Leveraged or not, it's all the same. Don't forget that holding BTC spot is equivalent to a 1x long perpetual contract. This industry has no stable external revenue, only the casino always wins. Suggestion: Introduce a BTC buyback fund. Each exchange should use annual fee revenue to buy BTC spot and burn it. If you can't do this, don't even talk about it. Profitable companies not doing buybacks, and their profits coming from their own users—this is truly one of a kind in the world.