TL;DR:
- A trader reported the forced liquidation of more than 30 arbitrage positions in the AKEUSDT perpetual contract on September 3, 2026, with estimated losses exceeding 5 million USDT.
- The AKEUSDT contract price surged from $0.0076 to a peak near $0.045 during the same session.
- Binance stated that its liquidation engines, pricing models, and risk controls operated normally during the volatility event.
Binance rejected allegations of an alleged technical glitch on its platform following the losses reported by a trader in AKE perpetual contracts during trading on Thursday, September 3.
用户您好，关于您在 AKEUSDT 合约交易中因行情波动产生损失的情况，经核查，现说明如下：
2026 年 9 月 3 日 05:44（UTC+8）期间，AKE…
— Binance Customer Support (@BinanceHelpDesk) September 3, 2026
The dispute arose after a user went public, revealing that more than thirty positions tied to funding rate arbitrage strategies were liquidated. The affected trader is claiming an amount exceeding 5 million USDT. A market report indicates that the complainant argued the asset’s vertical surge stemmed from coordinated manipulation rather than organic market dynamics.
In response to the claim, the platform’s support team issued an official statement dismissing any internal failures. Official information from Binance indicates that an internal technical review concluded the liquidation engine and risk management parameters functioned properly.
The exchange attributed the forced liquidations to widespread, extreme volatility. Platform data indicates that similar fluctuations occurred across other trading venues and decentralized markets within that same time frame.
Benchmark Price Formation and the Impact of Leverage
The AKE asset does not have a spot order book on Binance. Due to this operational characteristic, the exchange calculates the mark price for AKEUSDT perpetual futures using aggregate index prices from external spot sources.
The affected trader argued that the asset climbed from $0.0224 to nearly $0.045 within just seven minutes in the early hours of Thursday, September 3. According to market records cited in coverage, the cumulative rally represented a gain of over 490% from the $0.0076 baseline.
Technical analysis of derivatives operations shows that an increase of this magnitude immediately drains the maintenance margin for short position holders. Once contracts breach critical thresholds, the system triggers automated market buys to close the positions. This dynamic can create further upside pressure, intensifying a short squeeze.
The complainant formally requested that the company provide detailed transaction logs, liquidation histories, and risk control audit trails for the session. The request seeks to verify whether discrepancies existed between the internally applied mark price and benchmark spot market indices.
The controversy mirrors recent industry precedents, such as the TUT token incident in early August. In that event, competing platforms established targeted compensation programs for affected users. In contrast, Binance maintains that the losses linked to AKE represent the inherent risks traders assume when deploying leverage under low-liquidity conditions.
The case now hinges on whether Binance decides to publicly release the requested audit logs or uphold its initial assessment of the incident.
