OS/2 Warp 3 support broken in 2.11

Hello, I used to run OS/2 Warp 3 on QEMU with the following command line: qemu-system-i386 -vga cirrus -soundhw sb16 -hda os2warp3v2.img -boot c. It runs OK on QEMU 2.10, but immediately gives TRAP 0006 (invalid opcode?) on QEMU 2.11 (see screenshot).
If it is important I have Fixpack 40 and GRADD installed in OS/2.
Here is the image:
https://drive.google.com/open?id=15umPecy7JlPLKUP6520MB_87CfrCDWO5