Profit of $442,700: A Whale Exits Before SK Hynix Earnings Release

According to monitoring by Hyperinsight, the whale address starting with 0x434, which had previously executed a spread-widening trade by shorting SKHX and going long SKHY, has fully closed both legs of the trade before the earnings report, resulting in a combined profit of approximately $442,700:

- At 15:00 today, the whale sold 20,000 SKHY long positions at an average price of approximately $137.6, with a transaction volume of about $2.753 million, incurring a loss of roughly $133,000.

- During the same period, the whale bought back 4,500 SKHX short positions at an average price of approximately $1,071.1, with a transaction volume of about $4.82 million, generating a profit of roughly $576,000.

Calculated based on the average entry price, the implied ADR premium was approximately 20.4%. The average exit price corresponds to a premium of about 28.5%, indicating the spread-widening trade has been realized. However, this was not a delta-neutral hedge; the original SKHY long position only covered approximately 44.4% of the SKHX short position, with part of the profit stemming from the decline in the Korean stock mapping contract.

SK Hynix is set to release its Q2 earnings at 9:00 AM Korean time (8:00 AM Beijing time) on July 29. The whale exited about 17 hours before the earnings report, signaling it has stopped betting on a further widening of the premium or is guarding against further spread convergence during the earnings window.

As of press time, SK Hynix's Korean stock contract (SKHX) on Hyperliquid was trading at $1,069.5, while the US ADR contract (SKHY) stood at $137.91. Converted, the ADR equivalent price is approximately $1,379.1, representing a 28.9% premium over SKHX. This premium has narrowed by about 4 percentage points from approximately 33.0% yesterday. During the same period, SKHX fell 13.5%, and SKHY dropped 16.2%.