TechFlow reported on June 18, citing Hyperinsight monitoring, that MINIMAX (MiniMax) contract trading went live today within the Hyperliquid HIP-3 ecosystem. As of publication, approximately $480,000 in positions had been opened in MINIMAX, while the contract was quoted at $60.7.
A 10x leveraged short appears on the first trading day
On-chain position data shows that one trader opened a short position in MINIMAX using 10x leverage. The position size reached $178,000, with an average entry price of $60.6. Based on the figures disclosed, this single short accounts for a notable share of the roughly $480,000 in open positions recorded for the newly listed contract.
The available information focuses on the early trading profile of the new Hyperliquid HIP-3 contract: total positions stood at about $480,000, the quoted price was $60.7, and the highlighted short position had an entry price of $60.6. No additional trade details beyond the position size, leverage, direction, and entry price were disclosed in the source.
MiniMax shares have been under pressure
The contract launch took place against a backdrop of recent weakness in MiniMax’s share price. The company listed on January 9, and its prospectus disclosed that some existing shareholders were subject to a six-month lock-up period. The market has been trading ahead of July unlock pressure, with concerns over increased circulating supply around July 9. According to the source, MiniMax’s share price fell by about 53% during the first two weeks of June.
Other factors also weighed on the stock’s performance. The source cited M3 commercialization pricing and a downgrade by JPMorgan as additional pressure points. Together, these developments formed the trading context for MINIMAX’s first day on Hyperliquid HIP-3: a new on-chain contract market opened, while MiniMax’s recent equity performance remained pressured by the July unlock timeline and related news flow.