SNDK Leads Equity-Linked Perpetuals as Volume Reaches 62.4% of U.S. Spot Turnover

SNDK stock perpetual trading volume reached 62.4% of the underlying shares’ U.S. spot turnover on Aug. 19, the highest level in available data, according to WuBlockchain Data’s tokenized equities panel.

On that day, aggregate perpetual volume for SNDK, which tracks SanDisk shares, totaled $16.291 billion across 32 monitored venues. U.S. spot turnover was about $26.1 billion, based on 16.28 million shares traded at an average price of roughly $1,603. 

The ratio had climbed over three consecutive sessions, rising from 42.0% on Aug. 17, when perpetual and spot volumes were $13.40 billion and $31.94 billion, respectively, to 52.6% on Aug. 18, with volumes of $16.19 billion and $30.78 billion. 

By Aug. 26, however, the ratio had fallen to 38.0%, as SNDK perpetual volume declined to $4.98 billion against $13.10 billion in U.S. spot turnover. 

Among other equity-linked perpetuals in the dataset, CRCL ranked next with a peak ratio of 47.2% on Aug. 5, followed by SOXL at 38.1% on Aug. 6, MSTR at 20.0%, and MU at 14.6%. In comparison, ratios for NVDA and Meta remained below 3%.

Source: Wu Blockchain Data Center