SK Hynix's largest 'arbitrage' account crashes, with continuous losses accompanied by negative funding fees.

BlockBeats news, September 15 — according to TradingBeats monitoring, in the SK Hynix Korea-U.S. spread trade on Hyperliquid, a whale address starting with 0x3893 still holds a paired position of about $19.024 million, going long the Korean common stock mapping SKHX while shorting the U.S. ADR mapping SKHY, expecting the spread to converge.

However, after about 40 days, the spread has not yet reverted and has instead widened further; the two legs combined show an unrealized loss of about $275,200, of which:

The SKHX long position is worth about $9.347 million, with an average entry price of $1,307.1, and currently has an unrealized loss of about $446,000;

The SKHY short position is worth about $9.676 million, with an average entry price of $179.4, and currently has an unrealized gain of about $171,000.

As of publication, SKHY's premium over SKHX is about 41.31%, while based on the address's average entry price, the corresponding premium at entry was about 37.2%. The spread that was originally expected to converge has instead widened by about 4.1 percentage points.

What makes the current position somewhat awkward is that since the position was opened, its two legs have paid a cumulative net funding fee of about $94,100, with another about $16,100 spent in the most recent 24 hours. Based on the current position and dynamic rates, a static estimate shows this combination still needs to pay a net amount of about $1,106 per hour.