Whale Holding $24 Million ARC Long Position on Lighter Suspected of Replicating "JellyJelly Price Manipulation" Incident, Funding Rate Soars to 2100% Annualized

Odaily News: According to monitoring by Route 2 FI (@Route2FI), a whale is holding a total long position worth $24 million in ARC on the Perp DEX Lighter. The whale is continuously adding to the position at a rate of $360,000 per hour via TWAP (Time-Weighted Average Price) buying, injecting funds to drive the long side. Currently, this whale has already profited $5 million. Analysis indicates that this whale's behavior is similar to the JellyJelly price manipulation incident on Hyperliquid. In March 2025, a whale trader on Hyperliquid heavily shorted JELLY perpetual contracts while simultaneously using other accounts and on-chain activities to pump the spot price, causing short traders to be liquidated. Hyperliquid's liquidity pool (HLP) incurred losses after settlement, prompting the Hyperliquid team to urgently delist the contract via a governance vote and force settlement at an extremely low price. Currently, the annualized funding rate for the ARC contract market on Lighter has skyrocketed to 2100%. This is equivalent to short sellers receiving approximately 5.7% in funding fees daily, which will attract more short sellers into the market, intensifying the battle between longs and shorts.