SK Hynix plunges as the US-Korea premium widens again to 47%; the account executing the related trade is already up $5.21 million.

BlockBeats news, October 15th, according to TradingBeats monitoring, the Hyperliquid Shanghai Lishi Korean stock mapping contract SKHX fell about 10.46% from midnight today, temporarily reported at $938.71, while the U.S. stock ADR mapping contract SKHY fell about 7.80% during the same period, with a difference of 2.66 percentage points.

According to the conversion ratio, the implied premium of SKHY relative to SKHX expanded from about 42.89% at midnight today to 47.14%, an increase of about 4.25 percentage points, and the premium itself expanded by about 9.9%. During the same period, SKHX fell 10.46% and SKHY fell 7.80%, with the latter relatively more resilient, further widening the price difference between the two contracts.

Against the backdrop of diverging price performance in the two markets, a whale trading in the direction of shorting Korean stocks and going long U.S. stock ADRs has made substantial profits. The account currently holds:

- SKHX short position: $17.59 million, average price $1,293.84, unrealized profit of about $6.6549 million;

- SKHY long position: $6.59 million, average price $175.04, unrealized loss of about $1.7636 million. After offsetting the two legs, the net unrealized profit is about $4.8913 million.

This account is not a fully hedged spread trade. Converted by underlying shares, its ADR long position covers only about 25.5% of the Korean stock short position, leaving a relatively large net short exposure overall. A significant portion of the current profit still comes from the sharp decline in SKHX.

It is reported that the whale also continued to increase the SKHX short position by about $356,100 today, while reducing the SKHY long position by about $1.3973 million, further increasing the portfolio's directional short exposure.

Including another DRAM short position with an unrealized profit of about $315,100, the account's three positions have a net unrealized profit of about $5.2063 million.