# Hynix Trader Cuts Net Short Exposure to $3.59 Million as ADR Premium Stands at 48.4%

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/52763
Published: 2026-11-10T03:01:51.000Z
Updated: 2026-11-10T03:01:51.000Z
Section: Investing

> Wallet 0x0242 bought back about $10.17 million in SKHX short contracts and added to its SKHY long position on Nov. 9.

A trader cut its net short exposure to SK Hynix's Korean-share-linked contract to $3.59 million on Nov. 9, while the onchain implied ADR premium stood at 48.4%.

Wallet 0x0242 bought back about $10.17 million in SKHX short contracts, realizing about $624,900, and added to its SKHY contract linked to the company's American depositary receipt (ADR). The wallet ended with 16,300 SKHX short contracts and 81,100 SKHY long contracts, compared with 25,100 shorts and 58,700 longs earlier that day.

The positions were valued at about $13.61 million in SKHX shorts and $10.02 million in SKHY longs. Their notional short-to-long ratio narrowed to 1.36-to-1 from 2.89-to-1, reducing net short exposure from about $14.25 million to $3.59 million.

The implied ADR premium was up from 42.2% a week earlier. The USD/KRW rate fell to about 1,347 from 1,363.8 on Friday, reflecting a stronger won. If Korean share and ADR prices remain unchanged, a stronger won would lift SKHX's dollar-denominated price and reduce the implied ADR premium, pressuring the SKHX short leg.

At the time of the update, the SKHX short had an average price of $889.74 and an unrealized gain of about $933,900. The SKHY long had an average price of $128.49 and an unrealized loss of about $402,700.