The SanDisk (SNDK) perpetual futures contract on Binance has recorded higher trading volume than both Bitcoin (BTC) and Ethereum (ETH), with SNDK registering $7.38 billion in trades over the past 24 hours. During the same period, BTC traded $6.11 billion while ETH posted $4.57 billion in volume on Binance.
Rising interest in TradFi stock perpetuals
The surge in SNDK contract activity appears to reflect increasing demand for traditional finance (TradFi) stock perpetuals on the platform. As of August 17, SNDK had already become Binance’s third-largest perpetual contract, with a 24-hour volume of about $3.71 billion.
Open interest in SNDK stock contracts reached $1.73 billion at that point, outpacing SPCX, which stood at $928 million, and SKHX, which held $493 million. This suggests that investors are turning their attention to alternative perpetual products beyond major cryptocurrencies.
SNDK, representing SanDisk—a global provider of flash memory solutions—hit a high of $1,693 before retreating to $1,641. The token’s price has climbed more than 35% since its recent low of $1,213 in less than two weeks.
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AAPLMini dictionary: Perpetual contract, also known as “perp”, is a type of derivative that allows traders to buy or sell an underlying asset without an expiry date. These contracts are among the most popular trading products on cryptocurrency exchanges, providing high liquidity and leverage compared to traditional futures contracts.
TradFi contracts among Binance’s most traded
Binance’s latest market data shows that out of the top 10 most traded perpetual contracts in the past day, five are linked to traditional finance assets rather than cryptocurrencies. Following SNDK, top performers include SKHYNIX at $2.48 billion, KORU at $1.84 billion, SOXL at $1.82 billion, and SPCX at $1.35 billion in 24-hour trading volume.
| Contract | 24h Trading Volume |
|---|---|
| SNDK | $7.38 billion |
| BTC | $6.11 billion |
| ETH | $4.57 billion |
| SKHYNIX | $2.48 billion |
| KORU | $1.84 billion |
| SOXL | $1.82 billion |
| SPCX | $1.35 billion |
The growing presence of TradFi contracts in Binance’s top traded assets indicates a shift in user preferences, with demand rising for products mimicking popular stocks and exchange-traded funds alongside cryptocurrencies.
Binance bStock program grows market share
Binance launched its tokenized stocks program, bStock, in June. The initiative is already making an impact, pushing Binance up the ranks to become the second-largest issuer of tokenized stocks by market capitalization. As of August 13, bStock’s market cap reached $610.6 million, representing 22.1% of the overall sector and overtaking competitor xStocks, which recorded $601.2 million in market cap. Ondo Finance led the sector with $951.8 million and a 34.4% share.
As trading volume in SNDK perpetuals surged, half of the top 10 most traded contracts on Binance belonged to TradFi assets, highlighting a growing trend of traditional stock-like instruments competing with major cryptocurrencies on the platform.
