On-chain analysis by @Route2FI has revealed that a significant whale is holding a $24 million long position in ARC on the Perp DEX Lighter, adding $360,000 per hour through TWAP purchases. This activity has driven the annualized funding rate for ARC contracts on Lighter to an unprecedented 2,100%, equating to a daily funding income of approximately 5.7% for short sellers. The whale has already realized $5 million in profits, and the high funding rate is attracting more short sellers, intensifying the battle between long and short positions. This situation is reminiscent of the JellyJelly price manipulation incident on Hyperliquid in March 2025, where a whale manipulated the market to trigger short liquidations. However, unlike Hyperliquid, Lighter's LLP does not absorb large positions, and the ADL mechanism may prevent a similar strategy from succeeding.