According to BlockBeats, as of July 23, SKHX on Hyperliquid was trading at $1321, and SKHY at $176.09. Based on a 10:1 exchange rate, 10 ADRs were worth $1760.90, representing a 33.3% premium over the Korean stock price.
Since SKHY's listing on July 10, the ADR premium has remained constant, ranging from approximately 16.45% to 33.30% (the lowest on July 11 and the highest on July 17), and has now risen to the upper end of the range.
According to Hyperinsight monitoring , a large whale (0x2ab3) with a narrowing spread is betting on a narrowing premium by going long on Korean stocks and shorting US ADRs, with a current combined position of approximately $29.058 million.
SKHX (10x Long): Holding 12,000 units, valued at approximately $15.852 million, with an average entry price of $1,280.7, a floating profit of $482,000, and a liquidation price of $1,093.7.
SKHY (10x short): Holding 75,000 units, valued at approximately $13.206 million, with an average entry price of $167.2, a floating loss of $660,000, and a liquidation price of $208.9.
Based on the current average holding price, the corresponding ADR premium at the time of position establishment was approximately 30.61%. Currently, the premium has widened by 2.69 percentage points, and the loss on the ADR short position has exceeded the profit on the Korean stock long position, resulting in a combined loss of approximately $177,600. Funding rates show that both positions are currently on the pay-per-click side. If the position size and fees remain unchanged, the total cost will be approximately $716.53 per hour and approximately $17,200 per day.
The whale continued to adjust its spread positions throughout the day: from early morning to noon, it closed out two positions totaling approximately $16.0484 million, incurring a total loss of $180,800 on API closedPnl; in the afternoon, it reopened positions totaling approximately $9.0121 million, including a long position in SKHX worth $4.5578 million and a short position in SKHY worth $4.4543 million. As of the snapshot, it had no pending orders.
Additional data: Using TSMC as a benchmark, the current ADR premium is approximately 6.96%. SK Hynix's current ADR premium of 33.49% is approximately 4.8 times, or nearly 5 times. Historically, TSMC's ADR premium rose to nearly 90% during the dot-com bubble; when it issued additional ADSs in June 2000, the premium was still as high as 43%.