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Arbitrage and Bottom Fishing Drive Up SK Hynix's Fees, Trader 'yixie' Nets $481,000 Funding Payment

BlockBeats News, July 14th, according to Hyperinsight monitoring, Hynix ADR High Premium Arbitrage and Bottom Fishing Funds are squeezing towards the SKHX long side. As of the time of writing, SKHX is priced at $1,291.90 on Hyperliquid, and SKHY is priced at $162.47. With 10 ADRs corresponding to 1 share of Korean stock underlying, the ADR premium still stands at approximately 25.76%.


The basis trading strategy requires longing SKHX and shorting SKHY, leading to a diverging funding rate on both sides: the SKHX funding rate has risen to +0.0459% per hour, with longs paying shorts; SKHY is at -0.0050% per hour.


Against this backdrop, trader "yixie" has become the long with the highest funding rate cost: the cumulative net fund fee payment has reached $481,000, with approximately $157,000 spent on just yesterday's ADR listing trading day. Based on the current rate, this long position is still expected to incur about $5,890 fund fee payment per hour.


Currently, with a 2x isolated leverage, "yixie" is longing 10,025.3 SKHX, with a notional value of around $12.952 million, an average entry price of $1,461.815, a paper loss of about $1.703 million (ROI of approximately -23.2%), and a liquidation price of around $804.50.


Previous News: "Whale Tracking": Longing the SK Hynix ADR Listing Price Fails, Trader "yixie" Temporarily Loses $1.8 million

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