Trailer leveling valve leaking, is it a bad valve?

Would anything else cause a leveling valve on a trailer to constantly leak from the exhaust other than the valve being bad?

I changed the valve on my 08 manac flatbed and even with the new valve it leaks from the exhaust. If I push up slightly on the arm it stops, then starts again when I let go. I've tried adjusting it but still the same.

 

No it is not an auto dump. Its leaks even with the brakes released.

Guess ill have to get another valve and see if I got a bad one

 

There's only 2 lines for mine and I out them the same way I took them off.

Would think if they were backwards, it would work backwards too