Monitored by Woofun AI, the Hyperliquid HIP-3 ecosystem has officially deployed MINIMAX contract trading. Current on-chain data indicates approximately $480,000 in open long positions, with the asset trading at $60.7.

Concurrently, a single market participant has established a significant bearish stance, initiating a short position with 10x leverage totaling $178,000 at an average entry price of $60.6.

This speculative activity aligns with broader market concerns regarding MiniMax's equity performance and tokenomics. Since its listing on January 9, the company's prospectus revealed a six-month lock-up period for certain shareholders, fueling expectations of selling pressure around the July 7 unlock date. These concerns contributed to a roughly 53% decline in the stock price during the first two weeks of June. Further headwinds include pricing uncertainties surrounding M3 commercialization and a recent rating downgrade by Morgan Stanley, which collectively weigh on investor sentiment.