By observing the public data of a leading exchange, some patterns in on-platform demand can be identified.

Taking the platform's stablecoin wealth management products as an example, investors' returns actually come from the results of the exchange employing a Delta-neutral strategy. The exchange hedges short positions in futures contracts and long positions in spot markets to earn the spread in funding rates. As a result, the yield of the wealth management product directly depends on whether long traders are willing to pay higher directional premiums. The more optimistic the market is and the higher the fee rate they pay, the more attractive the returns on the wealth management side. Conversely, when market sentiment is subdued and longs are unwilling to pay higher rates, returns decline. From this perspective, fluctuations in funding rates also reflect the strength of market bullishness.