The same SK Hynix is being traded at different prices across Korean stocks, U.S. stocks, and crypto markets, sparking a cross-market 'arbitrage frenzy.' SKHY has been trading at about a 30% premium compared to Korean stocks two weeks after listing. Traders are designing arbitrage strategies around spot, ADRs, on-chain perpetual contracts, Hong Kong leveraged ETFs, and funding rates. After two-way conversion opens at the end of July, whether the price gap narrows will become the key turning point in this arbitrage game.