Think about the landscape of exchanges globally. TSE, SiMex,Globex, ICE, NYSE, LIFFE LME, Eurex, etc etc etc.
If FTX is an exchange, then they make more money when volume is up and less money when it is down. Just like all exchanges.
If the holding company Alameda that owns FTX is a market maker, they make more money when volume is up, spreads are wide. They may or may not do well during herding events like crashes, but market makers don't like directional vol.
If any of these players are arbitrageurs, where do their arbs come from? Why do they persist? I think most of the edge comes from retail flow.
This is a trading business. What makes you think that any exchange has an edge that is unique in a downturn that makes it like Amazon or Microsoft? Neither of those companies run a trading exchange.
Why the romantic anthropomorpgic narrative surrounding trading exchanges? Historically it's a good but not amazing business. There is secular growth, but it tends to be highly constrained and it's a very competitive environment.
Does FTX have better infrastructure or risk management than ICE or CME? Or just better press at the moment.