During the time Korean stocks were closed, the Hynix ADR premium narrowed by 4 percentage points; a certain whale’s converging positions turned a loss into a profit.

Deep Tide TechFlow message: On July 17, according to monitoring by Hyperinsight, after the close of the Korean stock market, Hyperliquid’s US stock Hynix ADR (SKHY) continued to fall. It is now at $148.5, with a 24-hour decline of about 10.5%. In the same period, Hynix in the Korean market (SKHX) was $1,134, down about 8.9%.

Based on the conversion of 0.1 shares of the Korean underlying for each SKHY ADS, the current ADR premium is about 30.8%, narrowing by roughly 4 percentage points from yesterday. SKHY’s drop exceeds SKHX’s, driving the price gap between the two further to converge.

The tracked 0x257 mega whale still maintains a converging position combination of “go long SKHX and go short SKHY.” The combined notional value is about $7.89M, and the net unrealized profit is about $343k:

SKHX: go long 2,903 units per 10x isolated margin, position value about $343k, entry average price $1,196, unrealized loss about $186k, return about -53.4%;

SKHY: go short 31,014 units per 10x isolated margin, position value about $3.29M, entry average price $165.5, unrealized profit about $529k, return about 103.0%.

The funding fee structure is still charged on both sides. SKHX’s hourly funding rate is about -0.00303%, while SKHY’s is about 0.00185%. Under the current portfolio, the SKHX long positions and SKHY short positions are both the funding-fee income side. The whale is expected to net receive about $185 per hour in total.