SNDK stock perpetual volume hit 62.4% of US spot turnover as tokenized equity trading surges and Binance bStocks gains ground. | Credit: CCN.com
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Key Takeaways
SanDisk perpetual volume hit $16.29 billion on Aug. 19, equivalent to a record 62% of SanDisk’s US spot turnover that day.
Stock-linked perp activity is highly concentrated, with SNDK leading, followed by CRCL at a peak 47% spot-volume ratio.
Tokenized equity trading is expanding rapidly, with Binance bStocks reaching a market cap of roughly $118.5 million.
Stock-linked perpetual futures are starting to generate volumes that rival traditional US equity markets, with trading in contracts tied to SanDisk briefly reaching more than 60% of the stock’s spot turnover.
That compared with approximately $26.1 billion in US spot turnover for SanDisk on the same day, putting perpetual volume at a record 62% of spot activity.
The surge comes as crypto platforms race to expand tokenized stock and ETF trading, giving investors access to equity-linked products outside conventional market hours.
Meanwhile, Binance’s bStocks has reportedly climbed to second place among tokenized equity and ETF platforms by market capitalization, highlighting the accelerating competition for a market once considered a niche corner of crypto.
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SNDK Perpetual Volume Hits Record 62.4% of Spot Trading
SNDK stands out dramatically among stock-linked perpetual contracts tracked by WuBlockchain.
Perpetual volume relative to US spot turnover remained elevated for three consecutive sessions in August.
The ratio reached 42% on Aug. 17, when $13.40 billion of perpetuals traded against $31.94 billion in spot turnover.
It increased to 52.6% on Aug. 18 before peaking at 62.4% the following day.
SNDK Stock Perpetual Volume Hits 62.4% of U.S. Spot Turnover, Highest in Available Data
According to the tokenized equities panel on WuBlockchain Data, aggregate SNDK (SanDisk) stock perpetual volume across 32 tracked venues reached $16.291 billion on Aug. 19, versus roughly… pic.twitter.com/TEWgB01NkO
Activity subsequently cooled, with the ratio falling to 38% by Aug. 26 as perpetual volume dropped to $4.98 billion against $13.10 billion of spot turnover.
Other stocks have also recorded unusually large ratios.
CRCL ranked second, with perpetual trading reaching 47.2% of spot turnover on Aug. 5, followed by SOXL at 38.1% on Aug. 6. MSTR reached 20%, while MU peaked at 14.6%.
By comparison, heavily traded technology names Nvidia and Meta remained below 3%, suggesting the boom is highly concentrated rather than uniform across equities.
Stock Perpetual Trading Is Dominated by a Few Names
The broader data reinforces that concentration.
SNDK leads the stock perpetual sector by a wide margin with $4.63 billion in the latest volume snapshot, followed by MU at $1.68 billion.
SPCX ranked third with $1.28 billion, while SOXL generated $1.24 billion and NVDA recorded $1.06 billion.
Together, those contracts account for the bulk of trading among the symbols tracked, while the next group drops sharply.
Lower-ranked contracts range from roughly $544 million (SKHY) to $406.6 million (SKHYNIX).
Semiconductor-related stocks and leveraged products feature prominently, indicating strong speculative demand for traditionally volatile equity exposures.
However, volume alone does not reveal whether traders are predominantly bullish or bearish. It instead shows where liquidity and speculative activity are concentrating.
Tokenized Equity Market Heats Up as Binance bStocks Surges
The perpetual boom is developing alongside the rapid growth of tokenized stocks and ETFs.
Binance’s bStocks has reportedly reached approximately $118.5 million in tokenized equity and ETF market capitalization, climbing into second place roughly two months after its June 10 launch, according to Token Terminal data.
bStocks reached $118.5M in two months from its 10 June launch. | Credit: Token Terminal
That puts bStocks ahead of xStocks, which stands at approximately $94.5 million.
Ondo remains the market leader with roughly $350.5 million, maintaining a substantial advantage over newer competitors.
The numbers nevertheless underline how quickly blockchain-based equity products are expanding beyond straightforward tokenized shares.
Tokenized stocks offer blockchain representations of traditional securities, while perpetual contracts provide leveraged exposure without requiring traders to own the underlying equity.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
