A spread between SKHX and SKHY on Hyperliquid briefly reached 41.3% early on July 15, according to monitoring by ai_9684xtpa. At the time, SKHX, described in the post as the Korea-listed Hynix share representation, was priced at $1,380, while SKHY, described as the U.S. ADR side, was at $195. The account said the conversion path between the two is one-way: holders can only cancel the U.S.-listed ADR and convert it back into Korean ordinary shares. Because that route does not make sense when the Korean side is trading at a premium, the pricing gap has remained in place instead of being arbitraged away. The observation points to a structural constraint in the conversion mechanism rather than a temporary trading dislocation that can be quickly closed.
SKHX and SKHY on Hyperliquid briefly traded at a 41.3% spread early on July 15, according to monitoring by @ai_9684xtpa.
At that point, SKHX was priced at $1,380 and SKHY at $195. The account said the conversion between the two is one-way: traders can only cancel the U.S. ADR and convert it back into Korean ordinary shares.
Because that step would not be taken when the premium is on the Korean share side, the gap can exist without being arbitraged away, ai_9684xtpa said.
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