Binance leads liquidity metrics for SanDisk perps, followed by OKX and Hyperliquid
Summary
In a recent research analysis, liquidity in tokenized equity markets has been assessed using three key signals: depth, volume, and open interest. The study reveals that Binance leads the way among competitors, holding a depth of $10.9 million, $41 billion in volume over 30 days, and $240 million in open interest for SanDisk perpetual contracts. Tokens stocks have gained immense popularity in 2026, becoming the fastest-growing real-world asset category, with new products emerging on various exchanges, including plans from OKX to launch a U.S. tokenized stock trading venue. This analysis highlights the importance of understanding each measure’s role, with open interest regarded as the most accurate representation of where capital is actively committed over time.
Tokens
$SNDK
Analysis
OKX: OKX is a major cryptocurrency exchange providing perpetual contracts and expanding its tokenized securities offerings. It is one of the venues analyzed in the research for SanDisk perps liquidity, alongside its broader push into regulated tokenized stock trading platforms. Binance: Binance is a leading global cryptocurrency exchange that offers perpetual futures contracts on various assets. It supports trading in tokenized equity perps, including those linked to SanDisk, and the CoinDesk research positions it as a key venue where committed capital concentrates based on volume and open interest measures. SanDisk: SanDisk is a technology company focused on data storage solutions whose publicly traded equity has been tokenized for crypto market trading. The news item centers on liquidity signals specifically for its perpetual futures across crypto venues. Hyperliquid: Hyperliquid is a decentralized exchange specializing in on-chain perpetual futures with order book functionality. It facilitates tokenized equity perps such as SanDisk contracts and appears in the liquidity comparison, with adjustments noted for its reporting conventions in the analysis. `json { "Market Expansion": "Tokenized stocks have become a significant asset category with exchanges adding products like bStocks and xStocks.", "Platform Innovation": "Hyperliquid has added spot markets for tokenized equities and ETFs while supporting perpetuals in the same category." } `
Categories
cryptodefihyperliquidperpstechbase
Related sources
- https://www.tokenpost.com/tag/tokenized-securities
- https://cryptofolds.org/hyperliquid-adds-xstocks-spot-markets-for-nvidia-spy-qqq-and-chip-stocks/
- https://cryptobriefing.com/okx-sec-filing-tokenized-stock-platform/
- https://ondo.finance/blog/tokenized-stocks-bridged-to-hyperliquid
- https://app.rwa.xyz/assets/SNDKon
- https://www.binance.com/en/support/announcement/detail/a1a7996170f246da90ea49f199a61bcd
- https://www.theblock.co/news/business/2026-09-01-silhouette-debuts-rfq-trading-for-xstocks-on-hyperliquid-413226
- https://blockchain.news/news/binance-multi-asset-super-app
- https://www.bloomberg.com/news/articles/2026-10-05/okx-files-with-sec-to-launch-tokenized-us-stock-trading-platform
- https://www.weex.com/learn/articles/sandisk-stock-perpetuals-trading-sndk-while-nasdaq-sleeps-jl58mfw2krg33298f0qiny5r
- https://www.tokenpost.com/news/business/26942
- https://www.talos.com/insights/the-race-for-tokenized-stocks-and-the-path-ahead
- https://www.binance.com/research/analysis/rewriting-the-on-chain-economy
- https://www.kraken.com/xstocks/sndkx
- https://www.theblock.co/news/business/2026-10-05-okx-ice-joint-venture-tokenized-stock-trading-417613
- https://www.btse.com/blog/snxx-perp-sandisk-leveraged-etf/
- https://www.coindesk.com/research/measuring-liquidity-in-tokenized-equity-markets-depth-volume-and-open-interest
- https://solanacompass.com/news/sandisk-joins-solanas-tokenized-equity-roster-as-sunrise-and-backpack-launch-sndk
- https://www.reuters.com/legal/government/okx-joint-venture-files-with-sec-launch-tokenized-trading-platform-2026-10-05/
- https://blockchain.news/news/binance-us-stocks-tokenized-equities