The ARC rate on Lighter has skyrocketed to 2100%, and a certain whale has opened a large position to lure bears into entering According to BlockBeats news, on February 25th, according to @ Route2FI's on chain analysis, a certain whale is holding multiple ARC positions worth a total of $24 million on Perp DEX Lighter, and increasing its position by $360000 per hour through TWAP (Time Weighted Buy), continuously injecting funds to drive long positions. At present, the whale has made a profit of 5 million US dollars. The annualized funding rate for the ARC contract market on Lighter has skyrocketed to 2100%, which means that short sellers can earn approximately 5.7% funding fee returns per day and will attract more short sellers to enter. The long short game is intensifying. Route2FI stated that the whale's behavior is similar to the JellyJelly price manipulation event on Hyperliquid. In March 2025, a whale trader on Hyperliquid made a large short of the JELLY perpetual contract while raising spot prices through other accounts and on chain, causing the short trader to sell out. Hyperliquid's liquidity pool HLP suffered losses after settlement, and the Hyperliquid team urgently removed the contract through governance voting and forced settlement at an extremely low price. Route2FI added that it is currently unclear what the whale's intention is. Hyperliquid's HLP will absorb overbooked positions, but Lighter's LLP 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, and the whale's strategy of replicating the JellyJelly event may be difficult to succeed.