2月26日消息，一名加密巨鲸在去中心化衍生品平台Lighter的ARC永续合约市场进行高杠杆操作，最终录得约820万美元亏损。平台披露，该交易者在数日内持续加仓多头仓位，使ARC未平仓合约规模一度升至约5000万美元，与约600名交易者及做市商的空头头寸形成明显对冲结构。
美东时间周三晚间，ARC价格出现下行波动，大额多头仓位开始滑点加剧并触发连锁平仓。约200万美元仓位首先在订单簿被强制结算，剩余头寸随后被转移至流动性提供者池（LLP）进行风险处置。随着市场继续走弱，平台启动自动去杠杆（ADL）机制，对部分盈利空头仓位进行部分减仓，以保障系统顺利完成清算流程。
在极端波动期间，LLP一度短暂承接约2亿枚ARC，价值约1470万美元，随后随着价格进一步回落逐步缩减风险敞口。由于ARC市场采用隔离风险池设计，此次事件对流动性提供者的实际损失被控制在约7.5万美元范围内，而对冲该仓位的空头交易者则获得可观收益。
Lighter随后宣布加强风控参数，包括将ARC交易对未平仓合约上限设定为4000万美元，并配置约10万美元USDC的专项流动性额度。一旦流动性被消耗，系统将自动切换至ADL策略，以降低DeFi永续合约爆仓风险和系统性冲击。
该事件再次凸显去中心化衍生品市场在低流动性资产中的结构性脆弱性。此前，多起链上案例已显示，大额资金可通过集中建仓放大价格波动，进而影响清算机制与资金池稳定性。对于关注DeFi杠杆交易风险、链上清算机制以及自动去杠杆模型的参与者而言，此次ARC巨鲸爆仓案例为流动性深度与风险隔离设计提供了重要参考信号。
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