SK hynix is really going for it with that premium—on HyperLiquid, the funding rates on the two sides are one positive and one negative, and the arbitrage hunters catch the scent and come running.

According to data from Cbi World, SK Hynix’s US stock ADR trades at a premium of about 23.4% over its South Korean shares. As of the time of publication, on HyperLiquid, the SK Hynix Korea contract SKHX is currently priced at $1245.4, with a 24-hour trading volume of about $1.021B. The US stock ADR contract SKHY is currently priced at $153.69, with a 24-hour trading volume of about $136 million. Based on a conversion of 10 ADRs to 1 share of South Korean common stock, SKHY’s current equivalent price is $1536.9, which is $291.5 higher than SKHYNIX. Back-calculating implies that the South Korean shares are discounted by about 18.97% versus the US ADR. Regarding funding rates, SKHYNIX is currently at +0.06132% per hour, while SKHY is at -0.00463% per hour; the difference between the two is about 0.06595 percentage points.