MINIMAX Contract Launches on Hyperliquid; Trader Shorts $178K Position at 10x Leverage on June 18

According to Hyperinsight, on June 18, MINIMAX contract launched on Hyperliquid's HIP-3 ecosystem, with a trader shorting the asset at 10x leverage with a $178,000 position at an average entry price of $60.6. The contract had accumulated approximately $480,000 in open positions, with MINIMAX trading at $60.7 at the time of writing.

The asset has faced recent downward pressure due to unlock concerns. MiniMax went public on January 9, with early shareholders subject to a six-month lock-in period expiring around July 9. The market has priced in potential supply increases upon unlock, driving the stock down approximately 53% over the first two weeks of June.