Gate logs 92 liquidations in BENUSDT market after dividend adjustment

Gate.io’s BENUSDT perpetual futures contract, which tracks Franklin Resources (NYSE: BEN), triggered 92 liquidations on September 30 after the exchange settled a quarterly dividend adjustment. At 08:00 UTC, the platform credited $0.33 per share to net long positions and deducted the identical amount from net short holders via a funding-fee mechanism. Traders on the wrong side of that ledger who hadn’t topped up their margin got force-closed in a matter of minutes. The exchange had flagged the risk two days earlier, issuing a warning on September 28 that short holders should ensure they had enough margin to absorb the upcoming deduction. Evidently, 92 accounts did not heed the memo. How a stock dividend becomes a crypto liquidation event Gate.io offers perpetual futures contracts tied to traditional equities, not just crypto tokens. When the underlying stock pays a dividend, the exchange mirrors that payout synthetically: longs get credited, shorts get debited. Think of it as the exchange recreating corporate actions inside a 24/7 derivatives market that never actually touches a share of stock. Social media discussions highlighted a key wrinkle: the BEN perpetual contract was tradin...