SK hynix US stock ADR trades at a 23.4% premium to its Korean shares; two whale investors narrowed the expected price gap with $14 million

BlockBeats message, July 13, according to Hyperinsight monitoring. As of the time of publication, on Hyperliquid the South Korean stock Hynix contract SKHX is currently quoted at $1,245.4, with 24-hour trading volume of about $1.02B; the US stock ADR contract SKHY is currently quoted at $153.69, with 24-hour trading volume of about $136 million.

Based on the conversion of 10 ADRs corresponding to 1 share of South Korean common stock, SKHY’s current equivalent price is $1,536.9, which is $291.5 higher than SKHYNIX—meaning the US ADR is trading at an approximately 23.41% premium versus the South Korean stock. Conversely, the South Korean stock is trading at an approximately 18.97% discount versus the US ADR.

In 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. The difference between the two is about 0.06595 percentage points.

These data imply that if holding a “go long SKHYNIX, go short SKHY” position to benefit from the premium converging, both sides currently need to pay high funding rates. The opposite position can collect funding on both sides, but the actual expectation is for the US ADR premium to continue expanding.

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

Address starting with 0x257: using 10x leverage to go long 2,500.42 SKHX, size about $3.12M; simultaneously using 10x leverage to go short 31,031.66 SKHY, size about $4.78M. The combined two-side size is about $7.89M, with current total unrealized profit of about $339k, making it the convergence combination with the largest visible size.

Address starting with 0xf517: using 10x leverage to go long 2,145.256 SKHX, while using 5x leverage to go short 22,223.39 SKHY; the quantity ratio is about 1:10.36, making it closest to the ADR conversion ratio of 1:10. The combined two-side size is about $339k, with current total unrealized loss of about $389k.

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