SKHX was quoted at $1,359.6 and SKHY at $190.05, with SKHY showing a roughly 39.8% premium over SKHX. The spread widened from 33.9% to about 40% within a week and had not yet converged. Six addresses established paired positions over the past two days, going long SKHX and short SKHY, for approximately $24.439 million of SKHX longs and $24.876 million of SKHY shorts, or $49.315 million in combined notional exposure. The structure reflects a relative-value trade that buys the cheaper Korean common-stock representation while shorting the higher-priced U.S. ADR. The addresses still hold about $22.184 million in SKHX longs and $22.845 million in SKHY shorts. The SKHY shorts have combined unrealized gains of about $481,000, while the SKHX longs show roughly $581,000 in unrealized losses, leaving the two legs down about $100,000 combined. Since opening the positions, the addresses have paid approximately $52,400 in funding fees, including about $21,900 over the past 24 hours. As of 19:09, SKHX's dynamic funding rate had turned negative, implying estimated net funding income of about $4,890 per hour at the current positions and rate, though the change still required confirmation through subsequent hourly settlements.