Open interest in Sandisk (SNDK) stock perpetuals reached $1.73 billion as of August 17, the highest level recorded for any stock perpetual contract on-chain, according to data cited by Wu Blockchain. The record underscores how quickly on-chain equity derivatives markets have grown alongside Sandisk's extraordinary run in the underlying stock.
Sandisk shares are up 98% year-to-date and have climbed more than 1,000% over the past six months, making the NAND memory maker one of the S&P 500's strongest performers in 2026. The rally is being driven by what management describes as demand exceeding supply "across all end markets," as AI data center buildouts drive a global shortage of high-performance memory products and give Sandisk unusual pricing power alongside continued volume growth.
How an on-chain stock perpetual actually works
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The SNDK perpetual trades on Hyperdash, a platform built on Hyperliquid's HIP-3 framework for permissionless stock and real-world-asset perpetual markets. Unlike buying the underlying shares, the contract gives traders price exposure without ownership of the stock itself, settles funding hourly against an index price, and — critically — trades 24 hours a day, seven days a week, including weekends and after-hours windows when the Nasdaq itself is closed. Up to 10x leverage is available on the contract.
That round-the-clock access appears to be part of what's pulling in volume: traders wanting exposure to one of the market's hottest momentum stocks no longer have to wait for Wall Street's open, and can express both long and short views with leverage that isn't available through a traditional brokerage account. Analysts currently forecast 552% EPS growth for Sandisk in fiscal 2026 and a further 111% increase in fiscal 2027, though a 14-day RSI near 76 — well above the conventional overbought threshold of 70 — suggests the stock (and by extension the perpetual tracking it) may be due a near-term pullback regardless of the longer-term AI-demand story.
Part of a broader stock-perpetual boom
SNDK's record open interest fits a pattern playing out across on-chain equity derivatives more broadly this year, as AI-driven demand for compute and memory hardware feeds directly into both traditional equity rallies and the infrastructure economics reshaping AI providers' own cost structures. Stock perpetuals have increasingly become a venue where crypto-native traders express views on AI-adjacent hardware names, blurring the line between traditional equity markets and on-chain derivatives trading.
