Kaiko: Token Unlock Impact Depends on Leverage and Liquidity, Not Just Supply

• —ARB unlock on Sept 16: $4.1M in liquidations 10 days prior and $1.9M on the unlock day
• —ARB's unlocked tokens represented only about 1% of supply
• —Pump.fun's market depth more than doubled roughly 40 days after its unlock
• —ARB funding rates ranged from -0.02% to +0.02%, with longs and shorts building simultaneously