ADR Premium Widens to 36%
SKHX is currently quoted at $1,023, while the SK Hynix ADR mapping contract SKHY trades at $139.19, according to data tracked by TradingBeats (formerly Hyperinsight). On a 10-to-1 contract basis—10 SKHY units mapping to 1 SKHX—the ADR premium sits at roughly 36.06%, still expanding from earlier levels.
Inside the Whale's Spread Position
A whale whose address begins with 0xe091 opened a SK Hynix spread trade last Thursday through Friday. Both legs carry 5x isolated-margin leverage:
- Long 5,400 SKHX — notional value ~$5.524 million, average entry $1,043.88, unrealized loss ~$112,700, liquidation price $745.55.
- Short 40,000 SKHY — notional value ~$5.568 million, average entry $141.59, unrealized gain ~$96,000, liquidation price $161.82.
Combined notional exposure totals roughly $11.092 million with a 99.2% size match between legs—a tightly constructed spread. At the whale's entry prices, the ADR premium was about 35.64%. It has since widened by 0.42 percentage points, leaving the two-leg position with a combined unrealized loss of approximately $16,700.
Funding Costs Pile Up
Carry costs add another layer of pressure. SKHX's hourly funding rate runs at about +0.01961%, while SKHY's sits at roughly −0.00109%. The whale pays on both sides:
- SKHX long — ~$1,083 per hour in funding;
- SKHY short — ~$61 per hour in funding.
That sums to about $1,144 every hour. Assuming rates stay flat, the static daily funding bill comes to around $27,500.
Market Snapshot
SKHX recorded roughly $213 million in 24-hour trading volume with open interest valued at about $424 million. SKHY saw approximately $23.81 million in 24-hour volume and $99.38 million in open interest.