MINIMAX、ZHIPU Maximum long unrealized losses expand, with some positions nearing liquidation risk
BIBIBI
AT A GLANCE
MiniMax, and Zhipu-related prices declined; the combined unrealized losses of the largest longs in the two perpetual contracts mentioned in the report were approximately 1530000 USD。
Article
MINIMAX、ZHIPU Maximum long position loss exceeds 300%principal
BlockBeats reports that October 22, the two Hong Kong-listed AI model leaders, continued to decline,MiniMax broke below 165 HKD IPO the offering price, while Zhipu also continued to fall; both have retraced more than from their historical highs. On-chain longs are also under pressure. Previously, Zhipu's largest long had lost more than 2700000 USD and exited after closing the position, while the largest longs in the two contracts currently still have combined unrealized losses of approximately 1530000 USD.
According to TradingBeats monitoring,Hyperliquid perpetual contracts on MINIMAX、ZHIPU were quoted at 20.593 USD and 58.354 USD.
Zhipu's current largest long (0xddb8）ZHIPU has a position worth approximately 1711900 USD, with an average price of 105.091 USD, and an unrealized loss of approximately 1371100 USD. The current price is approximately 44.5%below its entry cost, and the liquidation price is 34.55 USD. The account began building its position late on July 6.MiniMax current largest long (0xd33c）MINIMAX has a position worth approximately 331200 USD, with an average price of 30.7616 USD, and an unrealized loss of approximately 163600 USD. The current price is approximately 33.1%below its cost, and the liquidation price is 16.95 USD.
Zhipu's previous largest long (0x8b3f) exited after realizing the loss the day before yesterday. The account had previously gone long 4544500 USD and had lost approximately 2706300 USD. Had it not exited, its loss in this round would have expanded further.
Original link https://m.theblockbeats.info/flash/373099
Key points
01
BlockBeats reports that MiniMax fell below 165 HKD IPO offering price during the session, while Zhipu also continued to decline; both have retraced more than from their historical highs.
02
According to TradingBeats monitoring,Hyperliquid on MINIMAX、ZHIPU perpetual contracts were quoted at 20.593 USD and 58.354 USD。
03
Address 0xddb8's ZHIPU position was worth approximately 1711900 USD, with an average price of 105.091 USD, an unrealized loss of approximately 1371100 USD, and a liquidation price of 34.55 USD。
04
Address 0xd33c's MINIMAX position was worth approximately 331200 USD, with an average price of 30.7616 USD, an unrealized loss of approximately 163600 USD, and a liquidation price of 16.95 USD。
05
Previously, address 0x8b3f went long 4544500 USD and exited with a loss of approximately ZHIPU 2706300 USD.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
The report described declines in Hong Kong-listed prices, as well as losses among large long positions in the Hyperliquid perpetual contracts on MINIMAX and ZHIPU. “Unrealized loss” refers to the accounting loss calculated at the reported current price and does not equal a realized loss from a closed position; “liquidation price” is the price level listed in the report that could trigger forced liquidation.
Why it matters to readers
Large long positions have suffered significant unrealized losses; one of the previously reported ZHIPU largest longs has exited after incurring losses, while the current two largest long positions remain exposed to the risk of further price declines and approaching liquidation prices.
Beginners should distinguish between Hong Kong-listed share prices and Hyperliquid perpetual-contract quotes, and note that leveraged contracts may be liquidated during adverse price movements, while unrealized losses may become realized losses.
Risks and unknowns
The report cited TradingBeats monitoring, but no exchange or on-chain primary records that can be independently verified were provided.
The evidence does not specify the statistical scope, ranking methodology, or whether the positions of the “largest longs” remain valid.
The prices, unrealized losses, and liquidation prices in the report are data from a specific point in time; whether they subsequently changed cannot be confirmed.
Related Developments
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The title's claim that the “average loss exceeds 300%principal” does not provide the basis for calculating principal in the body.
MiniMax, Zhipu's Hong Kong-listed shares, and MINIMAX、ZHIPU perpetual contracts is not explained.
Related concepts
Perpetual Contract
A derivative contract with no expiration date, designed for continuous holding, whose funding rate mechanism helps keep its price close to that of the underlying asset.
