Gate.io’s BENUSDT perpetual futures contract, which tracks Franklin Resources (NYSE: BEN), recorded 92 liquidation orders during the 65 seconds after a scheduled $0.33 dividend adjustment on September 30. Gate’s September 28 announcement said the adjustment would be payable at 4 a.m. ET, or 08:00 UTC, with net longs receiving the amount and net shorts paying it through the contract’s settlement mechanism. Historical data showed a mark price of $0.000589 USDT before the adjustment, while trader screenshots showed the contract near $0.000585, making the dividend roughly 560 to 564 times its trading price. The deduction exhausted margin for some leveraged short positions and also closed other bets held in shared-margin accounts. Gate said a duplicate-name error affected about 200 accounts, that it had fixed the issue within minutes, and that it would restore balances and absorb the full loss. Gate has not published a detailed incident report or explained how it will handle credits issued to longs. The episode highlights the risks of equity-linked perpetual futures, which reproduce stock-market dividend adjustments synthetically without transferring shares, as Gate and rivals expand into tokenized and equity-linked products.