BlockBeats reported on July 17 that, according to monitoring by Hyperinsight, SKHY, the Hynix ADR on Hyperliquid, extended its decline after the South Korean stock market closed and was last quoted at $148.5, down about 10.5% over the past 24 hours. Over the same period, SKHX, representing Hynix shares in South Korea, traded at $1,134, down about 8.9%.
Premium over the Korean shares narrowed by about 4 percentage points
Using the conversion of 0.1 Korean underlying share for each SKHY ADS, the current ADR premium was about 30.8%, around 4 percentage points narrower than the previous day. SKHY fell more than SKHX, pushing the price gap between the two instruments tighter.
Whale 0x257 kept the long-SKHX, short-SKHY position
The whale wallet tracked earlier as 0x257 continued to hold a convergence trade of long SKHX and short SKHY. The two legs had a combined position size of about $7.893 million, and the portfolio was showing roughly $343,000 in net unrealized profit.
- SKHX: a 10x isolated-margin long on 2,903 units, with position value of about $3.288 million, opened at $1,196, currently showing an unrealized loss of about $186,000 and a return of about -53.4%.
- SKHY: a 10x isolated-margin short on 31,014 units, with position value of about $4.605 million, opened at $165.5, currently showing an unrealized profit of about $529,000 and a return of about 103.0%.
Both legs remain on the receiving side of funding
The funding structure was still favorable on both sides. SKHX carried an hourly funding rate of about -0.00303%, while SKHY was about 0.00185%. Under the current setup, both the long SKHX leg and the short SKHY leg were receiving funding, with the whale estimated to collect about $185 per hour in net funding income.