BlockBeats News, February 25th, according to @Route2FI’s on-chain analysis, a whale is holding a long position worth $24 million on ARC on Perp DEX Lighter, and is dollar-cost averaging $360,000 per hour through TWAP (Time-Weighted Average Price), continuously injecting funds to drive the long side. The whale has made a profit of $5 million. The current annualized funding rate on the ARC perpetual contract market on Lighter has surged to 2100%, equivalent to short sellers receiving about 5.7% funding fee income daily, attracting more short positions, intensifying the long-short game.
Route2FI stated that the whale’s behavior is similar to the JellyJelly price manipulation incident on Hyperliquid. In March 2025, a whale trader on Hyperliquid massively shorted the JELLY perpetual contract while artificially boosting the spot price through other accounts and on-chain transactions, causing the short traders to be liquidated. The Hyperliquid liquidity pool HLP suffered losses after settlement, and the Hyperliquid team urgently voted to delist the contract and forcibly settle at a very low price.
Route2FI further analyzed that the whale’s intent is currently unclear. While Hyperliquid’s HLP would absorb the liquidated positions, Lighter’s LLP would not absorb such large positions. If the position is too large or the risk is too high, it would directly trigger the ADL automatic deleveraging mechanism, making it difficult for the whale to replicate the JellyJelly event’s strategy successfully.
