Hyperliquid Whale Incurs Loss in SK Hynix Arbitrage Trade as Price Spread Widens

HuoXing Finance reports that on September 15, according to TradingBeats monitoring, the whale with address starting in 0x3893 still holds a position of approximately $19.024 million in the SK Hynix Korea-U.S. spread trade on Hyperliquid, long the Korean common stock proxy SKHX and short the U.S. ADR proxy SKHY, expecting the spread to converge. However, after holding for about 40 days, the spread has not narrowed but instead widened further; the combined unrealized loss on both legs is approximately $275,200, consisting of: an unrealized loss of about $446,000 on the long SKHX position, valued at $9.347 million with an average entry price of $1,307.10; and an unrealized profit of about $171,000 on the short SKHY position, valued at $9.676 million with an average entry price of $179.40. As of publication, SKHY trades at a premium of approximately 41.31% relative to SKHX, whereas at the time of entry based on the address’s average cost, the premium was approximately 37.2%. The spread originally expected to converge has instead widened by an additional 4.1 percentage points. Currently, the position is further burdened by a cumulative net funding payment of approximately $94,100 since opening, with an additional $16,100 paid in the last 24 hours. Based on current position size and static estimation of dynamic funding rates, this strategy continues to incur a net funding cost of approximately $1,106 per hour.