The most expensive long onchain is a crowded bet on SK Hynix

Traders paid funding of roughly 145% a year, over ten times the venue norm, to hold the long into a US listing.

SK Hynix trades only in Seoul, but on Hyperliquid's HIP-3 perpetual markets it became the venue's second-largest contract at about $320M open interest. Onchain position data shows who held each side of the venue's most expensive long, and who paid the 145%-a-year funding.

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SK Hynix, the South Korean maker of the high-bandwidth memory that Nvidia's AI chips depend on, is listed only in Seoul. On Hyperliquid's HIP-3 perpetual markets its contract became the venue's most crowded and most expensive long: open interest more than doubled in two weeks to about $320M, second only to the S&P 500 contract, with a $29B Nasdaq listing and second-quarter earnings ahead in July.

Because every position is onchain, the report shows who holds each side: about 500 small accounts long and down $3.5M over the month, while the largest and most profitable wallets lean short, $99M against $70M, and collect the funding. The read was written on July 1 with SK Hynix at $1,669; within two sessions the price fell a further 19% before bouncing. All figures are drawn from Allium's position-level Hyperliquid data.

Informational only. Not investment advice.

By Elton Shehdula, Research @Allium