According to CoinMeta, based on the data from the data center's tokenized stock panel, on August 19th, the one-day trading volume of Micron ( sndk ) perpetual contracts across the market (aggregated from 32 monitored venues) reached $16.291 billion, while the same day, the spot trading volume of sndk US stocks was approximately $26.1 billion. The ratio between the two was 62.4%, which is the highest level ever recorded. The data also shows that this ratio remained high for three consecutive days in the middle and late part of August: 42.0% on August 17th, 52.6% on August 18th, and 62.4% on August 19th. On August 26th, it dropped to 38.0%. In a horizontal comparison, sndk had the highest ratio among all stock-type perpetuates, followed by crcl (47.2% on August 5th), soxl (38.1% on August 6th), mstr (20.0%), mu (14.6%). NVIDIA ( nvda ) and meta both had ratios below 3%.