MINIMAX and ZHIPU's largest longs have both lost over 300% of their principal.

BlockBeats news, October 22 — Hong Kong-listed large-model duo continued their slide. MiniMax fell below its HK$165 IPO issue price intraday, while Zhipu also extended losses, with both now more than 80% below their all-time highs. On-chain longs are under pressure as well: Zhipu's former largest long has already closed out at a loss of over $2.7063 million, while the current largest longs on the two contracts remain a combined roughly $1.53 million in the red.

According to TradingBeats monitoring, MINIMAX and ZHIPU perpetual contracts on Hyperliquid are trading at $20.593 and $58.354, respectively.

Among them, Zhipu's current largest long (0xddb8) holds a ZHIPU position worth about $1.7119 million at an average entry price of $105.091, with an unrealized loss of about $1.3711 million. The current price is about 44.5% below the position cost, with a liquidation price of $34.55. The account opened the position on the evening of July 6.

MiniMax's current largest long (0xd33c) holds a MINIMAX position worth about $331,200 at an average entry price of $30.7616, with an unrealized loss of about $163,600. The current price is about 33.1% below cost, with a liquidation price of $16.95.

Zhipu's former largest long (0x8b3f) already exited at a loss the day before yesterday. The account had gone long $4.5445 million and has lost about $2.7063 million; had it not exited, losses would have widened further this round.