The ARC Fee Rate on Lighter has surged abnormally to an annualized rate of 2100%, with a whale heavily longing to lure short sellers into the market.

BlockBeats News, February 25th, according to @Route2FI's on-chain analysis, a whale is currently holding a long position worth $24 million in ARC on Perp DEX Lighter, and is increasing its position by $360,000 per hour through TWAP (Time-Weighted Average Price), continuously injecting funds to drive the bull market. The whale has already made a profit of $5 million. The current ARC perpetual contract market funding rate on Lighter has skyrocketed to an annualized 2100%, equivalent to short sellers receiving approximately 5.7% funding fee income per day, attracting more shorts to enter, 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 liquidity pool HLP on Hyperliquid incurred losses after settlement, prompting the Hyperliquid team to urgently delist the contract through a governance vote and force settle at an extremely low price.

Route2FI added in the analysis that the whale's intent is currently unclear. While Hyperliquid's HLP absorbs liquidated positions, 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 deleveraging mechanism. The whale may find it challenging to replicate the success of the JellyJelly event.

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