iShares Korea ETF (EWY) closed at $125.74, marking a 6.42% decline. Despite this, Hyperliquid's cash:EWY contract rebounded during U.S. market hours, trading at $131.10, a 4.4% premium over the ETF's closing price. With less than an hour until U.S. pre-market trading begins, such premiums often converge towards the spot price as markets open.