Hyperliquid SK Hynix Contracts Widen Premium to 47% as Trader Shows $5.21M in Floating Gains

Hyperliquid's SK Hynix-linked contracts showed a widening price gap on Oct. 15, with the U.S. ADR-mapped contract at a 47.14% implied premium and one trading account showing $5.21 million in combined floating gains across three positions.

The SKHX contract, mapped to SK Hynix shares in South Korea, was quoted at $938.71, down 10.46%. The U.S. ADR-mapped SKHY contract fell 7.80%, a decline 2.66 percentage points smaller. Based on the conversion ratio, SKHY's implied premium over SKHX rose from 42.89% earlier in the day to 47.14%, an increase of 4.25 percentage points.

The account held a $17.59 million SKHX short position with an average entry price of $1,293.84 and $6.6549 million in floating gains. Its $6.59 million SKHY long, entered at an average of $175.04, showed a $1.7636 million floating loss. Together, those two positions had a net floating gain of $4.8913 million.

On a share-equivalent basis, the SKHY long covered about 25.5% of the SKHX short, leaving the account with a sizable net short exposure. It also increased its SKHX short by about $356,100 and reduced its SKHY long by about $139,730, further raising the portfolio's directional short exposure. A separate DRAM short added about $315,100 in floating gains, bringing the combined total across all three positions to $5.2063 million.