, perpetual contracts generally do not have a fixed expiration date. The contract type originated in cryptocurrency trading, where perpetual swaps introduced in 2016 became one of the most heavily traded derivative products, and stock perps are typically listed by offshore venues that also offer crypto perpetuals. These contracts are generally cash-settled, so activity in them does not involve transfers of the underlying shares.

Elevated trading continued for three sessions

The rise in SNDK perpetual activity was not limited to a single session. Data showed the ratio remained elevated across three consecutive trading days.

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 therefore climbed to 52.6%.

The trend peaked on Aug. 19, when the ratio reached 62.4%, supported by $16.291 billion in perpetual trading volume compared with about $26.1 billion in spot turnover.

By Aug. 26, however, the ratio had fallen 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 seen from 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 of perpetual trading volume to U.S. spot turnover.

The next-highest reading belonged to CRCL (Circle Internet Group, issuer of the USDC stablecoin), which recorded a ratio of 47.2% on Aug. 5. SOXL, a leveraged exchange-traded fund tracking semiconductor stocks, followed at 38.1% on Aug. 6, while MSTR (Strategy, formerly MicroStrategy) registered 20.0% and MU (Micron Technology, a fellow memory-chip producer) recorded 14.6%.

Other major equity-linked perpetuals posted much lower ratios. NVDA and Meta both recorded readings below 3%.

The comparison places SNDK well above other equity-linked instruments in the dataset, especially 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 fell from their levels during the Aug. 17-19 period.

Perpetual volume dropped 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.

In cryptocurrency markets, where the instrument was developed, perpetual turnover on major venues typically runs above spot volume, placing even SNDK’s record reading in a broader context: the same contract structure that dominates crypto derivatives is producing volumes that approach, though not match, those patterns on an individual stock.

The figures shared on X provide a snapshot of trading activity across the 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, whether the activity resulted in gains or losses for traders, or why volume concentrated in SNDK perpetuals during the mid-August window.