SKHY still traded at about a 30% premium to Seoul-listed shares two weeks after listing, with traders building strategies around spot, ADRs, on-chain perpetuals and funding rates.
SK Hynix has been trading at different prices across South Korean equities, U.S. markets and crypto-linked venues, setting off a cross-market arbitrage rush. Two weeks after SKHY listed, it was still trading at about a 30% premium to the South Korea-listed stock, prompting traders to structure positions across spot holdings, ADRs (U.S.-listed depositary receipts), on-chain perpetual contracts (futures without expiry), Hong Kong leveraged ETFs and funding rates. The key turning point may come at the end of July, when two-way conversion opens and the price gap may begin to narrow.