What are the AKEUSDT perpetual contract losses?

The trader alleged losses of more than US$5 million after over 30 funding-rate arbitrage positions were liquidated during the sharp AKE price move.

How is Binance calculating the AKEUSDT mark price?

Binance uses an external spot-market index to calculate the AKEUSDT perpetual contract’s mark price because it does not offer AKE spot trading.

Why did the AKEUSDT price surge cause liquidations?

The AKEUSDT perpetual contract rose sharply from about US$0.0076 to nearly US$0.045, creating conditions that triggered liquidations across leveraged positions.

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Binance rejects system error behind $5M AKE losses

Written by Mahathir BayenaPublished Sep 4, 2026, 3:41 AM

Binance denied that a system failure caused more than US$5 million in alleged AKE trader losses.
The AKEUSDT perpetual contract surged from about US$0.0076 to nearly US$0.045 on 3 September.
The trader has requested transaction records, liquidation data and Binance’s risk-control logs.

Binance denied that a system or pricing failure caused more than US$5 million in alleged trader losses during an AKE surge.

The AKEUSDT perpetual contract rose from about US$0.0076 to nearly US$0.045, while more than 30 funding-rate arbitrage positions were reportedly liquidated.

Binance Customer Support said AKE recorded large price swings across several exchanges and on-chain markets, and its internal review found no fault in its pricing model, risk controls or liquidation engine.

Binance does not offer AKE spot trading, so the AKEUSDT perpetual contract uses an index based on external spot-market data to calculate its mark price.

The trader alleged that coordinated activity caused the move and has asked Binance to provide trading records, liquidation details and risk-control logs, while no independent investigation has established market manipulation.

The trader described the affected positions as funding-rate arbitrage trades, which can still face execution, liquidity, collateral and exchange risks despite being designed to reduce directional exposure.

Binance has not announced compensation and maintains that the liquidations resulted from market volatility and leveraged trading risks rather than a platform error.