Hynix ADR Premium Narrows 4 Percentage Points on July 28; Whale Exits Long-Short Spread Trade

According to Hyperinsight, on July 28, Hynix Korean stock SKHX traded at $1,069.50 on Hyperliquid, while its U.S. ADR contract SKHY traded at $137.91. The ADR equivalent price of $1,379.10 represents a 28.9% premium over SKHX, narrowing by approximately 4 percentage points from 33.0% the previous day. Both contracts declined overnight, with SKHX down 13.5% and SKHY down 16.2%.

A whale address starting with 0x434 that had been executing a long-short spread trade (shorting SKHX, longing SKHY) exited both positions ahead of Hynix's earnings release, realizing a combined gain of approximately $442,700. The whale sold 20,000 SKHY contracts at an average price of $137.60 and covered 4,500 SKHX short positions at $1,071.10. Based on entry prices reflecting a 20.4% ADR premium and exit prices at 28.5% premium, the spread expansion trade was profitable. The combined position was not equally hedged, with SKHY longs covering only 44.4% of SKHX shorts.