Stock perpetual futures (derivatives without an expiry date) on centralized crypto exchanges reached $665.42 billion in August, up 4.6% from $636.19 billion in July and 56.5 times January’s $11.58 billion. SanDisk led with $193.58 billion, followed by SK Hynix at $75.89 billion and the SpaceX-tracking SPCX contract at $65.93 billion. Together, the three accounted for 50.4% of the market, extending a concentration in memory and semiconductor names that CryptoQuant documented in July. SanDisk’s August 19 perpetual volume equaled 62.4% of its U.S. spot turnover, the highest ratio recorded in WuBlockchain’s tokenized-equities data, before easing to 38.0% on August 26. Circle ranked second at 47.2%, while Nvidia and Meta were each below 3%. Binance reported about $433.4 billion in TradFi perpetual volume in August, including $342.9 billion from equity-linked contracts, or nearly 79%. The exchange is adding options on more than 1,000 U.S. stocks and ETFs for eligible users outside the United States, while Bybit plans 24/7 options trading from September 17 using SpaceX and Nvidia perpetuals. Whether activity expands beyond memory chips will determine if September retains August’s concentrated market structure.