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【速搜问答】永续合约是什么

问答 admin 1个月前 (03-01) 37次浏览 已收录 0个评论

汉英对照:
Chinese-English Translation:

永续合约是一种新型的合约,它是从传统的期货合约演变来的。但是相比于期货合约,永续合约没有到期或者结算日,它更像是一个保证金现货市场。因此它的交易价格比较接近于标的参考指数价格。

Perpetual contract is a new type of contract, which is evolved from the traditional futures contract. But compared with futures contracts, perpetual contracts have no maturity or settlement date, which is more like a margin spot market. Therefore, its trading price is close to the reference index price.

永续合约是一种新型的合约,它是从传统的期货合约演变来的。但是相比于期货合约,永续合约没有到期或者结算日,它更像是一个保证金现货市场。因此它的交易价格比较接近于标的参考指数价格。

Perpetual contract is a new type of contract, which is evolved from the traditional futures contract. But compared with futures contracts, perpetual contracts have no maturity or settlement date, which is more like a margin spot market. Therefore, its trading price is close to the reference index price.

因为永续合约没有交割日,所以它更加适合长期持仓。就是说,只要你开的仓位只要没有爆仓被强行平仓,就永远不会被动平仓。你的委托挂单只要不是主动撤回,会永远保留直到达成交易。

Because perpetual contracts have no delivery date, they are more suitable for long-term positions. That is to say, as long as you open a position, as long as you are not forced to close a position, you will never be forced to close a position. As long as your order is not withdrawn voluntarily, it will be kept forever until the transaction is concluded.

但是,没有交割日也就意味着永续合约的价格没有一个强制的约束,这样就会变成一个赌博工具了。为了避免这种情况的出现,永续合约就有了下面的规定:

However, the absence of a delivery date means that there is no mandatory constraint on the price of the perpetual contract, which will become a gambling tool. In order to avoid this situation, the perpetual contract has the following provisions:

(1)在某一时刻,当期货价格大于且明显偏离现货价格,多头需要付费给空方。

(1) At a certain time, when the futures price is greater than and significantly deviates from the spot price, the Bulls need to pay the short side.

(2)在某一时刻,当期货价格小于且明显偏离现货价格,空方需要付费给多方。

(2) At a certain time, when the futures price is less than and significantly deviates from the spot price, the short side needs to pay the multi-party.

(3)偏离的程度越大,付费的费率越高。

(3) The greater the deviation, the higher the rate of payment.

涌过这个费用机制的设定,永续合约价格可以锚定现货价格,最大可能去限制对合约价格的恶意操纵。但是这个机制不是整个交易时间里全程启动的。一般都选择在一天中设几个时间点,在到时间点的时候进行检测。如果出现价格差距偏离过大且任然在持仓的时候,该机制才会被启动。

Through the setting of this cost mechanism, the perpetual contract price can anchor the spot price and limit the malicious manipulation of the contract price as much as possible. However, this mechanism is not activated in the whole trading time. Generally, we choose to set several time points in a day, and detect them when they arrive. If the price gap deviates too much and is still in the position, the mechanism will be activated.


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