Whether you deleverage or not makes no difference; don't forget that BTC spot trading is also equivalent to a 1x long perpetual contract. There is no stable external income in this industry; only casinos make money indefinitely. I suggest introducing a BTC buyback fund, where each exchange buys back BTC spot based on its annual transaction fee revenue and then burns it. If you can't do this, then don't even bother talking about it. A company that makes money doesn't buy back its own products and instead earns money from its own users—this is unique in the world.