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Perp DEX Lighter Whale’s $24M ARC Long Surges Amid Elevated Funding Rates

A major trader continues to add $360,000 per hour to a $24 million ARC long position, driving ARC’s funding rate to an annualized 2,100%, attracting short sellers.

HYPE

Summary

A whale on Perp DEX Lighter holds a $24 million long position in ARC, which is up $5 million. The trader’s consistent accumulation of around $360,000 per hour via TWAP has pushed ARC’s funding rate to an annualized 2,100%, implying 5.7% daily payments from shorts. The situation has drawn comparisons to Hyperliquid’s JellyJelly case, though LLP/ADL may prevent replication.

Terms & Concepts
  • Perp DEX: A decentralized exchange offering perpetual futures (no-expiry leveraged contracts) for crypto trading.
  • TWAP (Time-Weighted Average Price): An algorithmic trading method that executes orders incrementally over a set time to minimize market impact.
  • Funding Rate: A periodic payment between long and short traders in perpetual futures markets to maintain prices near the underlying spot value.