🔥 SK Hynix rebounds 12%, but on-chain funding rates are -55%: who’s betting on the opposite direction?

SK Hynix is up 12% today, with the Korean KOSPI up nearly 8% intraday. But
on-chain stock futures’ open interest and trading volume are both at elevated levels. SK Hynix’s 24-hour trading volume is $1.36 billion, with open interest of $492 million. Short sellers are willing to keep paying high funding rates, betting that the rebound is not sustainable.
Behind this is a mismatch between the long-term AI chip supply-and-demand narrative and a short-term leveraged fight. SK Group’s chairman said AI memory demand will grow exponentially, but a Bank of America report points out that by 2028, new production capacity may be only one-sixth of the planned amount. Bullish long-term, but short-term leveraged funds are betting on a pullback.
On-chain leverage is amplifying traditional stock volatility. SK Hynix’s ADR is up more than 23% over two days, and the “smart money” used 10x leverage to make 234%. On the other side, short sellers are also consolidating. This kind of two-way high leverage means that if the direction reverses, liquidations will be extremely violent.
A -55% annualized fee rate means shorts pay about 0.15% of the cost per day. If the stock price continues to rise, short covering will accelerate; if it pulls back, long leverage will also get liquidated. Neither side is safe.
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