A whale address is sitting on an SK Hynix cross-market spread position worth about $19.024 million, structured as a long in the Korea-listed common stock proxy SKHX and a short in the U.S.-listed ADR proxy SKHY. The trade was built on the expectation that the premium gap between the two instruments would narrow. After roughly 40 days, that convergence has not happened. The spread has widened instead, leaving the combined position with an unrealized loss of about $275,200.
On the long side, the SKHX position is valued at about $9.347 million, with an average entry price of $1,307.1 and a current loss of roughly $446,000. The SKHY short is worth about $9.676 million, entered at an average price of $179.4 and now showing a profit of around $171,000. As of publication, SKHY was trading at a premium of about 41.31% relative to SKHX, up about 4.1 percentage points from 37.2% when the address entered the trade. Since the position was opened, the address has also paid a net $94,100 in funding across both legs, including about $16,100 over the past 24 hours. Based on the current size and dynamic funding rates, the trade is still estimated to be paying roughly $1,106 per hour on a net basis.
According to Odaily, a whale address currently holds an SK Hynix Korea-U.S. spread trade worth about $19.024 million. The position is structured as a long in the Korea common-share proxy SKHX and a short in the U.S. ADR proxy SKHY, with the trade aimed at capturing a narrowing in the price gap.
After roughly 40 days, that spread has not converged. It has widened, leaving the two legs with a combined unrealized loss of about $275,200.
Breakdown of the two legs
The SKHX long is valued at about $9.347 million. Its average entry price was $1,307.1, and it is now showing a loss of around $446,000. The SKHY short is worth about $9.676 million, with an average entry price of $179.4, and is currently profitable by about $171,000.
Premium widened after entry
As of publication, SKHY was trading at a premium of about 41.31% relative to SKHX. That is about 4.1 percentage points wider than the 37.2% premium seen when the address entered the position.
Funding costs continue to weigh on the trade
Since the position was opened, the address has paid about $94,100 in net funding across both sides. In the past 24 hours alone, the funding cost was about $16,100. Based on the current position size and dynamic funding rates, the portfolio is still estimated to be paying roughly $1,106 per hour on a net basis.
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