Six whale addresses have opened closely aligned paired trades on Hyperliquid as the premium between SKHX and SKHY widened again, according to TradingBeats.
As of publication, SKHX was trading at $1,359.6 on Hyperliquid, while SKHY was at $190.05. That put SKHY at a premium of about 39.8% relative to SKHX. Over the past week, the spread expanded from 33.9% back to around 40%.
As that gap widened, the six tracked addresses all moved into the same structure: long SKHX and short SKHY. Over the past two days, they built about $24.439 million in SKHX long positions and about $24.876 million in SKHY short positions, for combined notional turnover of roughly $49.315 million.
Largest positions among the six addresses
The two biggest books were held by:
- 0x382d: about $8.225 million long SKHX and about $8.407 million short SKHY;
- 0x2ab3: about $7.865 million long SKHX and about $7.862 million short SKHY.
The other four addresses each put on paired trades worth about $1.5 million to $3.2 million.
Trade structure points to a relative-value strategy
The report said the six addresses opened their positions at highly similar times, with the two legs sized close to each other. That gave the trades a clear relative-value profile: buying the cheaper South Korean common-share mapping while selling the higher-premium U.S.-listed ADR mapping.
So far, the spread has not converged. The six addresses are still holding about $22.184 million in SKHX longs and about $22.845 million in SKHY shorts, leaving total open exposure at about $45.029 million.
Unrealized PnL and funding costs
On current marks, the SKHY shorts are showing combined unrealized profit of about $481,000. The SKHX longs are showing about $581,000 in unrealized loss. Taken together, the two legs are down about $100,000.
Since the positions were opened, the group has paid about $52,400 in net funding, including around $21,900 over the last 24 hours. Still, as of 19:09, the dynamic funding rate for SKHX had turned negative. Based on the current position sizes and rate, the paired trade was estimated to shift into a state of collecting about $4,890 per hour in net funding. TradingBeats said that change still needs to be confirmed by subsequent hourly settlement. If it persists, the cost of waiting for the spread to narrow would fall.