According to BlockBeats, on February 25th, @Route2FI published on-chain analysis that a whale is holding a total of $24 million worth of long ARC positions on Perp DEX Lighter, adding $360,000 per hour via TWAP (time-weighted buy-in), continuously injecting funds to drive the bullish trend. Currently, this whale has profited $5 million. The current annualized funding rate for ARC contracts on Lighter has surged to 2100%, equivalent to short sellers earning approximately 5.7% in funding fees daily, which will attract more short sellers, intensifying the battle between bulls and bears.
Route2FI stated that this whale's behavior is similar to the JellyJelly price manipulation incident on Hyperliquid. In March 2025, a whale trader on Hyperliquid simultaneously shorted the JellyJelly perpetual contract with a large amount of capital while manipulating the spot price through other accounts and on-chain mechanisms. This caused the short seller to be liquidated, resulting in a loss for Hyperliquid's liquidity pool (HLP) after settlement. The Hyperliquid team urgently delisted the contract through a governance vote and forced settlement at an extremely low price.
Route2FI further analyzed that the whale's intentions are currently unclear. Hyperliquid's HLP absorbs liquidated positions, but Lighter's LLP does not absorb such large positions. If the position is too large or the risk is too high, it will directly trigger the ADL (Automatic Leverage Deduction) mechanism. Therefore, the whale's strategy of replicating the JellyJelly incident may not be successful.






