SK Hynix’s attractive 40% spread draws capital back, with six major whales holding a short position premium of $49.3 million.

Per TradingBeats monitoring, as of press time, SKHX trades at $1,359.6 and SKHY at $190.05 on Hyperliquid, with SKHY carrying a roughly 39.8% premium over SKHX. The spread has widened from 33.9% to around 40% over the past week. During this expansion, six key addresses simultaneously established paired positions: long SKHX and short SKHY. Over the past two days, the six addresses have cumulatively built ~$24.439 million in SKHX longs and ~$24.876 million in SKHY shorts, for a total notional trading volume of ~$49.315 million across both sides. The two largest positions among them are: 0x382d holds ~$8.225 million in SKHX longs and ~$8.407 million in SKHY shorts; 0x2ab3 holds ~$7.865 million in SKHX longs and ~$7.862 million in SKHY shorts. The remaining four addresses each have paired positions worth $1.5 million to $3.2 million. The six addresses entered positions at nearly identical times, with roughly equal notional values on both sides, forming a clear relative value trading structure: buying the relatively cheaper Korean common stock mapping, while selling the higher-premium US-listed ADR. As of now, the spread has not yet converged. The six addresses still hold ~$22.184 million in SKHX longs and ~$22.845 million in SKHY shorts. The SKHY shorts have an unrealized profit of ~$481,000, but the SKHX longs carry an unrealized loss of ~$581,000, resulting in a combined unrealized loss of ~$100,000. Since opening positions, they have paid a net ~$52,400 in funding fees, with ~$21,900 spent in the last 24 hours. However, as of 19:09, SKHX’s dynamic funding rate has turned negative. Based on current positions and rates, the portfolio is estimated to shift to a state of collecting ~$4,890 in net hourly funding fees. This change remains to be confirmed by subsequent hourly settlements; if sustained, it will reduce the cost for the whales waiting for the spread to converge.