A big crypto trader lost $8.2 million after a leveraged bet on the ARC perpetuals market unraveled on the decentralized derivatives platform Lighter, forcing the platform to tap its backstop liquidity and trigger auto-deleveraging to manage risk.
In a series of posts on X, the platform explained that the whale built a very large long position over several days, pushing total open interest in the ARC (ARC) market to about $50 million, while about 600 traders and market makers took the opposite side.
The trade began to fail when ARC’s price dropped…

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