Gate.io recorded 92 liquidations on its BENUSDT perpetual futures contract on September 30, following a $0.33 per-share synthetic dividend settlement on Franklin Resources (NYSE: BEN). The mechanism credited long positions and debited short positions via a funding fee adjustment, triggering force-closures within minutes for traders who lacked sufficient margin. The exchange had issued a warning as early as September 28, but 92 accounts failed to heed it. Franklin Resources has maintained a streak of 45 consecutive years of dividend raises, with this quarterly distribution representing a 3.1% year-over-year increase. The perpetual was trading near $0.000585, a level at which the $0.33 dividend far exceeded the contract’s own notional value.
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