Hyperliquid's SK Hynix ADR Trades at 33.7% Premium vs TSMC's 10.8%, Large Positions Face Funding Rate Losses on July 15

According to Hyperinsight monitoring on July 15, SK Hynix (SKHY) on Hyperliquid's perpetual futures traded at $181.58, while the Korean-listed SKHX (SKHX) was at 1,358.50 KRW. Based on the 0.1 conversion ratio, the ADR premium reached 33.7%, approximately 3.1 times TSMC's current 10.8% premium.

Five addresses betting on premium convergence (long SKHX, short SKHY) held combined positions worth $32.4 million, facing cumulative losses of $1.117 million. In contrast, funding rates favored the expansion trade: SKHX paid +0.00773% hourly while SKHY collected -0.00264%, forcing convergence positions to pay approximately $1,453 hourly across both sides, while expansion trades earned roughly $588 hourly.