SK Hynix US IPO oversubscribed over 7 times, Korean stock up 9%, on-chain largest long floating profit $2.08 million. A traditional semiconductor stock is now being triple-priced by Korean stock spot, US ADR, and on-chain perpetual contracts. The SKHX perpetual contract on Hyperliquid has accumulated over $30 million in positions, with a whale opening long at $1,411, while short positions are also considerable. Crypto leverage has for the first time deeply intervened in a traditional blue-chip during the IPO pricing stage. On-chain funds are beginning to provide parallel liquidity for US memory chips. The risk: SK Hynix's Korean stock average daily trading volume is about $5 billion, but on-chain leveraged positions are concentrated in a few addresses. Once there is an expectation gap after the US listing, the liquidation pressure from on-chain longs will transmit through arbitrage to the Korean stock and ADR, forming a cross-market chain reaction. The leverage in the two markets begins to share the same pricing anchor.