SK Hynix ADR ($SKHY ) lists on Nasdaq, the largest ADR in history, even bigger than Alibaba back then. Tonight, the interim code $SKHYV will trade first as interim trading, and the official code $SKHY will only be activated next Monday.

The underlying stock has been volatile over the past month or so. Those holding 07709 saw: June 1 at 148, June 16 at 130, July 3 at 117. Even if the direction was right, the money kept shrinking.

This is not a luck issue, but a mechanism issue.

The essence of daily reset leveraged products is — you are paying for volatility every day. The more volatile, the more you get deducted, and even sideways movement deducts.

I said before that storage will be a torture market next, with even larger ups and downs. In such market conditions, tool selection is more important than direction judgment.

Based on this logic, a few judgments:

1. For those who still want to hold leveraged positions long-term, directly taking leveraged long on the underlying stock after ADR listing is a cleaner structure. StableStock already supports SKHY 2-5x leveraged spot intraday, with 0% interest intraday and around 15% annualized overnight interest. The cost is linear and clear — not like daily reset that keeps bleeding from volatility.

2. Stock funding rate arbitrage. Everyone is used to watching crypto funding rates, but the window on US stock perpetuals is actually fatter — SKHY perpetual on HL has accumulated around 1% funding in three days, shorts are collecting money, because the market has not had a convenient spot leg, and all longs are crowded into perpetuals. The classic approach is to buy spot in full and short perpetuals, collecting funding without betting on direction. But capital efficiency is a weakness: for a notional of one million hedging, the spot leg requires one million. Leveraged spot solves this — with 2x long on the underlying, the same notional only uses half the principal, paying financing cost of 0.04% per day, collecting funding rate of 0.3% per day, directly doubling the return on principal.

3. Leveraged spot has liquidation, 07709 has no liquidation but can wear you down until you doubt life. There is no 'no-cost choice'.

If interested, you can use my StableStock invitation code: