Gate.io Sees 92 Liquidations in BENUSDT Market Following Dividend Adjustment

On September 30, Gate.io reported 92 liquidations in its BENUSDT perpetual futures market after a synthetic dividend adjustment related to Franklin Resources (NYSE: BEN). The exchange credited long positions with $0.33 per share while deducting the same amount from short positions, leading to rapid force closures for traders who had insufficient margin to cover the deduction.

The adjustment coincided with the ex-dividend date for BEN shares, and Gate.io had issued a warning two days prior, advising short holders to ensure they had adequate margin. Despite this notice, many traders failed to act, resulting in significant losses as the dividend payout was disproportionately large compared to the contract's trading price of approximately $0.000585.

This incident highlights the unique nature of perpetual futures contracts tied to traditional equities, where synthetic dividends can create substantial financial impacts. Unlike conventional brokerage accounts, where margin requirements are based on actual share prices, the divergence in pricing on Gate.io can lead to unexpected liquidation events for traders holding short positions. As a result, it is crucial for traders to stay informed about dividend calendars and margin requirements to avoid similar situations in the future.

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Source: KLEA News