How to Trade MINIMAX on Hyperliquid

What MINIMAX Tracks

MINIMAX is a HIP-3 perpetual that tracks the price of a single Class A ordinary share of MiniMax Group Inc., the Shanghai-based AI lab that trades on the Hong Kong Stock Exchange under stock code 0100. The oracle takes the underlying HKD share price and converts it to USD at the prevailing USD/HKD rate, so one perp roughly mirrors one HKEX share denominated in dollars.

MiniMax was founded in December 2021 by Yan Junjie and Zhou Yucong, two former SenseTime researchers, and counts Alibaba and game studio miHoYo among its backers. It builds general-purpose foundation models spanning text, image, video, speech, and music — its lineup includes the M-series language models, the Hailuo video generator, Speech-02, and Music-01. The company listed in Hong Kong on January 9, 2026, priced at HK$165 and roughly doubled on debut, in what was the largest IPO to date by an AI foundation model company.

Why MINIMAX Matters

MiniMax is one of China's so-called 'AI tigers,' and the perp is a clean way to take a directional view on the Chinese foundation-model trade without opening a Hong Kong brokerage account. The fundamentals have been moving fast: full-year 2025 revenue rose 158.9% to US$79.0 million, gross margin expanded to 25.4% from 12.2%, and more than 70% of revenue came from outside China — unusual for a Chinese AI firm and a core part of the bull case.

The stock has re-rated hard since the IPO. By late May 2026 it had climbed past HK$840, up more than 400% from the offer price, and the company filed to explore a secondary listing on Shanghai's STAR Market — a dual-listing path that would broaden its mainland investor base. On the product side, MiniMax shipped its M3 model on June 1, 2026, pitching frontier coding, a 1M-token context window, and native multimodality in a single architecture. Model launches and listing headlines are the catalysts that tend to move this name.

Inside the HIP-3 Perp

This is a HIP-3 market, which means a permissionless deployer (here, xyz) launched the contract on Hyperliquid rather than the core team listing it directly. The perp is cash-settled and references the MiniMax share price through the oracle described above — you are trading the price, not custodying the stock, so there are no dividends, no voting rights, and no Hong Kong brokerage account involved.

MINIMAX trades at roughly $64.07 with up to 10x leverage, against about $1.1 million in 24-hour volume. That last figure matters: this is a far thinner book than a major crypto perp, so expect wider spreads and more slippage on size than you'd see in BTC or ETH. Size positions accordingly and lean on limit orders rather than market fills.

Risks Worth Pricing In

The biggest one: MiniMax is not profitable. It posted an adjusted net loss of US$250.9 million in 2025 — the reported net loss was far larger, distorted by non-cash fair-value remeasurement of preferred shares — and at a market cap that ran into the tens of billions, the valuation already prices in years of execution. A 400%+ post-IPO run leaves ample room for sharp corrections.

A few structural points are specific to this perp:

• Trading-hours mismatch. The underlying trades on HKEX during Hong Kong hours, but the perp runs 24/7. When the cash market is closed, the oracle reference can sit stale and then gap at the HK open — overnight, crypto-style price discovery does not map cleanly onto a stock.
• FX layer. The price is HKD converted to USD. The Hong Kong dollar is pegged to the greenback in a narrow band, so FX drift is usually minor, but it remains a moving part between you and the share price.
• China-AI risk stack. Intense competition from peers such as Zhipu AI and DeepSeek, US chip-export restrictions, and broader Chinese regulatory and geopolitical risk all hang over the name. The pending STAR Market listing also carries CSRC and HKEX approval risk.

None of this is a reason to avoid the trade — it's a reason to know exactly what you're exposed to.