[Chief Economist of Xinhuo Group, Fu Peng: The Essence of Bitcoin Perpetual Contracts is Large Holders Collecting Rent Long-Term, While Retail Investors Pay for Leveraged Long Positions] According to a report by Jinse Finance, Fu Peng, the newly appointed Chief Economist of Xinhuo Group, tweeted that the underlying business model of Bitcoin perpetual contracts is essentially the same as the 'deferred fee/overnight fee' mechanism in traditional financial markets like gold and industrial spot exchanges. Fu Peng pointed out that in the past, gold exchanges enforced daily mandatory liquidation and settlement, where longs and shorts paid each other deferred fees. When retail investors held a large number of high-leverage long positions, deferred fees became the most stable and hidden source of income for the platform. Today, Bitcoin spot platforms primarily rely on perpetual contracts, with funding rates settled every 8 hours between longs and shorts. When longs dominate, retail investors holding long-term positions continuously pay funding rates to shorts. Although platforms do not directly collect these fees, they significantly boost trading activity, open interest, and liquidity, indirectly generating substantial fee income and forming a stable and massive cash flow. Essentially, it is a business model where large holders/institutions collect 'rent' through long-term positions, retail investors pay for leveraged long positions, and platforms indirectly extract profits.