The largest stock perpetual in crypto now carries $1.73 billion in open interest.

Sandisk’s SNDK contract reached that level as of August 17, according to the original report from WuBlockchain Data. That placed SNDK roughly 1.86 times SPCX, which held $928 million, and 3.51 times SKHX at $493 million. It is now the largest stock perpetual by open interest across crypto markets, and its trading volume runs well above most storage-sector peers, including MU.

The scale matters because stock perpetuals sit at an awkward intersection. They look like equity exposure but trade with crypto-style funding, leverage, and liquidation mechanics. When one single-name contract attracts the largest open interest, it becomes a benchmark for how much risk the market is willing to warehouse in a product that regulators in multiple jurisdictions still treat with suspicion.

The market maker overlap is hard to miss. Cboe directories list Susquehanna as the designated primary market maker for SNDK options on Cboe Options, while IMC holds the same role on EDGX Options. MIAX documents show Citadel Securities was appointed primary lead market maker when options on the T-REX 2X Long SNDK Daily Target ETF launched under the ticker SNDU. None of these are crypto-only names.

Jane Street adds another layer. A Schedule 13G filed on August 5 shows the firm beneficially owned 7.4094 million Sandisk shares as of July 30, a 5.0% stake. Jane Street is one of the largest electronic market makers globally and was an early mover among traditional financial institutions in digital asset trading.

Traders rarely see the full inventory of these desks, but the public filings show enough. The same firms that quote SNDK options and make markets in SNDU are also plugged into crypto liquidity. That overlap can make SNDK perpetuals more efficient, and it can also transmit stress faster than if the venues were separated.

The line between tokenized equities and traditional market making keeps blurring. A recent weekly tokenization roundup tracked real-world assets crossing $20 billion on-chain and live tokenized Treasury settlement between Ondo and JPMorgan. SNDK perpetuals are a different product, but they draw from the same institutional plumbing.

Sandisk’s status as a storage hardware producer makes the perpetual activity worth watching. The contract’s volume exceeding MU, another storage-sector name, suggests traders are using SNDK perpetuals as a concentrated expression of the storage trade. High open interest can be a sign of demand, but it can also be a symptom of crowded positioning.

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