A whale holding $24 million in ARC long positions on Lighter is suspected of replicating the "Jelly Jelly price manipulation" incident, with funding rates now reaching an annualized 2100%.

According to Route 2 FI (@Route2FI), a whale is holding a $24 million long position in ARC on Perp DEX Lighter, adding $360,000 per hour via TWAP (time-weighted buy), continuously injecting funds to drive the bullish trend. 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 simultaneously shorted the Jelly perpetual contract with large sums while manipulating the spot price through other accounts and on-chain manipulation, causing the short trader to be liquidated. Hyperliquid's liquidity pool (HLP) suffered losses after settlement, and the Hyperliquid team urgently delisted the contract through a governance vote and forced settlement at an extremely low price. The annualized funding rate for ARC contracts on Lighter has soared to 2100%, which is equivalent to short sellers earning approximately 5.7% in funding fees per day. This will attract more short sellers, and the battle between bulls and bears is intensifying.