A whale address beginning with 0x3893 is still holding a roughly $19.024 million paired position on Hyperliquid tied to the price gap between SK Hynix shares in South Korea and the company’s U.S.-listed ADR, according to TradingBeats. The trade is structured as a long in the Korean common-share mapping SKHX and a short in the ADR mapping SKHY, with the position built on expectations that the spread would narrow over time.
That has not happened. After about 40 days, the spread has widened instead of converging, leaving the combined position with an unrealized loss of about $275,200. The SKHX long is valued at about $9.347 million, with an entry price of $1,307.1 and an unrealized loss near $446,000. The SKHY short is worth about $9.676 million, with an entry price of $179.4 and an unrealized gain of roughly $171,000.
As of publication, SKHY was trading at a premium of about 41.31% to SKHX, versus an implied premium of about 37.2% when the address entered the trade. The spread has therefore widened by around 4.1 percentage points. The position has also been paying to stay open, with cumulative net funding payments of about $94,100 since inception, including around $16,100 in the past 24 hours. At current position size and dynamic rates, the portfolio is estimated to be paying about $1,106 per hour on a net basis.
A whale address beginning with 0x3893 is still holding a paired position worth about $19.024 million on Hyperliquid in a trade tied to the price gap between SK Hynix listings, according to TradingBeats on Sept. 15.
The position is structured as a long in the South Korea common-share mapping SKHX and a short in the U.S. ADR mapping SKHY, with the trade set up for spread convergence.
After roughly 40 days, the spread has not moved back in. It has widened, leaving the two legs with a combined unrealized loss of about $275,200.
The SKHX long is worth about $9.347 million. Its average entry price was $1,307.1, and it is now showing an unrealized loss of about $446,000. The SKHY short is worth about $9.676 million, with an average entry price of $179.4 and an unrealized gain of about $171,000.
As of publication, SKHY was trading at a premium of about 41.31% relative to SKHX. Based on the address’s entry prices, the implied premium at the time the position was opened was about 37.2%.
That means the spread the whale had been waiting to see narrow has instead widened by about 4.1 percentage points.
The funding side has added pressure. Since the position was opened, the two legs have generated cumulative net funding payments of about $94,100 from the address, with another roughly $16,100 paid over the past 24 hours alone.
Using the current position size and dynamic funding rates as a static estimate, the trade is still paying about $1,106 per hour on a net basis.
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