Three Stock Perpetuals Dominate August's $665 Billion CEX Volume

Stock perpetual futures trading on centralized crypto exchanges reached $665.42 billion in August, as reported by WuBlockchain Data Center. Three underlying names accounted for over half of that volume.

The figure increased by 4.6% compared to July's $636.19 billion. Still, it stands 56.5 times higher than January's $11.58 billion.

Chip Stocks Still Control the Equity Perp Market

SanDisk (SNDK) led all underlying assets in August volume with $193.58 billion. SK Hynix (SKHYNIX) followed at $75.89 billion, while the SpaceX-tracking SPCX contract added $65.93 billion.

Together, these three represented 50.4% of the market. This concentration mirrors what CryptoQuant documented in July, when memory and semiconductor names dominated exchange flows.

Notably, SNDK perpetual volume equaled 62.4% of the stock’s US spot turnover on August 19, the highest reading on record in WuBlockchain’s tokenized equities data. That ratio fell to 38.0% by August 26.

No other equity-linked perpetual comes close. Circle (CRCL) ranked second at 47.2%, while Nvidia (NVDA) and Meta both sit below 3%.

Exchanges Widen Their Stock Derivatives Lineup

Meanwhile, Binance reported roughly $433.4 billion in traditional finance (TradFi) perpetual volume for August, about 15 times January’s $29.5 billion. Equity-linked contracts generated $342.9 billion of that figure, or close to 79%.

The exchange is now adding options on more than 1,000 US stocks and exchange-traded funds (ETFs) for eligible users outside the United States.

Rivals are moving in parallel. Bybit plans to start 24/7 options trading on September 17, using SpaceX and Nvidia perpetuals as the underlyings.

Whether the market broadens beyond memory chips will determine if September repeats August’s narrow structure.