These traditional finance folks really have solid theoretical foundations How does Fu Peng define the yield logic of Bitcoin? Answer: Use spot Bitcoin to short in BTC terms and earn funding fees. If you think about it carefully, the principle is actually this: when you leverage long on an exchange, you're essentially borrowing coins, which incurs interest. If you short in BTC terms, it's like lending out the coins, and you earn interest. This is also the foundation of many arbitrage strategies.