The premium for SK Hynix between the U.S. and Korean markets rises to 47%.

HuoXing Finance reports that on October 15, according to TradingBeats monitoring, Hyperliquid’s Shanghai Lishi Hanstock Mapping Contract SKHX fell approximately 10.46% since midnight today, trading at $938.71, while the U.S. ADR mapping contract SKHY declined about 7.80% over the same period, a difference of 2.66 percentage points. Based on the conversion ratio, the implied premium of SKHY relative to SKHX widened from approximately 42.89% at midnight to 47.14%, an increase of about 4.25 percentage points—a 9.9% expansion in the premium itself. During this time, SKHX fell 10.46% while SKHY fell only 7.80%, demonstrating relative resilience and further widening the price divergence between the two contracts. Under this divergent price performance, a large trader who shorted Hanstocks and went long on U.S. ADRs realized substantial profits. The account currently holds: - SKHX short position: $17.59 million, average price $1,293.84, unrealized profit of approximately $6.6549 million; - SKHY long position: $6.59 million, average price $175.04, unrealized loss of approximately $1.7636 million. After offsetting both legs, the net unrealized profit is approximately $4.8913 million. This account is not a fully hedged spread trade. Calculated by underlying share equivalents, the ADR long position covers only about 25.5% of the Hanstock short position, leaving a significant net short exposure. The current profit is still largely driven by the sharp decline in SKHX. It is reported that today, the whale further increased its SKHX short position by approximately $356,100 and reduced its SKHY long position by approximately $1.3973 million, further enhancing the directional short bias of the portfolio. Including another unrealized profit of approximately $315,100 from a DRAM short position, the account’s total net unrealized profit amounts to approximately $5.2063 million.