Korean-American SK Hynix Arbitrage Account Loss Reaches $275,200, Funding Fees Exceed $94,100

On September 15, during the SK Hynix arbitrage trading on Hyperliquid, a whale starting with 0x3893 held approximately $19.024 million in paired positions, going long on South Korean common stock SKHX and shorting U.S. ADR SKHY, expecting the price difference to converge. After holding the position for about 40 days, the price difference not only failed to revert but instead widened, resulting in an unrealized loss of approximately $275,200. The value of the long position in SKHX is about $9.347 million, with an average entry price of $1,307.1, leading to an unrealized loss of about $446,000; the value of the short position in SKHY is about $9.676 million, with an average entry price of $179.4, resulting in an unrealized gain of about $171,000. The premium of SKHY relative to SKHX is approximately 41.31%, while the corresponding premium at entry was about 37.2%. The current position has accumulated net funding fees of approximately $94,100, with about $16,100 spent in the last 24 hours. Based on the current position and dynamic fee rates, an estimated net payment of about $1,106 is required per hour.

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