Trade SK hynix on Hyperliquid

One perp follows the Seoul share through the won; the other follows the Nasdaq ADS. They are not interchangeable.

Updated Fact-checked November 4, 2026 Data as of 2026-11-04 10:16 UTC 12 sources
Short answer

Yes, two ways. trade.xyz's xyz:SKHX tracks one SK hynix common share on the Korea Exchange (KRX: 000660), converted to US dollars at the live USD/KRW rate, and xyz:SKHY tracks one Nasdaq-listed SK hynix ADS (Nasdaq: SKHY), which represents one-tenth of a common share. In the 24 hours to 2026-11-04 10:16 UTC, xyz:SKHX traded $390M with $306M open interest at a mark of $1,064.10 (Hyperliquid API).

Live market data

xyz:SKHX HIP-3 · run by trade.xyz
Live
Mark price
$1,064.10
24h change
+0.67%
24h volume
$390M
Open interest
$306M
Funding (1h)
+0.0061%
Funding (annualized)
+53.6%
Max leverage
10x
Taker / maker fee
0.009% / 0.003%

Growth mode on (deployer fee scale 1): fees are 0.2x core perp rates. Fees are tier 0 before staking or referral discounts.

xyz:SKHY HIP-3 · run by trade.xyz
Live
Mark price
$153.51
24h change
+1.88%
24h volume
$99.3M
Open interest
$117M
Funding (1h)
−0.0014%
Funding (annualized)
−12.5%
Max leverage
10x
Taker / maker fee
0.009% / 0.003%

Growth mode on (deployer fee scale 1): fees are 0.2x core perp rates. Fees are tier 0 before staking or referral discounts.

Hyperliquid API snapshot, 2026-11-04 10:16 UTC. Positive funding means longs pay shorts; it is charged every hour, and the annualized figure is the current hourly rate × 8,760 (it changes every hour). Open interest is in USD at the mark price.

Two markets on the same company

xyz:SKHX references one SK hynix Inc. common share on the Korea Exchange (KRX: 000660). The oracle takes the KRW price and divides by the live USD/KRW rate (trade.xyz cites a Pyth FX feed), so the dollar price moves with both the stock and the won. trade.xyz’s worked example: 886,000 KRW ÷ 1,444.10 KRW per dollar = $613.53.

xyz:SKHY references one SK hynix American Depositary Share on Nasdaq (SKHY). Per trade.xyz, each ADS represents one-tenth of a common share. SKHY began as a trade.xyz pre-IPO market from a $150 reference before the ADS listed (anticipated July 10, 2026) and has since converted to a normal stock perp.

Because one ADS is a tenth of a share, you might expect SKHY ≈ SKHX ÷ 10. It doesn’t have to be. The ADS trades on its own supply and demand in New York and can sit at a premium or discount to Seoul; the two are priced in different hours; and SKHX carries the won. Compare the live marks above rather than assuming a ratio.

Different hours

  • SKHX: external price during KRX sessions only (Korea time, 9:01 AM–3:20 PM and 4:05–8:00 PM). The gap from 3:20 to 4:05 PM, overnight, weekends (Friday 8:00 PM to Monday 9:01 AM KST) and Korean holidays all use internal pricing, as does any pause of more than 15 seconds in the external feed. In US time zones, most of your waking hours are internal-pricing hours.
  • SKHY: the standard trade.xyz US-stock schedule, external price Sunday 8:05 PM to Friday 8:00 PM ET.

Both use cross margin with ±10% discovery bands and one re-anchor per direction.

Why it trades so much

SK hynix makes DRAM and NAND memory, including high-bandwidth memory used in AI accelerators. On our November 4, 2026 snapshot xyz:SKHX was the fourth-largest HIP-3 market by volume, behind only the S&P 500, XYZ100 and WTI oil. For other memory names, see Micron, Samsung and Sandisk.

Contract specs

xyz:SKHX · trade.xyz

Tracks1 common share of SK hynix Inc. on the Korea Exchange (KRX: 000660), converted to USD.
Price sourceKRX quotes divided by the live USD/KRW rate (Pyth FX feed), so the price moves with both the stock and the won.
External hoursExternal price during KRX sessions (Korea time): 9:01 AM–3:20 PM main session and 4:05–8:00 PM after-hours.
Outside those hoursBetween sessions, overnight, weekends (Friday 8:00 PM to Monday 9:01 AM KST) and Korean holidays the oracle runs on internal pricing; it also does so whenever external data pauses for more than 15 seconds.
Max leverage10x (live from the API)
Margin modeCross or isolated (your choice); live from the API
Price limits±10% per band, 1 re-anchor per direction
SettlementCash-settled in USDC; no shares, coins or barrels change hands.
Spec sourcetrade.xyz docs: Korea stocks (reviewed November 4, 2026)

xyz:SKHY · trade.xyz

Tracks1 SK hynix American Depositary Share (Nasdaq: SKHY), which represents one-tenth of one Seoul-listed common share.
Price sourceExternally derived fair price from trade.xyz’s relayer, which aggregates venues and data providers; updated about every 3 seconds.
External hoursExternal price 24/5: Sunday 8:05 PM to Friday 8:00 PM ET (pre-market, regular session, after-hours and the Blue Ocean ATS overnight session).
Outside those hoursFriday 8:00 PM to Sunday 8:05 PM ET and US equity holidays: the market keeps trading and the oracle switches to trade.xyz’s internal pricing (a 30-minute moving average driven by the order book), limited by discovery bounds.
Max leverage10x (live from the API)
Margin modeCross or isolated (your choice); live from the API
Price limits10% per band, 1 re-anchor per direction
SettlementCash-settled in USDC; no shares, coins or barrels change hands.
Spec sourcetrade.xyz Specification Index (reviewed November 4, 2026)

How to trade it

  1. Check you're allowed to. Hyperliquid's terms restrict the United States, Ontario and other places, and trade.xyz's terms bar US persons. If you're in a restricted place, stop here.
  2. Set up a Hyperliquid account with a fee discount. Connect a wallet at app.hyperliquid.xyz and set a referral code before your first trade: our code gives 4% off fees on your first $25M of volume. Full walkthrough: how to start trading on Hyperliquid.
  3. Deposit USDC. Every market here is margined and settled in USDC. See how to deposit USDC to Hyperliquid.
  4. Open the market. Use trade.xyz (its link applies the same Hyperliquid referral) or the official Hyperliquid app, which lists HIP-3 markets alongside core perps. Search for xyz:SKHX or xyz:SKHY. Each HIP-3 dex keeps its own margin, separate from core perps, so the app may ask you to move USDC into that dex first.
  5. Choose margin mode and leverage. Some HIP-3 markets are isolated-only (the margin mode row above says which). Leverage is a ceiling, not a target: at 10x, a 10% move against you wipes out your margin, and liquidation comes earlier than that.
  6. Place a small first order and set a stop. Limit orders pay the lower maker fee. Watch the funding rate: you pay or receive it every hour you hold the position.

Risks

  • It's a perp, not the asset. You get cash-settled price exposure in USDC. No share ownership, votes or dividends, and the price you trade can drift from the underlying, especially when its home market is closed.
  • The deployer runs the oracle. trade.xyz publishes the price that drives funding and liquidations, sets leverage limits and can halt and settle a market. Each HIP-3 deployer stakes 500,000 HYPE that validators can vote to slash if the deployer's actions harm the protocol, which is an incentive, not insurance for your position.
  • Outside market hours the price is set by traders here. When the underlying market is shut, the oracle follows this order book within discovery bounds. When the real market reopens, the price can jump to wherever it opens, and stops can fill far from where you set them.
  • Liquidation. If your equity falls below maintenance margin (half the initial margin at max leverage), the position is closed at market. With cross margin, a loss here can take collateral from your other cross positions.
  • Funding cuts both ways. Rates change every hour. A positive rate costs longs money every hour the position is open; over weeks that adds up.
  • Thin books. Smaller markets can have wide spreads; big orders and liquidations move the price.

Nothing here is investment advice or a price forecast. Leveraged perps can lose more than you expect, fast.

Questions people ask

Can you trade SK hynix on Hyperliquid?

Yes. trade.xyz lists xyz:SKHX (the Seoul-listed common share, converted to USD) and xyz:SKHY (the Nasdaq ADS). Both are USDC-settled perps; you don't own shares.

What is the difference between SKHX and SKHY?

xyz:SKHX follows one KRX common share divided by the USD/KRW rate, priced during Korean market hours. xyz:SKHY follows one Nasdaq ADS (one-tenth of a share), priced during US hours. They move together but can diverge on FX, timing and ADS premium or discount.

When does the SKHX price feed run?

During KRX sessions, Korea time: 9:01 AM–3:20 PM and 4:05–8:00 PM. The rest of the day, weekends and Korean holidays, it runs on trade.xyz's internal pricing, and it also switches to internal pricing whenever the external feed pauses for more than 15 seconds.

Can I trade this on Hyperliquid from the US?

No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet.

Sources

  1. trade.xyz docs: Specification Index
  2. trade.xyz docs: Korea stocks (sessions, FX conversion)
  3. trade.xyz docs: Pre-IPO specification index
  4. trade.xyz changelog: External pricing for Korean equity assets
  5. trade.xyz docs: US stocks (external coverage, Blue Ocean overnight session)
  6. trade.xyz docs: Discovery bounds
  7. trade.xyz docs: Fees and growth mode
  8. trade.xyz docs: General disclaimer (restricted persons)
  9. The Block: ICE moves to bring trade.xyz Hyperliquid perps to the US (2026-10-29)
  10. Hyperliquid info API (metaAndAssetCtxs, snapshot 2026-11-04 10:16 UTC)
  11. Hyperliquid Docs: HIP-3 builder-deployed perpetuals
  12. Hyperliquid Docs: Fees (HIP-3 and growth mode)