Binance Stock Perpetuals Hit $342.9 Billion in Bitcoin (BTC) Exchange Pivot to Equities

Chip Stocks Dominate $665 Billion Equity Perp Market

Tokenized stock perpetual futures on centralized crypto exchanges turned over $665.42 billion in August, and the monthly volume data we reviewed shows just three underlying names carried more than half of it. The total climbed 4.6% from July's $636.19 billion, but the more striking comparison runs vertical: August's print sits 56.5 times above the $11.58 billion recorded in January, a seven-month expansion with no precedent in the tokenized-equity niche. SanDisk (SNDK) led every underlying asset with $193.58 billion in August volume. SK Hynix (SKHYNIX) followed at $75.89 billion, while SPCX, the perpetual contract tracking SpaceX, added another $65.93 billion. Together, the three contracts represented 50.4% of the entire market, a concentration that repeats what exchange-flow analytics documented in July, when memory and semiconductor names — the cohort that also spans Marvell Technology and Applied Materials — dominated flows across the major venues. One reading stands out from the dataset. On August 19, SNDK perpetual turnover equaled 62.4% of the stock's US spot volume, the highest ratio on record in the tokenized-equities data, before easing to 38.0% by August 26. No other equity-linked perpetual comes close to that intensity: Circle (CRCL) ranked second at 47.2%, while Nvidia (NVDA) and Meta both sit below 3%. In practical terms, a crypto derivatives venue was, for at least one session, matching a meaningful share of the Nasdaq tape in a single memory-chip name — an overlap between crypto order types and traditional equity flow that barely existed when the year began. The entire structure currently rests on the memory-trade cycle: if chips cool, the market's run rate narrows to a handful of contracts almost overnight, and September's tape will show whether August's mix was a durable feature or a single-sector fixation.

Binance and Bybit Expand Stock Derivatives

Venue-level figures show how much of this activity now sits on a single exchange. Binance's official announcement puts its traditional-finance (TradFi) perpetual volume for August at roughly $433.4 billion — about 15 times the $29.5 billion recorded in January — with equity-linked contracts generating $342.9 billion of that figure, 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, extending its stock derivatives lineup well beyond perpetuals and giving non-US traders listed-options exposure that historically required a US brokerage account. Rivals are moving in parallel. Bybit plans to switch on 24/7 options trading from September 17, using SpaceX and Nvidia perpetuals as the underlying instruments — a setup that removes the market-hours constraint entirely, since crypto-native clearing infrastructure runs around the clock rather than on the NYSE clock. For our desk, the sequencing matters as much as the size: volume arrived first, and product depth is following. Exchanges are not waiting for demand to prove itself; they are building out the full derivatives stack — perpetuals, then options, then round-the-clock sessions — on top of a market that has grown more than fifty-fold since January. Traders comparing venues on fees, product depth and equity-derivative availability can weigh the trade-offs in our guide to the best crypto exchanges. The open question is breadth. August's lineup leaned almost entirely on memory and semiconductor names, and a single SanDisk contract out-traded every other underlying in the universe. The Bybit rollout is dated and specific, which makes September 17 the first hard test of whether 24/7 equity options find sustained demand. If September's tape repeats that narrow structure, the product expansion serves one concentrated trade; if volume spreads to other sectors, the tokenized-equity desk becomes a durable second pillar for these platforms rather than a proxy for one chip cycle. Readers tracking the market in real time can follow live spot and futures prices on MEXC.

September Tape to Test Breadth

The two datasets describe one arc: exchanges built on Bitcoin (BTC) liquidity are drawing their fastest growth from tokenized US equities, not from crypto-native pairs. The load-bearing primary record here is Binance's official announcement, which states that equity-linked contracts generated close to 79% of its TradFi perpetual volume in August. Our reading is straightforward: watch whether breadth follows product. If the whale-scale concentration in three tickers persists into September, this remains a chip-cycle trade wearing a crypto-exchange wrapper; if it spreads, centralized venues will have quietly built a 24/7 rival to the traditional equity derivatives market.