Binance leads SanDisk perps liquidity, with OKX and Hyperliquid trailing

A memory chip company is now one of the busiest trading products on the world’s largest crypto exchange. A CoinDesk research report published on October 7, 2026, finds that Binance is the clear liquidity leader for SanDisk (SNDK) perpetual futures. It leads on order book depth, trading volume and open interest. OKX ranks second and Hyperliquid third. The numbers behind Binance’s lead Start with depth. Binance shows displayed depth of approximately $10.9 million within ±0.5% of the mid-price on its SanDisk perpetual contract. Volume tells a similar story. Binance recorded 30-day trading volume of $41 billion for SanDisk perps. Then there is open interest. Binance carries $240 million in open interest on the contract. The CoinDesk report treats open interest as the most reliable sign of real capital commitment, because it reflects margin that traders have actively locked up. Volume can be inflated by rapid churn. Open interest is money that is actually staying put. Across all tracked venues, total open interest in SanDisk contracts has moved between $870 million and $950 million, with Binance holding the largest share. Zoom out to tokenized equities as a category, and Binance’s posit...