Zhipu and MiniMax bulls still need a rebound of over 20% to break even.

October 27 - According to TradingBeats monitoring, the ZHIPU perpetual contract on Hyperliquid is trading at $68.984, up about 10.88% in the past 24 hours; MiniMax is at $22.322, up about 3.88%. Although both contracts have rebounded, 10 large long positions are still showing a combined unrealized loss of about $1.1069 million, with losses mainly concentrated in ZHIPU.

ZHIPU:

Seven large ZHIPU longs with single-coin long positions worth more than $100,000 hold a combined position of about $3.4928 million, with an unrealized loss of about $1.01 million. The weighted average entry price based on position size is $88.93, about 28.9% higher than the current price. Among them, 3 longs are still in unrealized loss, accounting for about 76.6% of these large long positions.

The largest long, 0xddb8, has not adjusted its ZHIPU position in the past 24 hours. As prices rebounded, its unrealized loss narrowed from about $1.2579 million to $1.0593 million, an improvement of about $198,600, but the price still needs to rise about 52.3% from the current level to return to the average entry price of $105.09.

Another low-cost long has turned from loss to profit. Address 0xfe7c held the same number of contracts on October 22 with an unrealized loss of about $15,900; it has now turned to an unrealized profit of about $43,500. The rebound in ZHIPU is improving the profit-and-loss situation of some low-cost positions, but has not yet reversed the overall unrealized loss of large longs.

MiniMax:

The 2 large MiniMax longs hold a combined position of about $464,700, with an unrealized loss of about $96,900. The weighted average entry price based on position size is about $26.98, about 20.9% higher than the current price.

The largest long, 0xd33c, has an average entry price of $30.76 and a position of about $264,500, and is still showing an unrealized loss of about $100,000. The account has not adjusted its position in the past 24 hours; the rebound narrowed the unrealized loss by about $9,883, but the price still needs to rise about 37.8% from the current level to return to the average entry price.

Based on current position sizes and entry costs, ZHIPU at $88.93 and MiniMax at $26.98 are the reference prices at which the two groups of large longs would turn their overall unrealized profit and loss positive.