SK Hynix Whale Holds 28-Day Long with $1.6M Unrealized Loss

A Hyperliquid whale maintains a 3x leveraged SKHX long position, enduring a 73.5% drawdown and $1.6M loss over 28 days despite high funding costs.

Woofun AI data shows that a wallet address starting with 0x511 holds a 3x leveraged long position of 4,034 SKHX tokens on Hyperliquid. The position has an average entry price of $1,622.6, a current value of approximately $4.942 million, and an unrealized loss of $1.6034 million, representing a 73.5% decline. This address remains the largest underwater holder for SKHX.

The position was initiated on June 26 at an average price of $1,898.5, which is 55.1% above current levels. Subsequent purchases occurred at prices around $1,659, $1,678, $1,436, and $1,361, with the final addition on July 15. Since opening, the trader has paid approximately $198,200 in net funding fees. With a current hourly funding rate of +0.00955%, estimated hourly costs stand at $472. Historically, this trader has held long positions in Micron, Marvell, and Cerebras proxies for 29 to 45 days, generating a total net profit of $494,500.

Meanwhile, SKHX prices on Hyperliquid peaked at $1,302.8 before dipping to $1,214.3, marking a 6.8% intraday pullback.