Shares of LITE and MRVL fell, widening the share swap discount to 15.3%.

On Hyperliquid, LITE is trading at $535.74 and MRVL at $140.56. Based on the exchange rate of 4.5 MRVL shares for each LITE contract, the estimated exchange value is approximately $632.52. LITE is $96.78 lower, representing a discount of approximately 15.3%. The combined trading volume for both contracts over the past 24 hours is approximately $93.73 million. On the previous trading day, MRVL fell 16.43% to close at $133.55, corresponding to a share conversion reference value of $600.98 per LITE share; LITE fell 18.68% to close at $509.70, with the discount rate widening from 12.84% to 15.19%. Marvell plans to acquire Lumentum in an all-stock transaction, which is expected to be completed in the first half of 2028.