Micron ADR Premium Stuck at 36%, Trader with $11 Million Position Expects Fading Enthusiasm for "Buying the Dip"

August 10, according to TradingBeats (formerly Hyperinsight) monitoring, SKHX is currently priced at $1023, and the Hynix ADR mapping contract SKHY is currently priced at $139.19. Based on the 10-to-1 contract conversion ratio where 10 SKHY corresponds to 1 SKHX, the current ADR premium is about 36.06%, which has further expanded compared to before.

A whale starting with 0xe091 established a Hynix spread position last Thursday to Friday, with both legs currently using 5x isolated leverage:

- Long 5400 SKHX contracts: Position value approximately $5.524 million, entry average price $1043.88, unrealized loss around $11.27 thousand, liquidation price $745.55;

- Short 40,000 SKHY contracts: Position value approximately $5.568 million, entry average price $141.59, unrealized gain around $9.60 thousand, liquidation price $161.82.

The total notional value of both legs is approximately $11.092 million, with a scale matching rate of 99.2%, indicating a relatively complete spread trade. Calculated based on their entry average prices, the ADR premium was about 35.64% at entry; the current premium has instead increased by 0.42 percentage points, with a total unrealized loss of about $1.67 thousand across both legs.

The pressure of holding costs is more evident. Currently, the hourly funding rate for SKHX is approximately +0.01961%; for SKHY, it is approximately -0.00109%. The whale is simultaneously on both sides of the funding direction:

- SKHX long position hourly funding cost is about $1083;

- SKHY short position hourly funding cost is about $61;

The total hourly cost for both legs is approximately $1144. If the rate remains unchanged, a static calculation shows a daily funding cost of about $27.5 thousand.

In terms of market data, SKHX has a 24-hour trading volume of around $213 million and an open interest value of about $424 million; SKHY has a 24-hour trading volume of approximately $23.81 million and an open interest value of around $99.38 million.

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