Hack history / 2025 / Hack or exploit
Mars Perps
Hack or exploit on Dec 14, 2025 · Funding Rate Arbitrage
ONE SOURCE · 1 SOURCE
Lost
$960K
dollars at the time
Returned
none listed
as the sources state it
Rank
#952
among thefts by dollars lost
What happened
On December 14, 2025, Mars Protocol's Perps market on Neutron was exploited for ~$973K via skew-based pricing arbitrage. The attacker executed the same-block arbitrage pattern 15 times, exploiting that funding rates were only applied between blocks rather than within them, eliminating downside risk.
Details
- Date
- Dec 14, 2025
- Kind
- Hack or exploit
- Method
- Funding Rate Arbitrage
- How in
- Price, oracle and governance
- Target
- DeFi protocol
- Chains
- Neutron
Reported by
Related incidents
Wasabi Perps 2026 · Hack or exploit · $5.5M
Aftermath Perps 2026 · Hack or exploit · $1.1M
Velar Perps 2026 · Hack or exploit · $401K
Mars 2024 · Hack or exploit · $98K
Levana Perps 2023 · Hack or exploit · $1.1M
Aftermath Perps 2026 · Hack or exploit · $1.1M
Velar Perps 2026 · Hack or exploit · $401K
Mars 2024 · Hack or exploit · $98K
Levana Perps 2023 · Hack or exploit · $1.1M
Cite this page
SwanBluechip, "Mars Perps hack, Dec 14, 2025: $960K lost", Crypto hack history, https://swan-hack-tracker.pages.dev/history/i/htdc06320f96/ (data as of 2026-10-31).