SK Hynix US stock ADR trades at a 23.4% premium over Korean shares, as two whale addresses converge on the expected price gap at a forecast spread of $14 million

Deep Tide TechFlow message: On July 13, according to monitoring by Hyperinsight, as of the time of publication, on Hyperliquid the Korean stock Hynix contract SKHX is currently trading at $1245.4, with a 24-hour trading volume of about $1.021B; the US stock ADR contract SKHY is currently trading at $153.69, with a 24-hour trading volume of about $136M.

Based on the conversion of 10 ADRs to 1 share of Korean stock common stock, SKHY’s current equivalent price is $1536.9, which is $291.5 higher than SKHYNIX—i.e., the US stock ADR trades at a premium of about 23.41%. Conversely, the Korean stock is trading at a discount of about 18.97% versus the US stock ADR.

In terms of funding rates, SKHYNIX is currently at +0.06132% per hour, with longs paying shorts; SKHY is currently at -0.00463% per hour, with shorts paying longs—both sides differ by about 0.06595 percentage points.

This data implies that if you hold a “go long SKHYNIX and short SKHY” position to bet on the convergence of the premium, both sides currently need to pay high funding rates. Conversely, while the reverse pair can collect funding on both sides, the actual expectation is for the US stock ADR premium to continue widening.

Even so, among the currently visible large addresses, there are still two representative convergence trades:

Address starting with 0x257: goes long 2,500.42 SKHX with 10x leverage, size of about $3.115M; simultaneously goes short 31,031.66 SKHY with 10x leverage, size of about $4.776M. The combined two-sided size is about $7.891M, with a current total unrealized profit of about $339k, making it the largest visible convergence position.

Address starting with 0xf517: goes long 2,145.256 SKHX with 10x leverage, while simultaneously going short 22,223.39 SKHY with 5x leverage; the quantity ratio is about 1:10.36, making it the closest to the 1:10 ADR conversion relationship. The combined two-sided size is about $6.093M, with a current total unrealized loss of about $389k.