TechFlow news, July 15, according to Hyperinsight monitoring, US stock Hynix (SKHY) on Hyperliquid was quoted at $181.58, and Korean stock Hynix (SKHX) was quoted at $1,358.50. Calculated based on each SKHY ADS corresponding to 0.1 share of Korean common stock, the current on-chain ADR premium is approximately 33.7%.
In terms of liquidity, SKHY and SKHX 24-hour trading volumes were approximately $450 million and $1.213 billion respectively, open interest converted to approximately $121 million and $425 million respectively, the combined trading volume of the two assets was approximately $1.663 billion, and open interest was approximately $546 million.
For reference, based on TSMC ADR quoted at $420.39, Taiwan common stock quoted at 2,440 NTD, USD to NTD exchange rate approximately 32.16, calculated based on 1 ADR corresponding to 5 common shares, TSMC's current ADR premium is approximately 10.8%, Hynix's existing premium is approximately 3.1 times that.
Historically, during the internet bubble, TSMC's ADR premium once rose from approximately 70% to nearly 90%; when it issued additional ADS in June 2000, the officially disclosed issuance premium still reached 43% (according to SEC filing documents). By comparison, Hynix's current 33.7% premium is approximately 78% of TSMC's issuance premium back then, but only 40% to 50% of the bubble's extreme value.
Historically, TSMC's ADR premium during the internet bubble once rose from approximately 70% to nearly 90%; when additional ADS were issued in June 2000, TSMC's officially disclosed issuance premium still reached 43%. By this comparison, Hynix's current 33.7% premium is equivalent to approximately 78% of TSMC's issuance premium back then, but still only 40% to 50% of the bubble's extreme value. Large capital has formed two opposing bets around this spread. 5 addresses betting on convergence (long SKHX, short SKHY) hold a combined position of approximately $32.404 million, with a combined floating loss of approximately $1.117 million; only 1 address is betting on divergence (long SKHY, short SKHX), holding a position of approximately $9.719 million, with a floating profit of approximately $127,000. Top positions are as follows:
Convergence direction:
- Address starting with 0xf517: combined position size approximately $11.181 million, floating loss approximately $601,000, SKHY to SKHX quantity ratio approximately 15.98:1;
- Address starting with 0x2577: combined position size approximately $8.008 million, floating loss approximately $285,000, quantity ratio approximately 17.69:1.
Divergence direction:
Address starting with 0x434f: 4x leverage short 4,800 SKHX, 8x leverage long 17,615.58 SKHY, combined position size approximately $9.719 million, floating profit approximately $127,000; quantity ratio approximately 3.67:1, still maintaining a significant net long exposure to Hynix.
Funding rates also favor the divergence side: SKHX hourly funding rate approximately +0.00773%, SKHY approximately −0.00264%, both legs of the convergence combination need to pay funding fees, estimated based on existing positions, the 5 addresses pay a combined approximately $1,453 per hour; the divergence combination can collect on both legs, approximately $588 per hour. Convergence trades are currently in the double drain of "floating loss + paying on both legs".
