Stock-linked perpetual contracts on CEX platforms saw weekly trading volume surge to $141.84B, a 79x increase since early 2026, with open interest climbing 93x to $8.29B.
DeFi & Yields ·
Trading in stock-linked perpetual contracts across centralized exchanges has expanded dramatically in 2026. As of mid-August, weekly volume reached $141.84 billion, representing a roughly 79-fold jump from the $1.8 billion level seen at the year's start, according to WuBlockchain Data Center. The activity was driven primarily by positions in SNDK, SKHYNIX, and SPCX.
Open interest metrics have similarly accelerated. The measure climbed to $8.29 billion on a weekly basis, up from $89 million at the beginning of 2026—roughly a 93-fold expansion over the period. This growth signals both increased participation and larger average position sizes among traders accessing these derivative instruments.
What remains unclear is the geographic and institutional distribution of these trades, the leverage ratios employed across positions, and whether the surge reflects genuine demand for equity exposure via crypto venues or concentrated flow from a narrower set of participants. Sustainability of this pace through later 2026 also remains to be seen.