SK Hynix's 40% attractive spread draws capital back, six major whales short the premium with $49.3 million.

BlockBeats news, September 11, according to TradingBeats monitoring, as of press time, SKHX on Hyperliquid is quoted at $1,359.6, and SKHY is quoted at $190.05. SKHY's premium relative to SKHX is about 39.8%.

Recently, the spread widened again from 33.9% to around 40% within a week. During the spread widening process, six key addresses simultaneously established paired positions:

Long SKHX, while short SKHY.

Over the past two days, the six addresses accumulated about $24.439 million in SKHX long positions and about $24.876 million in SKHY short positions, with total notional volume on both sides of about $49.315 million.

Among them, the TOP 2 largest positions:

- 0x382d: SKHX long position about $8.225 million, SKHY short position about $8.407 million;

- 0x2ab3: SKHX long position about $7.865 million, SKHY short position about $7.862 million;

- The other four addresses each had a single-group size of about $1.5 million to $3.2 million.

The six addresses' position-building times were highly close, and the amounts on both legs were similar, showing an obvious relative value trading structure. That is, buying the relatively cheaper Korean common stock mapping while selling the more premium US ADR.

As of now, the spread has not yet converged.

The six still currently hold about $22.184 million in SKHX long positions and $22.845 million in SKHY short positions. Among them, the SKHY shorts have total unrealized gains of about $481,000, but the SKHX longs have unrealized losses of about $581,000, with the two legs showing an unrealized loss of about $100,000.

Since establishing positions, they have paid a net total of about $52,400 in funding fees, with about $21,900 spent in the last 24 hours. However, as of 19:09, SKHX's dynamic funding rate has turned negative. Based on the current positions and rate estimates, the portfolio has shifted to a state of net receiving about $4,890 per hour in funding fees; this change still awaits confirmation in subsequent hourly settlements, and if it continues, it will reduce the cost for the whales waiting for the spread to converge.