The grant program will be running for 12 weeks, with a total of 100,000 $ARB distributed. The target $USDC Lending pool size is $4 million, and assuming $ARB price is $1.1, APR will be:

= Total $ARB grants for 3 months * $ARB price * 4 / $USDC Lending Pool Size

= 100,000*$1.1*4/4,000,000

= 11%

Return ratio in 3 months for TVL created in GMX V2 to $ARB granted:

= (Target Lending pool size - Current pool size) / ($ARB granted * $ARB price)

= (4,000,000 - 1,000,000)/(100,000*1.1) = 27x return