A giant whale holds multiple ARC orders worth $24 million in Lighter, with rates soaring to 2100%

On February 25th, Route2FI released an on chain analysis stating that a certain whale holds a multi order ARC position worth $24 million on Perp DEX Lighter and increases its position by $360000 per hour through TWAP, driving the inflow of long funds. At present, the giant whale has made a profit of 5 million US dollars, and the annualized capital fee rate of the ARC contract market on Lighter has soared to 2100%. Short sellers can earn about 5.7% capital fee income per day, attracting more short sellers to enter and intensifying the long short game. Route2FI pointed out that the whale's behavior is similar to the JellyJelly price manipulation event on Hyperliquid in March 2025, but Lighter's LLP will not absorb large position risks. If the risk is too high, it will trigger the ADL automatic deleveraging mechanism, and replicating the JellyJelly event strategy may be difficult to succeed.