SanDisk Stock Perpetual Futures Open Interest Tops $1.7 Billion, Largest in Crypto Market
Forecast Trend Report by Period
Open interest in stock perpetual futures tied to SanDisk (SNDK) has surpassed $1.7 billion, making it the largest equity-linked perpetual product traded in the cryptocurrency market.
Wu Blockchain reported on Aug. 16 that open interest in SanDisk stock perpetual futures reached $1.73 billion. That was about 1.86 times the $928 million in open interest for SpaceX (SPCX) perpetual futures and about 3.51 times the $493 million for SK hynix (SKHX).
SanDisk now ranks as the largest stock perpetual futures product in the crypto market by open interest. Its trading volume also exceeded that of major memory and storage-related names, including Micron (MU).
The activity has also highlighted that major traditional finance firms providing liquidity in SanDisk spot and derivatives markets are also active in the crypto market.
Cboe data show Susquehanna (SIG) and IMC serve as designated primary market makers for SanDisk options on Cboe Options and EDGX Options, respectively. Data from Miami International Securities Exchange, or MIAX, show Citadel Securities was designated a primary market maker when options on the T-REX 2X Long SNDK Daily Target ETF (SNDU), which tracks twice SanDisk's daily return, were launched.
Jane Street also holds a large stake in SanDisk. A Schedule 13G filing submitted on Aug. 5 showed Jane Street owned 7,409,400 SanDisk shares as of July 30, representing a 5% stake. Jane Street is one of the world's largest electronic market makers and was also among the earlier traditional finance firms to enter digital-asset trading.
