Does the Exchange Profit from the ADL Process?

The exchange does not directly profit from the Auto-Deleveraging (ADL) process. ADL is a zero-sum mechanism designed to transfer value from a profitable position to cover the deficit of a bankrupt position.

The exchange's goal is to maintain the solvency of the market, not to generate revenue from ADL. The exchange may still collect standard trading fees on the portion of the position that is closed during the ADL event, but this is not the primary purpose.