A 3x leveraged long in SKHX, a Hyperliquid perpetual contract tracking SK Hynix shares, turned sharply higher as record Q2 earnings and an AI-stock rally lifted the Korean chipmaker.
A trader tracked by Lookonchain turned a steep unrealized loss on SK Hynix-linked derivatives into a $6.44 million profit after the chipmaker’s earnings helped reverse a sharp slide in its shares. Wallet 0xC8b5 opened a 3x leveraged long on 37,229 units of SKHX on July 29, building a $37.3 million position in a Hyperliquid perpetual contract (a futures-like product with no expiry) that follows SK Hynix’s share price rather than the stock itself. The trade briefly showed a $778,000 gain before dropping to $34.28 million and a $2.26 million unrealized loss. The position later rebounded to roughly $43 million as SK Hynix posted record Q2 operating profit and its shares surged as much as 28.59% to ₩1,700,000 on July 31. Lookonchain said the wallet had lost more than $1 million on each of its previous three trades, making the turnaround especially notable. The move came as strong earnings from Amazon and Microsoft fueled a broader AI-stock rally, while SK Group Chairman Chey Tae-won added support with a rare direct share purchase. The episode also followed a separate $57 million liquidation in the same SKHX market, highlighting the risks of thin-margin leveraged trading around earnings volatility.