TechFlow news, July 13, according to Hyperinsight monitoring, as of press time, the Korean stock Hynix contract SKHX on Hyperliquid is currently trading at $1,245.4, with a 24-hour trading volume of approximately $1.021 billion; the US stock ADR contract SKHY is currently trading at $153.69, with a 24-hour trading volume of approximately $136 million.
Based on the conversion ratio of 10 ADRs to 1 share of Korean common stock, SKHY's current equivalent price is $1,536.9, which is $291.5 higher than SKHYNIX, meaning the US stock ADR carries a premium of approximately 23.41% over the Korean stock; conversely, the Korean stock trades at a discount of approximately 18.97% compared to the US stock ADR.
In terms of funding rates, SKHYNIX is currently +0.06132% per hour, with longs paying shorts; SKHY is -0.00463% per hour, with shorts paying longs, a difference of approximately 0.06595 percentage points between the two.
This data implies that if holding a convergence position of "long SKHYNIX, short SKHY", high funding rates need to be paid on both sides currently; although the reverse position allows collecting funding fees on both sides, it actually expects the US stock ADR premium to continue expanding.
Despite this, there are still two representative convergence trades among the existing visible large addresses:
- Address starting with 0x257: long 2,500.42 contracts of SKHX with 10x leverage, size approximately $3.115 million; simultaneously short 31,031.66 contracts of SKHY with 10x leverage, size approximately $4.776 million. Combined size approximately $7.891 million, current total unrealized profit approximately $339,000, representing the largest visible convergence combination.
- Address starting with 0xf517: long 2,145.256 contracts of SKHX with 10x leverage, simultaneously short 22,223.39 contracts of SKHY with 5x leverage, quantity ratio approximately 1:10.36, closest to the ADR's 1:10 conversion relationship. Combined size approximately $6.093 million, current total unrealized loss approximately $389,000.
