SK Hynix on-chain futures trade at 0.76% discount to Korea close

SK Hynix traded 0.76% below its Korean regular-session close in the 24-hour on-chain market while the Korean stock market was shut for a second day.

As of 8:30 a.m. KST on Oct. 10, SK Hynix perpetual futures were priced at 1,668,150 won. That was 12,850 won below the Korean regular-session close of 1,681,000 won. Among Samsung Electronics, SK Hynix and Hyundai Motor, price direction was mixed. In periods when the local market is closed, this market becomes one of the few venues showing continuous price formation.

SK Hynix: regular close 1,681,000 won; on-chain 1,668,150 won; ▼ 0.76%

Hyundai Motor: regular close 324,500 won; on-chain 326,590 won; ▲ 0.64%

Samsung Electronics: regular close 262,000 won; on-chain 262,095 won; ▲ 0.04%

The split across individual stocks suggests company-specific factors, rather than a broad market move, were driving prices.

SK Hynix contract volume over the past day was $94.37 million, with open interest at 222,060 contracts. The size is not large compared with regular equity trading, so prices may move on relatively small orders. The discount is better read as a gauge of whether buyers or sellers were more active during the two-day gap, rather than as a direct opening-price forecast.

The funding rate was equivalent to 5.48% annualized, with long positions paying short positions. The discount to the regular close and positive funding point to a market where price and positioning need to be checked again after the exchange reopens.

Overseas chip names also diverge

Among seven overseas semiconductor-linked contracts traded around the clock on the same market, three rose. Kioxia moved the most, gaining 1.72%. The group did not move in one direction, limiting the case for reading the domestic stock discount as a broad sector signal.

Kioxia: ▲ 1.72%

SoftBank: ▲ 1.59%

DRAM Index: ▲ 0.40%

H100 (NVIDIA GPU): ▲ 0.00%

Micron: ▼ 0.65%

TSMC: ▼ 1.36%

SanDisk: ▼ 2.21%

Editor’s note: Hyperliquid is a blockchain-based derivatives exchange. Stock perpetual futures listed there reference individual share prices and trade 24 hours without maturity. They do not represent ownership of the underlying shares and carry no dividends or voting rights. Long and short positions exchange funding payments, which help align contract prices with the underlying asset. The premium or discount is calculated by converting the dollar-denominated contract price into won using the dollar-won rate, then comparing it with the Korea Exchange regular-session close.