By Allium Research
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, 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
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