I have a cal spa and I have water coming out from the top of the air button. If I open the air valve water leaks if I close the valve I have no water leaking. It looks like at the top of the actuator button is an designed air vent that the water is coming out of. Their are two actuators buttons on this system and only one is leaking.

That's a little bizarre.

If this is a real air button, that goes to the spa pack, (and there's an electric switch on the other end), I'd do some investigation pretty quick. With the power turned off to the spa, what I would do is follow the small 1/8" air hose from underneath the air button to see what it connects to first. And go from there.

Be sure the power's off when you do this!