Arbitrage and bottom-fishing positions drive up fees for SK Hynix, with trader 'yixie' paying a net $481,000 in funding fees.

According to Hyperinsight monitoring, Hynix ADR high-premium arbitrage and bottom-fishing funds are collectively flowing into SKHX long positions. As of press time, SKHX trades at $1,291.90 on Hyperliquid, while SKHY stands at $162.47. Based on the conversion ratio of 10 ADRs corresponding to 1 share of the underlying Korean stock, the ADR premium remains around 25.76%. Spread convergence trades require going long SKHX and shorting SKHY, leading to a divergence in funding rates on both sides: SKHX’s funding rate has risen to +0.0459% per hour, meaning longs pay shorts; SKHY’s is -0.0050% per hour. Against this backdrop, trader "yixie" has become the long position incurring the largest loss from high funding rates: cumulative net funding payments have reached $481,000, with approximately $157,000 spent alone on yesterday’s ADR listing session. Based on current rates, this long position will still generate around $5,890 in funding fees per hour. The trader is currently holding 10,025.3 SKHX positions with 2x isolated leverage, with a notional size of roughly $12.952 million, average entry price of $1,461.815, unrealized loss of about $1.703 million (return of ~-23.2%), and liquidation price of approximately $804.50. Earlier news: "Whale Tracking" reported that the long position on SK Hynix’s ADR listing failed, with trader "yixie" temporarily losing $1.8 million.