Open interest in SanDisk-linked SNDK stock perpetuals stood at $1.73 billion on Aug. 17 across 32 tracked venues, keeping the contract as the largest equity-linked perpetual trade in the crypto market. The latest synchronized snapshot shows SKHX at about $1.35 billion, SpaceX-linked SPCX at $967.7 million and Micron-linked contracts at roughly $499.6 million, meaning SNDK's lead over SKHX is much smaller than earlier comparisons had suggested. Aggregate 24-hour SNDK perpetual volume reached $2.51 billion, up 248% from the previous 24-hour period and ranking fourth among all perpetual assets tracked by Loris behind only Bitcoin, Ethereum and Solana. The rise in derivatives activity followed a sharp move in the underlying stock, with SNDK closing the Aug. 14 U.S. session at $1,641.11, up 7.37%, though no single corporate announcement has been identified as the direct trigger for the jump in open interest. Sandisk this month reported fiscal fourth-quarter revenue of $8.97 billion, up 51% sequentially, GAAP net income of $6.90 billion, fiscal-year revenue of $20.25 billion, and a $14 billion expansion of its share repurchase authorization, while saying new business model agreements now cover about 50% of expected fiscal 2027 bit volumes and roughly two-thirds for fiscal 2028. A Schedule 13G filed on Aug. 5 showed Jane Street held 7,409,437 Sandisk shares as of July 30, equal to exactly 5.0% beneficial ownership, while Cboe and MIAX records identified major traditional market makers linked to SNDK options and related products. These stock perpetuals provide synthetic price exposure rather than ownership of the underlying shares, underscoring the growing overlap between crypto derivatives venues and traditional equity trading.