SK Hynix ADR premium widens to 34.8% as tracked convergence whales turn funding positive

News Editor

2026-07-16 07:56:23

Data monitored by Hyperinsight showed that, as of publication, SK Hynix’s U.S.-listed ADR on Hyperliquid, ticker SKHY, was trading at $166.31, while the Korea-listed SKHX stood at $1234.10. Based on the conversion of 0.1 Korean common share for each SKHY ADS, the ADR premium widened to 34.8%. The two large traders previously tracked for betting on a narrowing spread are still holding their convergence positions. Their combined two-sided exposure is about $13.694 million, with a combined unrealized loss of roughly $356,000. One address beginning with -0xf51 is long 2,624.9 SKHX at 10x cross margin and short 17,038 SKHY at 5x isolated margin, for a two-leg position of about $6.073 million and a net unrealized loss of around $517,000. Another address beginning with -0x257 is long 1,993.9 SKHX at 10x isolated margin and short 31,025 SKHY, with total two-sided exposure of about $7.621 million and a net unrealized gain of roughly $161,000. Funding conditions have also shifted from a day earlier. SKHX funding is now about -0.00706% per hour and SKHY about -0.00354% per hour, both negative. Under the current convergence setup, the SKHX long leg has started earning funding while the SKHY short leg continues to pay it. Based on existing positions, the -0xf517 address is now estimated to net about $128 per hour, ending the earlier period in which both sides were paying funding.

Whale TrackingHyperliquidSK HynixADR PremiumFunding RateConvergence TradeOn-chain Data

BlockBeats reported on July 16 that Hyperinsight data showed SK Hynix’s U.S.-listed ADR, SKHY, trading at $166.31 on Hyperliquid at the time of writing, while the Korea-listed SKHX stood at $1234.10. Using the conversion of 0.1 Korean common share for each SKHY ADS, the ADR premium had widened to 34.8%.

Two tracked whales are still positioned for the spread to narrow

The two large convergence traders previously tracked are still betting that the price gap will contract. Their combined two-sided positions are worth about $13.694 million, and together they are sitting on an unrealized loss of roughly $356,000.

Address beginning with -0xf51: long 2,624.9 SKHX at 10x cross margin and short 17,038 SKHY at 5x isolated margin. The two-leg position is worth about $6.073 million, with a net unrealized loss of around $517,000.
Address beginning with -0x257: long 1,993.9 SKHX at 10x isolated margin and short 31,025 SKHY. The two-leg position is worth about $7.621 million, with a net unrealized gain of roughly $161,000.

Funding structure has changed from yesterday

Funding has shifted from a day earlier. SKHX is now at about -0.00706% per hour, while SKHY is at about -0.00354% per hour. Both rates are negative.

Within the convergence trade, the SKHX long leg has begun to collect funding, while the SKHY short leg is still paying funding. Based on the current position sizes, the -0xf517 address is now estimated to receive about $128 per hour on a net basis, meaning the earlier state of paying funding on both sides has temporarily ended.

TSM used as a comparison point

For comparison, TSM was quoted at $410.35 on Hyperliquid, while Taiwan-listed shares closed at TWD 2470. Using an exchange rate of 32.19 Taiwan dollars per U.S. dollar and a conversion of five common shares for each ADR, TSM’s ADR premium was about 7.0%.

That puts SK Hynix’s current premium at roughly five times the level seen in TSM.

BlockBeats also cited an earlier update saying HyperInsight Bot has gone live. Users can add @HyperInsightBot to a Telegram group and set it as an administrator, with message-sending permission enabled, to automatically sync on-chain information.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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