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BTC $69,130.86 +7.23%
ETH $2,070.62 +11.40%
BNB $631.78 +7.19%
XRP $1.42 -4.56%
SOL $81.67 -4.53%
TRX $0.2795 -0.47%
DOGE $0.0974 -3.83%
ADA $0.2735 -4.22%
BCH $514.91 +6.55%
LINK $8.64 -2.97%
HYPE $28.98 -1.81%
AAVE $122.61 -3.42%
SUI $0.9138 -6.63%
XLM $0.1605 -4.62%
ZEC $260.31 -8.86%

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The ARC rate on Lighter has soared to an annualized 2100%, with a certain whale heavily investing in long positions to lure in short sellers

According to on-chain analysis released by @Route2FI, a certain whale is holding a total value of $24 million in long positions of ARC on the Perp DEX Lighter, and is adding $360,000 every hour through TWAP (Time-Weighted Average Price), continuously injecting funds to drive the bullish trend. Currently, this whale has made a profit of $5 million.The annualized funding rate for ARC contracts on Lighter has skyrocketed to 2100%, equivalent to short sellers earning about 5.7% in funding fees daily, which will attract more shorts and intensify the long-short battle. Route2FI noted that this whale's behavior is similar to the price manipulation incident involving JellyJelly on Hyperliquid. In March 2025, a whale trader on Hyperliquid heavily shorted the JELLY perpetual contract while simultaneously driving up the spot price through other accounts and on-chain, leading to the liquidation of short traders. The Hyperliquid liquidity pool HLP suffered losses after settlement, prompting the Hyperliquid team to urgently vote to delist the contract and force settlement at a very low price.Route2FI added that it is currently unclear what the whale's intentions are. The HLP of Hyperliquid will absorb liquidated positions, but the LLP of Lighter will 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, making it difficult for the whale to replicate the strategy of the JellyJelly incident successfully.
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