SKHY Unusual Options: $79M Call Ratio Spread Targets $210 by December
Disclaimer: For informational and educational purposes only. Not investment advice. Options trading involves substantial risk of loss and is not suitable for every investor.
On July 28, 2026, a large multileg options trade hit the tape in SK Hynix (SKHY). At 2:13 p.m. ET, two December call contracts printed simultaneously as part of the same package.
The Main Unusual Options Trade
- Bought 12,073 Dec 18, 2026 $140 calls at $32.50 (gross ≈ $39.24M).
- Sold 24,146 Dec 18, 2026 $210 calls at $16.45 (gross ≈ $39.72M).
- Net credit: ≈ $0.40 per share, or ≈ $482,920 total.
- Structure: exact 1-by-2 call ratio spread. Same expiration. Same timestamp.
The $79M headline on the chart above is the combined gross premium of both legs: roughly $39.24M paid for the $140 calls plus $39.72M collected from the $210 calls. The actual net credit of the package is much smaller: about $482,920.
SK Hynix is a leading memory-chip manufacturer and a top supplier of high-bandwidth memory (HBM). HBM is a critical component in AI accelerators and large-scale AI infrastructure.
How the Trade Could Perform
- Below $140: all calls expire worthless. Keep the $40 credit per package.
- $140 to $210: long $140 gains while short $210s stay out of the money.
- At $210: max profit ≈ $7,040 per package.
- $210 to $280.40: profit decreases as short calls start working against the trade.
- At $280.40: upper breakeven, roughly $0 P/L.
- Above $280.40: losses grow — theoretically unlimited to the upside.
Does the Bid/Ask Reveal Direction?
This is mildly consistent with buying the $140 calls and selling the $210 calls. But this was a multileg cross with both fills near the midpoint. The initiating side cannot be confirmed from the tape alone.
The Opposite Side: Call Ratio Backspread
If someone took the other side, they paid ~$0.40 debit. That position loses modestly up to $210, then turns profitable with unlimited upside above $280.40. It is a cheap tail-risk bet on a large rally. But this is unlikely right now. SK Hynix reports earnings soon. A call ratio backspread is negative vega. It loses money when implied volatility crashes after the event. The main trade also fits the fundamental story better. Still, anything is possible. The tape only shows what printed, not what the trader intended.
Why It Matters
SK Hynix posted record Q2 2026 revenue and profit driven by HBM demand. The December expiration captures the next earnings cycle and year-end guidance. A $210 target implies a meaningful move higher from current levels, but the short calls cap the ideal outcome.
The Bottom Line
This is a bullish trade with a defined sweet spot at $210 by December. The credit is small. The upside risk above $280.40 is real. Whoever put this on is comfortable with a controlled rally — not a runaway squeeze.
