{"id":51240,"date":"2021-04-16T09:38:00","date_gmt":"2021-04-16T09:38:00","guid":{"rendered":"https:\/\/cn.cryptonews.com\/?p=51240"},"modified":"2023-06-26T11:27:07","modified_gmt":"2023-06-26T11:27:07","slug":"what-is-perpetualfutures-1-7062","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/cn\/news\/what-is-perpetualfutures-1-7062\/","title":{"rendered":"\u4ec0\u4e48\u662f\u6c38\u7eed\u5408\u7ea6 (1\/2)"},"content":{"rendered":"<h2 data-param=\"1\" id=\"zong-shu\">\u7efc\u8ff0<\/h2><span class=\"replacer\"><\/span><p>\u5927\u591a\u6570\u4eba\u90fd\u8ba4\u4e3aDeFi\u53ea\u662f\u4e00\u573a\u8d4c\u5c40\u6216\u8005\u662f\u9a97\u5c40\u3002\u8bda\u7136\uff0c\u5176\u4e2d\u786e\u5b9e\u4e5f\u5b58\u5728\u5e9e\u6c0f\u9a97\u5c40\u4e4b\u7c7b\u7684\u5bb3\u7fa4\u4e4b\u9a6c\u3002\u4f46\u662f\uff0c\u5982\u679c\u6211\u4eec\u5265\u79bb\u6389\u5bf9\u5b83\u6000\u7591\u4e4b\u540e\uff0c\u6211\u4eec\u4e5f\u4f1a\u53d1\u73b0\u5f88\u591a\u5176\u4e2d\u4e5f\u6709\u5f88\u591a\u522b\u51fa\u5fc3\u88c1\u7684\u5185\u5bb9\u9690\u85cf\u5728\u4e0b\u9762\u3002\u5728\u672c\u6765\u4e2d\uff0c\u6211\u4eec\u5c06\u8ba8\u8bba\u6c38\u7eed\u5408\u7ea6\u3002<\/p><h2 data-param=\"1\" id=\"zui-jian-dan-de-jie-shi:-yong-xu-he-yue-de-gong-zuo-yuan-li\">\u6700\u7b80\u5355\u7684\u89e3\u91ca\uff1a\u6c38\u7eed\u5408\u7ea6\u7684\u5de5\u4f5c\u539f\u7406<\/h2><span class=\"replacer\"><\/span><h2 data-param=\"0.8\" id=\"kuai-su-zhai-yao\">\u5feb\u901f\u6458\u8981<\/h2><span class=\"replacer\"><\/span><ul><li>\u5b83\u7531Bitmax\u521b\u5efa<\/li><li>\u5b83\u4ec5\u5b58\u5728\u4e8eDeFi\u4e2d\uff08\u5982\u4e4b\u524d\u4ecb\u7ecd\u8fc7\u7684\u95ea\u7535\u8d37\uff09<\/li><li>\u6027\u8d28\uff1a\u56e0\u4e3a\u5b83\u6ca1\u6709\u5230\u671f\u6216\u7ed3\u7b97\u65e5\uff0c\u6240\u4ee5\u5b83\u662f\u6c38\u4e45\u6027\u7684\u3002<\/li><li>\u539f\u7406\uff1a\u5b83\u901a\u8fc7\u4e00\u4e2a\u8d44\u91d1\u6c60\u6765\u6301\u7eed\u89e3\u51b3\u505a\u591a\u8005\u4e0e\u505a\u7a7a\u8005\u4e4b\u95f4\u7684\u4ef7\u5dee\u3002<\/li><li>\u6240\u8c13\u7684\u5dee\u989d\u5c31\u662f\u671f\u8d27\u4e0e\u73b0\u8d27\u5e02\u573a\u4e4b\u95f4\u7684\u4ef7\u5dee\u3002<\/li><li>\u901a\u8fc7\u5bf9\u4e0a\u9762\u7684\u77e5\u8bc6\u70b9\u7684\u8ba4\u8bc6\uff0c\u6211\u4eec\u6765\u4e86\u89e3\u4e00\u4e0b\u6c38\u7eed\u5408\u7ea6\u7684\u7c7b\u578b\u3002<\/li><\/ul><h2 data-param=\"0.8\" id=\"yong-xu-he-yue-de-yi-ban-yun-zuo-fang-fa\">\u6c38\u7eed\u5408\u7ea6\u7684\u4e00\u822c\u8fd0\u4f5c\u65b9\u6cd5<\/h2><span class=\"replacer\"><\/span><blockquote class=\"left\"><p>\u6211\u4eec\u5047\u8bbe\u6709\u4e00\u4e2a$LISA\u7684\u6c38\u7eed\u5408\u7ea6\u3002<\/p><\/blockquote><p>\u6709\u4eba\u8ba4\u4e3a$LISA\u8981\u6da8\u4e86\u3002\u4ed6\u4eec\u5c31\u4f1a\u53bb\u201c\u505a\u591a\u201d\u3002<\/p><ol type=\"1\"><li>\u800c\u6709\u4e9b\u4eba\u8ba4\u4e3a$LISA\u8981\u8dcc\u4e86\u3002\u4ed6\u4eec\u5c31\u4f1a\u53bb\u201c\u505a\u7a7a\u201d\u3002(\u6e29\u99a8\u63d0\u793a: \u4e0d\u8981\u968f\u4fbf\u53bb\u5f53\u505a\u7a7a$LISA\u7684\u4eba)<\/li><li>\u53cc\u65b9\u90fd\u4f1a\u53bb\u51b3\u5b9a\u4ed6\u4eec\u8ba4\u4e3a$LISA\u4e0a\u6da8\u6216\u4e0b\u8dcc\u7684\u4ef7\u683c\u3002\u5f53\u4ef7\u683c\u76f8\u540c\u65f6\uff0c\u4e24\u8005\u5c31\u4f1a\u5339\u914d\uff08\u4e0a\u6da8100\u7f8e\u5143\u6216\u4e0b\u8dcc100\u7f8e\u5143\uff09\u3002<\/li><li>\u5408\u7ea6\u662f\u6446\u5728\u516c\u5f00\u5e02\u573a\u4e0a\u8fdb\u884c\u4ea4\u6613\u7684\uff0c\u4e5f\u5c31\u662f\u6240\u8c13\u7684\u4ef7\u683c\u53d1\u73b0\u3002\u5408\u7ea6\u672c\u8eab\u53ef\u4ee5\u5177\u6709\u4e0e\u5373\u671f\u6536\u76ca\u7387\u4e0d\u540c\u7684\u4ef7\u683c\u3002\u4f8b\u5982\u8bf4\uff0c $LISA\u73b0\u5728\u7684\u4ef7\u683c\u662f80\u7f8e\u5143\u3002\u6211\u8ba4\u4e3a$LISA\u5c06\u6765\u4f1a\u662f100\u7f8e\u5143\u3002\u90a3\u4e48\u8fd9\u4e2a\u5408\u7ea6\u4f1a\u5728\u66f4\u9ad8\u7684\u4ef7\u683c\u4e0a\u8fdb\u884c\u4ea4\u6613\u3002<\/li><li>\u5728\u4f20\u7edf\u7684\u91d1\u878d\u6982\u5ff5\u4e2d\uff0c\u6709\u4e00\u79cd\u89e3\u51b3\u529e\u6cd5\u3002\u4e5f\u5c31\u662f\u6240\u8c13\u7684\u5408\u7ea6\u5230\u671f\u65e5\u3002\u5230\u671f\u4e4b\u540e\uff0c\u6211\u4eec\u5fc5\u987b\u8fdb\u884c\u4ea4\u6613\u3002\u6211\u5fc5\u987b\u4ed8\u7ed9\u4f60\u7f8e\u5143\u624d\u80fd\u83b7\u5f97$LISA\u3002<\/li><li>\u4f46\u5728DeFi\u7684\u6982\u5ff5\u4e2d\uff0c\u6709\u6548\u671f\u662f\u4e0d\u5b58\u5728\u7684\u3002\u4f46\u662f\u8fd9\u4e2a\u5dee\u4ef7\u4ecd\u7136\u9700\u8981\u53bb\u89e3\u51b3\u3002\u5426\u5219\uff0c\u4ef7\u683c\u4f1a\u59cb\u7ec8\u4e0e\u73b0\u8d27\u4ef7\u683c\u6709\u5dee\u5f02\u3002\u5982\u679c\u5b83\u4e00\u76f4\u4e0d\u80fd\u771f\u6b63\u5730\u88ab\u7ed3\u7b97\uff0c\u90a3\u5927\u5bb6\u90fd\u5f97\u559d\u897f\u5317\u98ce\u53bb\u4e86\u3002\u8fd9\u53ef\u4e0d\u662f\u7eb8\u4e0a\u8c08\u5175\uff01\u90a3\u4e48\uff0c\u6211\u4eec\u5e94\u8be5\u600e\u4e48\u53bb\u505a\u5230\u8fd9\u4e00\u70b9\u5462\uff1f<\/li><li>\u867d\u7136\u6c38\u7eed\u5408\u7ea6\u6ca1\u6709\u5230\u671f\u65e5\uff0c\u4f46\u5b83\u901a\u5e38\u6709\u5f88\u5c0f\u7684\u5230\u671f\u65e5\u3002\u5b83\u7684\u4ef7\u5dee\u5fc5\u987b\u5728\u4e00\u4e2a\u65f6\u95f4\u6bb5\u5185\u6765\u89e3\u51b3\u3002\u4f8b\u5982\uff1a4\u5c0f\u65f6\u6216\u80058\u5c0f\u65f6\u7684\u65f6\u95f4\u6bb5\u3002<\/li><\/ol><h2 data-param=\"0.8\" id=\"ru-he-jie-jue?\">\u5982\u4f55\u89e3\u51b3\uff1f<\/h2><span class=\"replacer\"><\/span><p>\u5b83\u7684\u76ee\u6807\u662f\u4f7f\u671f\u8d27\u4ef7\u683c\u4e0e\u73b0\u8d27\u4ef7\u683c\u76f8\u4f3c\u3002\u5982\u679c\u6709\u4e00\u65b9\u7684\u4ef7\u683c\u8fc7\u9ad8\uff0c\u6211\u4eec\u9700\u8981\u53bb\u201c\u5e73\u8861\u6389\u201d\u8fd9\u4e2a\u4ef7\u5dee\u3002\u56e0\u6b64\uff0c\u5047\u8bbe\u671f\u8d27\u5c06$LISA\u5b9a\u4ef7\u4e3a100\u7f8e\u5143\uff0c\u4f46\u5b83\u7684\u5f53\u524d\u4ef7\u683c\u4e3a$80\u3002\u8fd9\u5c31\u610f\u5473\u7740\u6709\u5f88\u591a\u4eba\u5728\u201c\u505a\u591a\u201d\u3002\u6211\u4eec\u9700\u8981\u6709\u66f4\u591a\u7684\u4eba\u6765\u201c\u505a\u7a7a\u201d\u3002\u8fd9\u6837\u6211\u4eec\u5c31\u53ef\u4ee5\u8ba9\u90a3\u4e9b\u201c\u505a\u591a\u201d\u7684\u4eba\u53bb\u652f\u4ed8\u7ed9\u90a3\u4e9b\u201c\u505a\u7a7a\u201d\u7684\u4eba\u3002<\/p><p>\u201c\u7b49\u4e00\u4e0b\uff0c\u4f60\u5728\u8bf4\u4ec0\u4e48\uff1f\u4f60\u60f3\u8ba9\u6211\u5728\u2018\u505a\u591a\u2019\u7684\u65f6\u5019\u53bb\u4ed8\u6b3e\u7ed9\u90a3\u4e9b\u2018\u505a\u7a7a\u2019\u7684\u4eba\uff1f\u201d<\/p><p>\u6ca1\u9519\uff0c\u5c31\u662f\u8fd9\u6837\u3002\u4e3a\u4ec0\u4e48\u5462\uff1f\u56e0\u4e3a\u5982\u679c\u6211\u662f\u201c\u505a\u7a7a\u201d\u4e86\uff0c\u6211\u5c31\u4f1a\u5f97\u5230\u4e00\u4e9b\u5956\u52b1\u91d1\u554a\uff01\u6240\u4ee5\u6211\u5c31\u4f1a\u653e\u5f03\u53bb\u201c\u505a\u591a\u201d\uff0c\u4ece\u800c\u8f6c\u53bb\u201c\u505a\u7a7a\u201d\uff0c\u8fd9\u6837\u6211\u5c31\u53ef\u4ee5\u62ff\u5230\u90a3\u4e9b\u5c0f\u94b1\u94b1\u4e86\u3002<\/p><p>\u901a\u8fc7\u8fd9\u79cd\u65b9\u5f0f\uff0c\u4f60\u53ef\u4ee5\u5c06\u5b83\u5e73\u8861\u5230\u201c\u505a\u7a7a\u201d\u72b6\u6001\u5e76\u51cf\u5c11\u201c\u505a\u591a\u201d\u7684\u60c5\u51b5\u3002\u8fd9\u6837\u4e00\u6765\uff0c\u5e02\u573a\u5c31\u5c06\u8d8b\u4e8e\u5e73\u8861\uff0c\u8fd9\u66f4\u63a5\u8fd1\u4e8e\u73b0\u8d27\u4ef7\u683c\u3002\u56e0\u6b64\uff0c\u968f\u7740\u73b0\u8d27\u7684\u589e\u52a0\uff0c\u671f\u8d27\u4e5f\u5c06\u53d1\u751f\u76f8\u5e94\u7684\u53d8\u5316\u3002<\/p><h2 data-param=\"0.8\" id=\"na-me-wo-yao-zhi-fu-de-fei-yong-shi-duo-shao?\">\u90a3\u4e48\u6211\u8981\u652f\u4ed8\u7684\u8d39\u7528\u662f\u591a\u5c11\uff1f<\/h2><span class=\"replacer\"><\/span><p>\u4ed6\u4eec\u79f0\u4e4b\u4e3a\u8d44\u91d1\u8d39\u7387\uff08funding rate\uff09\u3002<\/p><p>\u8fd9\u662f\u7528\u6765\u7ed3\u7b97\u505a\u591a\u548c\u505a\u7a7a\u7684\u4ef7\u5dee\u7684\u8d39\u7528\u3002\u5c31\u597d\u6bd4\u4e00\u4e2a\u8df7\u8df7\u677f\u3002\u5f53\u6709\u4e00\u4fa7\u592a\u91cd\u7684\u65f6\u5019\uff0c\u6211\u4eec\u5c31\u8981\u628a\u6c99\u5b50\u5012\u5728\u53e6\u4e00\u8fb9\u6765\u5e73\u8861\u5b83\u3002\u8981\u5012\u591a\u5c11\u6c99\u5b50\u5c31\u8981\u7531\u8d44\u91d1\u8d39\u7387\u6765\u8ba1\u7b97\u3002<\/p><p>\u56e0\u6b64\uff0c\u5982\u679c\u6c38\u7eed\u5408\u7ea6\u6bcf8\u4e2a\u5c0f\u65f6\u5c31\u5230\u671f\u7ed3\u7b97\u4e00\u6b21\uff0c\u90a3\u4e48\u8fd9\u4e2a\u8df7\u8df7\u677f\u6bcf8\u4e2a\u5c0f\u65f6\u5c31\u4f1a\u91cd\u65b0\u5e73\u8861\u4e00\u6b21\u6c99\u5b50\u3002\u8fd9\u662f\u4e25\u683c\u5730\u7ed3\u7b97\u505a\u591a\u548c\u505a\u7a7a\u4e4b\u95f4\u7684\u4ef7\u5dee\u3002\u800c\u4e14\u8d39\u7528\u4e00\u76f4\u5728\u53d8\u5316\u3002<\/p><p>\u6b63\u8d44\u91d1\u8d39\u7387\uff1a<\/p><ul><li>\u671f\u8d27\u9ad8\u4e8e\u73b0\u8d27<\/li><li>\u505a\u591a\u4ed8\u505a\u7a7a<\/li><\/ul><p>\u8d1f\u8d44\u91d1\u8d39\u7387\uff1a<\/p><ul><li>\u671f\u8d27\u4f4e\u4e8e\u73b0\u8d27<\/li><li>\u505a\u7a7a\u4ed8\u505a\u591a<\/li><\/ul><h2 data-param=\"1\" id=\"qi-huo-yu-yong-xu-he-yue-de-bi-jiao\">\u671f\u8d27\u4e0e\u6c38\u7eed\u5408\u7ea6\u7684\u6bd4\u8f83<\/h2><span class=\"replacer\"><\/span><h2 data-param=\"0.8\" id=\"yi-ban-qi-huo\">\u4e00\u822c\u671f\u8d27<\/h2><span class=\"replacer\"><\/span><p>\u672c\u8d28\u4e0a\uff0c\u671f\u8d27\u5408\u7ea6\u662f\u5141\u8bb8\u5546\u54c1\u4ea4\u6613\u8005\uff0c\u6295\u8d44\u8005\u548c\u751f\u4ea7\u8005\u5bf9\u51b2\u6216\u63a8\u6d4b\u8d44\u4ea7\u671f\u8d27\u4ef7\u683c\u7684\u534f\u8bae\u3002\u8fd9\u4e9b\u5408\u540c\u662f\u53cc\u65b9\u4e4b\u95f4\u7684\u627f\u8bfa\uff0c\u53ef\u4ee5\u8ba9\u4ed6\u4eec\u5728\u5230\u671f\u65e5\u4ee5\u521b\u5efa\u5408\u540c\u65f6\u7684\u8bae\u5b9a\u4ef7\u683c\u4ea4\u6613\u8d44\u4ea7\u3002<\/p><p>\u4e0e\u671f\u6743\u4e0d\u540c\uff0c\u4f60\u5fc5\u987b\u8981\u53bb\u6267\u884c\u5e76\u5b8c\u6210\u534f\u8bae\u3002<\/p><p>\u4ece\u5408\u540c\u89d2\u5ea6\uff08\u4f5c\u4e3a\u6cd5\u5f8b\u7ea6\u5b9a\uff09\u6765\u770b\uff0c\u671f\u8d27\u5408\u540c\u662f\u6807\u51c6\u5316\u7684\u5e76\u4e14\u662f\u5728\u7279\u5b9a\u5730\u70b9\uff08\u671f\u8d27\u4ea4\u6613\u6240\uff09\u4e2d\u8fdb\u884c\u4ea4\u6613\u7684\u3002\u56e0\u6b64\uff0c\u671f\u8d27\u5408\u540c\u53d7\u4e00\u7ec4\u7279\u5b9a\u7684\u89c4\u5219\u7ea6\u675f\uff0c\u4f8b\u5982\uff0c\u53ef\u80fd\u5305\u62ec\u5408\u540c\u89c4\u6a21\u548c\u6bcf\u65e5\u5229\u7387\u7684\u89c4\u5219\u3002\u5728\u8bb8\u591a\u60c5\u51b5\u4e0b\uff0c\u671f\u8d27\u4ea4\u6613\u7684\u6267\u884c\u7531\u4e00\u5bb6\u6e05\u7b97\u6240\u4fdd\u8bc1\uff0c\u8fd9\u4f7f\u5f97\u5f53\u4e8b\u65b9\u53ef\u4ee5\u5728\u4ea4\u6613\u5bf9\u624b\u98ce\u9669\u51cf\u4f4e\u7684\u60c5\u51b5\u4e0b\u8fdb\u884c\u4ea4\u6613\u3002<\/p><p>\u8981\u5728\u4ee5\u540e\u4ea4\u6613\uff0c\u6211\u4eec\u9700\u8981\u5bf9\u62b5\u62bc\u54c1\u8fdb\u884c\u4fdd\u8bc1\u91d1\u68c0\u67e5\u3002\u4e24\u79cd\u6258\u7ba1\u7c7b\u578b\uff1a<\/p><ul><li>\u521d\u59cb\u4fdd\u8bc1\u91d1\uff1a\u8981\u5f00\u7acb\u65b0\u4ed3\u4f4d\uff0c\u7528\u6237\u7684\u62b5\u62bc\u54c1\u5fc5\u987b\u5927\u4e8e\u521d\u59cb\u4fdd\u8bc1\u91d1\u3002<\/li><li>\u7ef4\u6301\u4fdd\u8bc1\u91d1\uff1a\u5982\u679c\u4ea4\u6613\u8005\u7684\u62b5\u62bc\u54c1+\u672a\u5b9e\u73b0\u7684\u635f\u76ca\u4f4e\u4e8e\u7ef4\u62a4\u6c34\u5e73\uff0c\u90a3\u4e48\u62b5\u62bc\u54c1\u5c06\u4f1a\u88ab\u81ea\u52a8\u6e05\u7b97\u3002\u8fd9\u5c06\u5bfc\u81f4\u6b64\u6d3b\u52a8\u7684\u989d\u5916\u8d39\u7528\u3002\u7528\u6237\u53ef\u4ee5\u5728\u6b64\u65f6\u95f4\u4e4b\u524d\u81ea\u884c\u6e05\u7b97\u4ee5\u907f\u514d\u81ea\u52a8\u6e05\u7b97\u3002<\/li><\/ul><p>\u671f\u8d27\u5408\u7ea6\u4e5f\u88ab\u7528\u6765\u5bf9\u51b2\u57fa\u7840\u8d44\u4ea7\u7684\u98ce\u9669\u3002\u4f8b\u5982\uff0c\u5982\u679c\u6295\u8d44\u8005\u6301\u6709\u4ef7\u503c10,000\u7f8e\u5143\u7684\u6bd4\u7279\u5e01\uff0c\u4ed6\u4eec\u53ef\u4ee5\u62b5\u62bc\u4e00\u7b14500\u7f8e\u5143\u7684\u5c0f\u578b\u671f\u8d27\u5408\u7ea6\u8d44\u4ea7\uff0c\u5e76\u7528X20\u6760\u6746\u8d2d\u4e70\u7a7a\u5934\u4ed3\u4f4d\uff0c\u4ece\u800c\u5c06\u4ed3\u4f4d\u63d0\u9ad8\u81f310,000\u7f8e\u5143\uff0c\u4ee5\u9632\u6b62\u6bd4\u7279\u5e01\u7684\u4ef7\u503c\u635f\u5931\u3002<\/p><p>\u8981\u6ce8\u610f\u7684\u662f\uff0c\u7531\u4e8e\u6709\u7ef4\u62a4\u6210\u672c\u548c\u6f5c\u5728\u56de\u62a5\u7684\u5b58\u5728\uff0c\u671f\u8d27\u4ef7\u683c\u4e0e\u73b0\u8d27\u5e02\u573a\u4ef7\u683c\u4e0d\u540c\u7684\u3002\u50cf\u8bb8\u591a\u5176\u4ed6\u671f\u8d27\u5e02\u573a\u4e00\u6837\uff0c\u4ea4\u6613\u6240\u4f7f\u7528\u4e00\u79cd\u7cfb\u7edf\u6765\u9f13\u52b1\u671f\u8d27\u5e02\u573a\u901a\u8fc7\u8d44\u4ea7\u6bd4\u7387\u6765\u8c03\u6574\u5230\u201c\u6807\u8bb0\u4ef7\u683c\u201d\u3002\u5c3d\u7ba1\u4ece\u957f\u8fdc\u6765\u770b\uff0c\u8fd9\u5c06\u4fc3\u4f7f\u73b0\u8d27\u548c\u671f\u8d27\u4e4b\u95f4\u7684\u4ef7\u683c\u8d8b\u540c\uff0c\u4f46\u5b83\u5728\u77ed\u671f\u5185\u53ef\u80fd\u4f1a\u6709\u76f8\u5bf9\u8f83\u5927\u7684\u4ef7\u5dee\u3002\u5f53\u4eca\u9886\u5148\u7684\u671f\u8d27\u5e02\u573a\u662f\u63d0\u4f9b\u671f\u8d27\u5408\u7ea6\u7684\u829d\u52a0\u54e5\u5546\u54c1\u4ea4\u6613\u6240\uff08CME Group\uff09\u3002\u4f46\u662f\u73b0\u4ee3\u4ea4\u6613\u6240\u6b63\u5728\u8f6c\u5411\u6c38\u7eed\uff08perp\uff09\u5408\u7ea6\u6a21\u578b\u3002<\/p><h2 data-param=\"0.8\" id=\"yong-xu-he-yue\">\u6c38\u7eed\u5408\u7ea6<\/h2><span class=\"replacer\"><\/span><h2 data-param=\"0.5\" id=\"zhi-shu-jia-ge-he-biao-ji-jia-ge\">\u6307\u6570\u4ef7\u683c\u548c\u6807\u8bb0\u4ef7\u683c<\/h2><span class=\"replacer\"><\/span><p>\u4e3a\u4e86\u907f\u514d\u5e02\u573a\u88ab\u64cd\u7eb5\u5e76\u786e\u4fdd\u6c38\u7eed\u5408\u7ea6\u4e0e\u73b0\u8d27\u4ef7\u683c\u5339\u914d\uff0c\u6211\u4eec\u4f7f\u7528\u201c\u6807\u8bb0\u4ef7\u683c\u201d\u6765\u8ba1\u7b97\u6240\u6709\u4ea4\u6613\u8005\u672a\u5b9e\u73b0\u7684\u635f\u76ca\u3002<\/p><p>\u201c\u6307\u6570\u4ef7\u683c\u201d\u88ab\u8ba4\u4e3a\u662f\u5408\u540c\u7684\u201c\u5b9e\u9645\u4ef7\u503c\u201d\uff0c\u7b49\u4e8e\u9009\u5b9a\u4e3b\u8981\u4ea4\u6613\u6240\u4ea4\u6613\u91cf\uff08Wi\uff09\u7684\u52a0\u6743\u5e73\u5747\u4ef7\u683c\uff08Pi\uff09\uff0c\u5b83\u6784\u6210\u4e86\u201c\u6807\u8bb0\u4ef7\u683c\u201d\uff1a<\/p><p>\u6307\u6570\u4ef7\u683c = \u2211 (Pi x Wi)<\/p><p>\u73b0\u5728\uff0c\u53ef\u4ee5\u5c06\u4ef7\u683c\u6307\u6570\u89c6\u4e3a\u5408\u7ea6\u7684\u73b0\u8d27\u4ef7\u683c\uff0c\u5e76\u7528\u4e8e\u8ba1\u7b97\u6807\u8bb0\u4ef7\u683c\u3002<\/p><p>\u6807\u8bb0\u4ef7\u683c = \u6307\u6570\u4ef7\u683c x (1+Basic)<\/p><blockquote class=\"left\"><p>\u7b80\u800c\u8a00\u4e4b\uff0c\u6807\u8bb0\u4ef7\u683c\u4ee3\u8868\u4ea4\u6613\u8005\u5f00\u4ed3\u548c\u5e73\u4ed3\u7684\u4ef7\u683c\u3002<\/p><\/blockquote><p>\u5176\u4e2d\uff0cBasic\u5c31\u662f\u73b0\u8d27\u4ef7\u683c\u548c\u671f\u8d27\u4ef7\u683c\u7684\u5dee\u5f02\u3002\u4f46\u662f\u5bf9\u4e8e\u6c38\u7eed\u5408\u7ea6\u6765\u8bf4\uff0cBasic\u662f\u4e00\u4e2a%%\u5dee\u5206\uff0c\u5176\u8ba1\u7b97\u516c\u5f0f\u4e3a\uff1a<\/p><p>Basic = \u8d44\u91d1\u8d39\u7387 x (\u4e0b\u4e00\u6b21\u4ed8\u6b3e\u7684\u5269\u4f59\u65f6\u95f4)\/(\u8d44\u91d1\u8d39\u7387\u7684\u6709\u6548\u671f)<\/p><p>\u4ee5\u6c38\u7eed\u5408\u7ea6\u6bd4\u7279\u5e01\u4e3a\u4f8b<\/p><ul><li>\u8d44\u91d1\u8d39\u7387: +0.03%<\/li><li>\u4e0b\u6b21\u4ed8\u6b3e\u7684\u5269\u4f59\u65f6\u95f4\uff1a2 hours<\/li><li>\u6307\u6570\u4ef7\u683c\uff1a50,000\u7f8e\u5143<br>\nBasic = 0.0003 x (2\/8) = 0.00075<br>\n\u5e02\u573a\u4ef7\u683c = 50,000 x (1+0.00075) = 50,037.5<\/li><\/ul><h2 data-param=\"1\" id=\"jie-lun\">\u7ed3\u8bba<\/h2><span class=\"replacer\"><\/span><p>\u5728<a href=\"https:\/\/cryptonews.com\/cn\/news\/what-is-perpetualfutures-2-7064\/\">\u4e0b\u4e00\u7bc7\u6587\u7ae0<\/a>\u4e2d\uff0c\u6211\u4eec\u5c06\u66f4\u6df1\u5165\u5730\u7814\u7a76\u8d44\u91d1\u8d39\u7387\u7684\u673a\u5236\uff0c\u5e76\u63a2\u8ba8\u7528\u4e8e\u6c38\u7eed\u5408\u7ea6\u7684DeFi\u534f\u8bae\uff01<\/p><p>\u539f\u6587\u5730\u5740\uff1a<a href=\"https:\/\/economicsdesign.substack.com\/p\/eli5-what-are-perpetual-futures-12\">https:\/\/economicsdesign.substack.com\/p\/eli5-what-are-perpetual-futures-12<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>\u7efc\u8ff0\u5927\u591a\u6570\u4eba\u90fd\u8ba4\u4e3aDeFi\u53ea\u662f\u4e00\u573a\u8d4c\u5c40\u6216\u8005\u662f\u9a97\u5c40\u3002\u8bda\u7136\uff0c\u5176\u4e2d\u786e\u5b9e\u4e5f\u5b58\u5728\u5e9e\u6c0f\u9a97\u5c40\u4e4b\u7c7b\u7684\u5bb3\u7fa4\u4e4b\u9a6c\u3002\u4f46\u662f\uff0c\u5982\u679c\u6211\u4eec\u5265\u79bb\u6389\u5bf9\u5b83\u6000\u7591\u4e4b\u540e\uff0c\u6211\u4eec\u4e5f\u4f1a\u53d1\u73b0\u5f88\u591a\u5176\u4e2d\u4e5f\u6709\u5f88\u591a\u522b\u51fa\u5fc3\u88c1\u7684\u5185\u5bb9\u9690\u85cf\u5728\u4e0b\u9762\u3002\u5728\u672c\u6765\u4e2d\uff0c\u6211\u4eec\u5c06\u8ba8\u8bba\u6c38\u7eed\u5408\u7ea6\u3002\u6700\u7b80\u5355\u7684\u89e3\u91ca\uff1a\u6c38\u7eed\u5408\u7ea6\u7684\u5de5\u4f5c\u539f\u7406\u5feb\u901f\u6458\u8981 \u5b83\u7531Bitmax\u521b\u5efa \u5b83\u4ec5\u5b58\u5728\u4e8eDeFi\u4e2d\uff08\u5982\u4e4b\u524d\u4ecb\u7ecd\u8fc7\u7684\u95ea\u7535\u8d37\uff09 \u6027\u8d28\uff1a\u56e0\u4e3a\u5b83\u6ca1\u6709\u5230\u671f\u6216\u7ed3\u7b97\u65e5\uff0c\u6240\u4ee5\u5b83\u662f\u6c38\u4e45\u6027\u7684\u3002 \u539f\u7406\uff1a\u5b83\u901a\u8fc7\u4e00\u4e2a\u8d44\u91d1\u6c60\u6765\u6301\u7eed\u89e3\u51b3\u505a\u591a\u8005\u4e0e\u505a\u7a7a\u8005\u4e4b\u95f4\u7684\u4ef7\u5dee\u3002 \u6240\u8c13\u7684\u5dee\u989d\u5c31\u662f\u671f\u8d27\u4e0e\u73b0\u8d27\u5e02\u573a\u4e4b\u95f4\u7684\u4ef7\u5dee\u3002 \u901a\u8fc7\u5bf9\u4e0a\u9762\u7684\u77e5\u8bc6\u70b9\u7684\u8ba4\u8bc6\uff0c\u6211\u4eec\u6765\u4e86\u89e3\u4e00\u4e0b\u6c38\u7eed\u5408\u7ea6\u7684\u7c7b\u578b\u3002 \u6c38\u7eed\u5408\u7ea6\u7684\u4e00\u822c\u8fd0\u4f5c\u65b9\u6cd5 \u6211\u4eec\u5047\u8bbe\u6709\u4e00\u4e2a$LISA\u7684\u6c38\u7eed\u5408\u7ea6\u3002 \u6709\u4eba\u8ba4\u4e3a$LISA\u8981\u6da8\u4e86\u3002\u4ed6\u4eec\u5c31\u4f1a\u53bb\u201c\u505a\u591a\u201d\u3002 \u800c\u6709\u4e9b\u4eba\u8ba4\u4e3a$LISA\u8981\u8dcc\u4e86\u3002\u4ed6\u4eec\u5c31\u4f1a\u53bb\u201c\u505a\u7a7a\u201d\u3002(\u6e29\u99a8\u63d0\u793a: \u4e0d\u8981\u968f\u4fbf\u53bb\u5f53\u505a\u7a7a$LISA\u7684\u4eba) \u53cc\u65b9\u90fd\u4f1a\u53bb\u51b3\u5b9a\u4ed6\u4eec\u8ba4\u4e3a$LISA\u4e0a\u6da8\u6216\u4e0b\u8dcc\u7684\u4ef7\u683c\u3002\u5f53\u4ef7\u683c\u76f8\u540c\u65f6\uff0c\u4e24\u8005\u5c31\u4f1a\u5339\u914d\uff08\u4e0a\u6da8100\u7f8e\u5143\u6216\u4e0b\u8dcc100\u7f8e\u5143\uff09\u3002 \u5408\u7ea6\u662f\u6446\u5728\u516c\u5f00\u5e02\u573a\u4e0a\u8fdb\u884c\u4ea4\u6613\u7684\uff0c\u4e5f\u5c31\u662f\u6240\u8c13\u7684\u4ef7\u683c\u53d1\u73b0\u3002\u5408\u7ea6\u672c\u8eab\u53ef\u4ee5\u5177\u6709\u4e0e\u5373\u671f\u6536\u76ca\u7387\u4e0d\u540c\u7684\u4ef7\u683c\u3002\u4f8b\u5982\u8bf4\uff0c $LISA\u73b0\u5728\u7684\u4ef7\u683c\u662f80\u7f8e\u5143\u3002\u6211\u8ba4\u4e3a$LISA\u5c06\u6765\u4f1a\u662f100\u7f8e\u5143\u3002\u90a3\u4e48\u8fd9\u4e2a\u5408\u7ea6\u4f1a\u5728\u66f4\u9ad8\u7684\u4ef7\u683c\u4e0a\u8fdb\u884c\u4ea4\u6613\u3002 \u5728\u4f20\u7edf\u7684\u91d1\u878d\u6982\u5ff5\u4e2d\uff0c\u6709\u4e00\u79cd\u89e3\u51b3\u529e\u6cd5\u3002\u4e5f\u5c31\u662f\u6240\u8c13\u7684\u5408\u7ea6\u5230\u671f\u65e5\u3002\u5230\u671f\u4e4b\u540e\uff0c\u6211\u4eec\u5fc5\u987b\u8fdb\u884c\u4ea4\u6613\u3002\u6211\u5fc5\u987b\u4ed8\u7ed9\u4f60\u7f8e\u5143\u624d\u80fd\u83b7\u5f97$LISA\u3002 \u4f46\u5728DeFi\u7684\u6982\u5ff5\u4e2d\uff0c\u6709\u6548\u671f\u662f\u4e0d\u5b58\u5728\u7684\u3002\u4f46\u662f\u8fd9\u4e2a\u5dee\u4ef7\u4ecd\u7136\u9700\u8981\u53bb\u89e3\u51b3\u3002\u5426\u5219\uff0c\u4ef7\u683c\u4f1a\u59cb\u7ec8\u4e0e\u73b0\u8d27\u4ef7\u683c\u6709\u5dee\u5f02\u3002\u5982\u679c\u5b83\u4e00\u76f4\u4e0d\u80fd\u771f\u6b63\u5730\u88ab\u7ed3\u7b97\uff0c\u90a3\u5927\u5bb6\u90fd\u5f97\u559d\u897f\u5317\u98ce\u53bb\u4e86\u3002\u8fd9\u53ef\u4e0d\u662f\u7eb8\u4e0a\u8c08\u5175\uff01\u90a3\u4e48\uff0c\u6211\u4eec\u5e94\u8be5\u600e\u4e48\u53bb\u505a\u5230\u8fd9\u4e00\u70b9\u5462\uff1f \u867d\u7136\u6c38\u7eed\u5408\u7ea6\u6ca1\u6709\u5230\u671f\u65e5\uff0c\u4f46\u5b83\u901a\u5e38\u6709\u5f88\u5c0f\u7684\u5230\u671f\u65e5\u3002\u5b83\u7684\u4ef7\u5dee\u5fc5\u987b\u5728\u4e00\u4e2a\u65f6\u95f4\u6bb5\u5185\u6765\u89e3\u51b3\u3002\u4f8b\u5982\uff1a4\u5c0f\u65f6\u6216\u80058\u5c0f\u65f6\u7684\u65f6\u95f4\u6bb5\u3002 \u5982\u4f55\u89e3\u51b3\uff1f\u5b83\u7684\u76ee\u6807\u662f\u4f7f\u671f\u8d27\u4ef7\u683c\u4e0e\u73b0\u8d27\u4ef7\u683c\u76f8\u4f3c\u3002\u5982\u679c\u6709\u4e00\u65b9\u7684\u4ef7\u683c\u8fc7\u9ad8\uff0c\u6211\u4eec\u9700\u8981\u53bb\u201c\u5e73\u8861\u6389\u201d\u8fd9\u4e2a\u4ef7\u5dee\u3002\u56e0\u6b64\uff0c\u5047\u8bbe\u671f\u8d27\u5c06$LISA\u5b9a\u4ef7\u4e3a100\u7f8e\u5143\uff0c\u4f46\u5b83\u7684\u5f53\u524d\u4ef7\u683c\u4e3a$80\u3002\u8fd9\u5c31\u610f\u5473\u7740\u6709\u5f88\u591a\u4eba\u5728\u201c\u505a\u591a\u201d\u3002\u6211\u4eec\u9700\u8981\u6709\u66f4\u591a\u7684\u4eba\u6765\u201c\u505a\u7a7a\u201d\u3002\u8fd9\u6837\u6211\u4eec\u5c31\u53ef\u4ee5\u8ba9\u90a3\u4e9b\u201c\u505a\u591a\u201d\u7684\u4eba\u53bb\u652f\u4ed8\u7ed9\u90a3\u4e9b\u201c\u505a\u7a7a\u201d\u7684\u4eba\u3002\u201c\u7b49\u4e00\u4e0b\uff0c\u4f60\u5728\u8bf4\u4ec0\u4e48\uff1f\u4f60\u60f3\u8ba9\u6211\u5728\u2018\u505a\u591a\u2019\u7684\u65f6\u5019\u53bb\u4ed8\u6b3e\u7ed9\u90a3\u4e9b\u2018\u505a\u7a7a\u2019\u7684\u4eba\uff1f\u201d\u6ca1\u9519\uff0c\u5c31\u662f\u8fd9\u6837\u3002\u4e3a\u4ec0\u4e48\u5462\uff1f\u56e0\u4e3a\u5982\u679c\u6211\u662f\u201c\u505a\u7a7a\u201d\u4e86\uff0c\u6211\u5c31\u4f1a\u5f97\u5230\u4e00\u4e9b\u5956\u52b1\u91d1\u554a\uff01\u6240\u4ee5\u6211\u5c31\u4f1a\u653e\u5f03\u53bb\u201c\u505a\u591a\u201d\uff0c\u4ece\u800c\u8f6c\u53bb\u201c\u505a\u7a7a\u201d\uff0c\u8fd9\u6837\u6211\u5c31\u53ef\u4ee5\u62ff\u5230\u90a3\u4e9b\u5c0f\u94b1\u94b1\u4e86\u3002\u901a\u8fc7\u8fd9\u79cd\u65b9\u5f0f\uff0c\u4f60\u53ef\u4ee5\u5c06\u5b83\u5e73\u8861\u5230\u201c\u505a\u7a7a\u201d\u72b6\u6001\u5e76\u51cf\u5c11\u201c\u505a\u591a\u201d\u7684\u60c5\u51b5\u3002\u8fd9\u6837\u4e00\u6765\uff0c\u5e02\u573a\u5c31\u5c06\u8d8b\u4e8e\u5e73\u8861\uff0c\u8fd9\u66f4\u63a5\u8fd1\u4e8e\u73b0\u8d27\u4ef7\u683c\u3002\u56e0\u6b64\uff0c\u968f\u7740\u73b0\u8d27\u7684\u589e\u52a0\uff0c\u671f\u8d27\u4e5f\u5c06\u53d1\u751f\u76f8\u5e94\u7684\u53d8\u5316\u3002\u90a3\u4e48\u6211\u8981\u652f\u4ed8\u7684\u8d39\u7528\u662f\u591a\u5c11\uff1f\u4ed6\u4eec\u79f0\u4e4b\u4e3a\u8d44\u91d1\u8d39\u7387\uff08funding rate\uff09\u3002\u8fd9\u662f\u7528\u6765\u7ed3\u7b97\u505a\u591a\u548c\u505a\u7a7a\u7684\u4ef7\u5dee\u7684\u8d39\u7528\u3002\u5c31\u597d\u6bd4\u4e00\u4e2a\u8df7\u8df7\u677f\u3002\u5f53\u6709\u4e00\u4fa7\u592a\u91cd\u7684\u65f6\u5019\uff0c\u6211\u4eec\u5c31\u8981\u628a\u6c99\u5b50\u5012\u5728\u53e6\u4e00\u8fb9\u6765\u5e73\u8861\u5b83\u3002\u8981\u5012\u591a\u5c11\u6c99\u5b50\u5c31\u8981\u7531\u8d44\u91d1\u8d39\u7387\u6765\u8ba1\u7b97\u3002\u56e0\u6b64\uff0c\u5982\u679c\u6c38\u7eed\u5408\u7ea6\u6bcf8\u4e2a\u5c0f\u65f6\u5c31\u5230\u671f\u7ed3\u7b97\u4e00\u6b21\uff0c\u90a3\u4e48\u8fd9\u4e2a\u8df7\u8df7\u677f\u6bcf8\u4e2a\u5c0f\u65f6\u5c31\u4f1a\u91cd\u65b0\u5e73\u8861\u4e00\u6b21\u6c99\u5b50\u3002\u8fd9\u662f\u4e25\u683c\u5730\u7ed3\u7b97\u505a\u591a\u548c\u505a\u7a7a\u4e4b\u95f4\u7684\u4ef7\u5dee\u3002\u800c\u4e14\u8d39\u7528\u4e00\u76f4\u5728\u53d8\u5316\u3002\u6b63\u8d44\u91d1\u8d39\u7387\uff1a \u671f\u8d27\u9ad8\u4e8e\u73b0\u8d27 \u505a\u591a\u4ed8\u505a\u7a7a \u8d1f\u8d44\u91d1\u8d39\u7387\uff1a \u671f\u8d27\u4f4e\u4e8e\u73b0\u8d27 \u505a\u7a7a\u4ed8\u505a\u591a \u671f\u8d27\u4e0e\u6c38\u7eed\u5408\u7ea6\u7684\u6bd4\u8f83\u4e00\u822c\u671f\u8d27\u672c\u8d28\u4e0a\uff0c\u671f\u8d27\u5408\u7ea6\u662f\u5141\u8bb8\u5546\u54c1\u4ea4\u6613\u8005\uff0c\u6295\u8d44\u8005\u548c\u751f\u4ea7\u8005\u5bf9\u51b2\u6216\u63a8\u6d4b\u8d44\u4ea7\u671f\u8d27\u4ef7\u683c\u7684\u534f\u8bae\u3002\u8fd9\u4e9b\u5408\u540c\u662f\u53cc\u65b9\u4e4b\u95f4\u7684\u627f\u8bfa\uff0c\u53ef\u4ee5\u8ba9\u4ed6\u4eec\u5728\u5230\u671f\u65e5\u4ee5\u521b\u5efa\u5408\u540c\u65f6\u7684\u8bae\u5b9a\u4ef7\u683c\u4ea4\u6613\u8d44\u4ea7\u3002\u4e0e\u671f\u6743\u4e0d\u540c\uff0c\u4f60\u5fc5\u987b\u8981\u53bb\u6267\u884c\u5e76\u5b8c\u6210\u534f\u8bae\u3002\u4ece\u5408\u540c\u89d2\u5ea6\uff08\u4f5c\u4e3a\u6cd5\u5f8b\u7ea6\u5b9a\uff09\u6765\u770b\uff0c\u671f\u8d27\u5408\u540c\u662f\u6807\u51c6\u5316\u7684\u5e76\u4e14\u662f\u5728\u7279\u5b9a\u5730\u70b9\uff08\u671f\u8d27\u4ea4\u6613\u6240\uff09\u4e2d\u8fdb\u884c\u4ea4\u6613\u7684\u3002\u56e0\u6b64\uff0c\u671f\u8d27\u5408\u540c\u53d7\u4e00\u7ec4\u7279\u5b9a\u7684\u89c4\u5219\u7ea6\u675f\uff0c\u4f8b\u5982\uff0c\u53ef\u80fd\u5305\u62ec\u5408\u540c\u89c4\u6a21\u548c\u6bcf\u65e5\u5229\u7387\u7684\u89c4\u5219\u3002\u5728\u8bb8\u591a\u60c5\u51b5\u4e0b\uff0c\u671f\u8d27\u4ea4\u6613\u7684\u6267\u884c\u7531\u4e00\u5bb6\u6e05\u7b97\u6240\u4fdd\u8bc1\uff0c\u8fd9\u4f7f\u5f97\u5f53\u4e8b\u65b9\u53ef\u4ee5\u5728\u4ea4\u6613\u5bf9\u624b\u98ce\u9669\u51cf\u4f4e\u7684\u60c5\u51b5\u4e0b\u8fdb\u884c\u4ea4\u6613\u3002\u8981\u5728\u4ee5\u540e\u4ea4\u6613\uff0c\u6211\u4eec\u9700\u8981\u5bf9\u62b5\u62bc\u54c1\u8fdb\u884c\u4fdd\u8bc1\u91d1\u68c0\u67e5\u3002\u4e24\u79cd\u6258\u7ba1\u7c7b\u578b\uff1a \u521d\u59cb\u4fdd\u8bc1\u91d1\uff1a\u8981\u5f00\u7acb\u65b0\u4ed3\u4f4d\uff0c\u7528\u6237\u7684\u62b5\u62bc\u54c1\u5fc5\u987b\u5927\u4e8e\u521d\u59cb\u4fdd\u8bc1\u91d1\u3002 \u7ef4\u6301\u4fdd\u8bc1\u91d1\uff1a\u5982\u679c\u4ea4\u6613\u8005\u7684\u62b5\u62bc\u54c1+\u672a\u5b9e\u73b0\u7684\u635f\u76ca\u4f4e\u4e8e\u7ef4\u62a4\u6c34\u5e73\uff0c\u90a3\u4e48\u62b5\u62bc\u54c1\u5c06\u4f1a\u88ab\u81ea\u52a8\u6e05\u7b97\u3002\u8fd9\u5c06\u5bfc\u81f4\u6b64\u6d3b\u52a8\u7684\u989d\u5916\u8d39\u7528\u3002\u7528\u6237\u53ef\u4ee5\u5728\u6b64\u65f6\u95f4\u4e4b\u524d\u81ea\u884c\u6e05\u7b97\u4ee5\u907f\u514d\u81ea\u52a8\u6e05\u7b97\u3002 \u671f\u8d27\u5408\u7ea6\u4e5f\u88ab\u7528\u6765\u5bf9\u51b2\u57fa\u7840\u8d44\u4ea7\u7684\u98ce\u9669\u3002\u4f8b\u5982\uff0c\u5982\u679c\u6295\u8d44\u8005\u6301\u6709\u4ef7\u503c10,000\u7f8e\u5143\u7684\u6bd4\u7279\u5e01\uff0c\u4ed6\u4eec\u53ef\u4ee5\u62b5\u62bc\u4e00\u7b14500\u7f8e\u5143\u7684\u5c0f\u578b\u671f\u8d27\u5408\u7ea6\u8d44\u4ea7\uff0c\u5e76\u7528X20\u6760\u6746\u8d2d\u4e70\u7a7a\u5934\u4ed3\u4f4d\uff0c\u4ece\u800c\u5c06\u4ed3\u4f4d\u63d0\u9ad8\u81f310,000\u7f8e\u5143\uff0c\u4ee5\u9632\u6b62\u6bd4\u7279\u5e01\u7684\u4ef7\u503c\u635f\u5931\u3002\u8981\u6ce8\u610f\u7684\u662f\uff0c\u7531\u4e8e\u6709\u7ef4\u62a4\u6210\u672c\u548c\u6f5c\u5728\u56de\u62a5\u7684\u5b58\u5728\uff0c\u671f\u8d27\u4ef7\u683c\u4e0e\u73b0\u8d27\u5e02\u573a\u4ef7\u683c\u4e0d\u540c\u7684\u3002\u50cf\u8bb8\u591a\u5176\u4ed6\u671f\u8d27\u5e02\u573a\u4e00\u6837\uff0c\u4ea4\u6613\u6240\u4f7f\u7528\u4e00\u79cd\u7cfb\u7edf\u6765\u9f13\u52b1\u671f\u8d27\u5e02\u573a\u901a\u8fc7\u8d44\u4ea7\u6bd4\u7387\u6765\u8c03\u6574\u5230\u201c\u6807\u8bb0\u4ef7\u683c\u201d\u3002\u5c3d\u7ba1\u4ece\u957f\u8fdc\u6765\u770b\uff0c\u8fd9\u5c06\u4fc3\u4f7f\u73b0\u8d27\u548c\u671f\u8d27\u4e4b\u95f4\u7684\u4ef7\u683c\u8d8b\u540c\uff0c\u4f46\u5b83\u5728\u77ed\u671f\u5185\u53ef\u80fd\u4f1a\u6709\u76f8\u5bf9\u8f83\u5927\u7684\u4ef7\u5dee\u3002\u5f53\u4eca\u9886\u5148\u7684\u671f\u8d27\u5e02\u573a\u662f\u63d0\u4f9b\u671f\u8d27\u5408\u7ea6\u7684\u829d\u52a0\u54e5\u5546\u54c1\u4ea4\u6613\u6240\uff08CME Group\uff09\u3002\u4f46\u662f\u73b0\u4ee3\u4ea4\u6613\u6240\u6b63\u5728\u8f6c\u5411\u6c38\u7eed\uff08perp\uff09\u5408\u7ea6\u6a21\u578b\u3002\u6c38\u7eed\u5408\u7ea6\u6307\u6570\u4ef7\u683c\u548c\u6807\u8bb0\u4ef7\u683c\u4e3a\u4e86\u907f\u514d\u5e02\u573a\u88ab\u64cd\u7eb5\u5e76\u786e\u4fdd\u6c38\u7eed\u5408\u7ea6\u4e0e\u73b0\u8d27\u4ef7\u683c\u5339\u914d\uff0c\u6211\u4eec\u4f7f\u7528\u201c\u6807\u8bb0\u4ef7\u683c\u201d\u6765\u8ba1\u7b97\u6240\u6709\u4ea4\u6613\u8005\u672a\u5b9e\u73b0\u7684\u635f\u76ca\u3002\u201c\u6307\u6570\u4ef7\u683c\u201d\u88ab\u8ba4\u4e3a\u662f\u5408\u540c\u7684\u201c\u5b9e\u9645\u4ef7\u503c\u201d\uff0c\u7b49\u4e8e\u9009\u5b9a\u4e3b\u8981\u4ea4\u6613\u6240\u4ea4\u6613\u91cf\uff08Wi\uff09\u7684\u52a0\u6743\u5e73\u5747\u4ef7\u683c\uff08Pi\uff09\uff0c\u5b83\u6784\u6210\u4e86\u201c\u6807\u8bb0\u4ef7\u683c\u201d\uff1a\u6307\u6570\u4ef7\u683c = \u2211 (Pi x Wi)\u73b0\u5728\uff0c\u53ef\u4ee5\u5c06\u4ef7\u683c\u6307\u6570\u89c6\u4e3a\u5408\u7ea6\u7684\u73b0\u8d27\u4ef7\u683c\uff0c\u5e76\u7528\u4e8e\u8ba1\u7b97\u6807\u8bb0\u4ef7\u683c\u3002\u6807\u8bb0\u4ef7\u683c = \u6307\u6570\u4ef7\u683c x (1+Basic) \u7b80\u800c\u8a00\u4e4b\uff0c\u6807\u8bb0\u4ef7\u683c\u4ee3\u8868\u4ea4\u6613\u8005\u5f00\u4ed3\u548c\u5e73\u4ed3\u7684\u4ef7\u683c\u3002 \u5176\u4e2d\uff0cBasic\u5c31\u662f\u73b0\u8d27\u4ef7\u683c\u548c\u671f\u8d27\u4ef7\u683c\u7684\u5dee\u5f02\u3002\u4f46\u662f\u5bf9\u4e8e\u6c38\u7eed\u5408\u7ea6\u6765\u8bf4\uff0cBasic\u662f\u4e00\u4e2a%%\u5dee\u5206\uff0c\u5176\u8ba1\u7b97\u516c\u5f0f\u4e3a\uff1aBasic = \u8d44\u91d1\u8d39\u7387 x (\u4e0b\u4e00\u6b21\u4ed8\u6b3e\u7684\u5269\u4f59\u65f6\u95f4)\/(\u8d44\u91d1\u8d39\u7387\u7684\u6709\u6548\u671f)\u4ee5\u6c38\u7eed\u5408\u7ea6\u6bd4\u7279\u5e01\u4e3a\u4f8b \u8d44\u91d1\u8d39\u7387: +0.03% \u4e0b\u6b21\u4ed8\u6b3e\u7684\u5269\u4f59\u65f6\u95f4\uff1a2 hours \u6307\u6570\u4ef7\u683c\uff1a50,000\u7f8e\u5143 Basic = 0.0003 x (2\/8) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14,1],"tags":[],"editors":[],"sponsored_companies":[],"class_list":["post-51240","post","type-post","status-publish","format-standard","hentry","category-industry-talk","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u4ec0\u4e48\u662f\u6c38\u7eed\u5408\u7ea6 (1\/2)<\/title>\n<meta name=\"description\" content=\"\u7efc\u8ff0\u5927\u591a\u6570\u4eba\u90fd\u8ba4\u4e3aDeFi\u53ea\u662f\u4e00\u573a\u8d4c\u5c40\u6216\u8005\u662f\u9a97\u5c40\u3002\u8bda\u7136\uff0c\u5176\u4e2d\u786e\u5b9e\u4e5f\u5b58\u5728\u5e9e\u6c0f\u9a97\u5c40\u4e4b\u7c7b\u7684\u5bb3\u7fa4\u4e4b\u9a6c\u3002\u4f46\u662f\uff0c\u5982\u679c\u6211\u4eec\u5265\u79bb\u6389\u5bf9\u5b83\u6000\u7591\u4e4b\u540e\uff0c\u6211\u4eec\u4e5f\u4f1a\u53d1\u73b0\u5f88\u591a\u5176\u4e2d\u4e5f\u6709\u5f88\u591a\u522b\u51fa\u5fc3\u88c1\u7684\u5185\u5bb9\u9690\u85cf\u5728\u4e0b\u9762\u3002\u5728\u672c\u6765\u4e2d\uff0c\u6211\u4eec\u5c06\u8ba8\u8bba\u6c38\u7eed\u5408\u7ea6\u3002\u6700\u7b80\u5355\u7684\u89e3\u91ca\uff1a\u6c38\u7eed\u5408\u7ea6\u7684\u5de5\u4f5c\u539f\u7406\u5feb\u901f\u6458\u8981\u5b83\u7531Bitmax\u521b\u5efa\u5b83\u4ec5\u5b58\u5728\u4e8eDeFi\u4e2d\uff08\u5982\u4e4b\u524d\u4ecb\u7ecd\u8fc7\u7684\u95ea\u7535\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u4ec0\u4e48\u662f\u6c38\u7eed\u5408\u7ea6 (1\/2)\" \/>\n<meta property=\"og:description\" content=\"\u7efc\u8ff0\u5927\u591a\u6570\u4eba\u90fd\u8ba4\u4e3aDeFi\u53ea\u662f\u4e00\u573a\u8d4c\u5c40\u6216\u8005\u662f\u9a97\u5c40\u3002\u8bda\u7136\uff0c\u5176\u4e2d\u786e\u5b9e\u4e5f\u5b58\u5728\u5e9e\u6c0f\u9a97\u5c40\u4e4b\u7c7b\u7684\u5bb3\u7fa4\u4e4b\u9a6c\u3002\u4f46\u662f\uff0c\u5982\u679c\u6211\u4eec\u5265\u79bb\u6389\u5bf9\u5b83\u6000\u7591\u4e4b\u540e\uff0c\u6211\u4eec\u4e5f\u4f1a\u53d1\u73b0\u5f88\u591a\u5176\u4e2d\u4e5f\u6709\u5f88\u591a\u522b\u51fa\u5fc3\u88c1\u7684\u5185\u5bb9\u9690\u85cf\u5728\u4e0b\u9762\u3002\u5728\u672c\u6765\u4e2d\uff0c\u6211\u4eec\u5c06\u8ba8\u8bba\u6c38\u7eed\u5408\u7ea6\u3002\u6700\u7b80\u5355\u7684\u89e3\u91ca\uff1a\u6c38\u7eed\u5408\u7ea6\u7684\u5de5\u4f5c\u539f\u7406\u5feb\u901f\u6458\u8981\u5b83\u7531Bitmax\u521b\u5efa\u5b83\u4ec5\u5b58\u5728\u4e8eDeFi\u4e2d\uff08\u5982\u4e4b\u524d\u4ecb\u7ecd\u8fc7\u7684\u95ea\u7535\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptonews.com\/cn\/news\/what-is-perpetualfutures-1-7062\/\" \/>\n<meta property=\"og:site_name\" content=\"Cryptonews China\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-16T09:38:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-26T11:27:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/11\/2023\/09\/4.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1669\" \/>\n\t<meta property=\"og:image:height\" content=\"874\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/cimg.co\/news\/51240\/17653\/607932c97d9b2.jpeg\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"\u4ec0\u4e48\u662f\u6c38\u7eed\u5408\u7ea6 (1\/2)","description":"\u7efc\u8ff0\u5927\u591a\u6570\u4eba\u90fd\u8ba4\u4e3aDeFi\u53ea\u662f\u4e00\u573a\u8d4c\u5c40\u6216\u8005\u662f\u9a97\u5c40\u3002\u8bda\u7136\uff0c\u5176\u4e2d\u786e\u5b9e\u4e5f\u5b58\u5728\u5e9e\u6c0f\u9a97\u5c40\u4e4b\u7c7b\u7684\u5bb3\u7fa4\u4e4b\u9a6c\u3002\u4f46\u662f\uff0c\u5982\u679c\u6211\u4eec\u5265\u79bb\u6389\u5bf9\u5b83\u6000\u7591\u4e4b\u540e\uff0c\u6211\u4eec\u4e5f\u4f1a\u53d1\u73b0\u5f88\u591a\u5176\u4e2d\u4e5f\u6709\u5f88\u591a\u522b\u51fa\u5fc3\u88c1\u7684\u5185\u5bb9\u9690\u85cf\u5728\u4e0b\u9762\u3002\u5728\u672c\u6765\u4e2d\uff0c\u6211\u4eec\u5c06\u8ba8\u8bba\u6c38\u7eed\u5408\u7ea6\u3002\u6700\u7b80\u5355\u7684\u89e3\u91ca\uff1a\u6c38\u7eed\u5408\u7ea6\u7684\u5de5\u4f5c\u539f\u7406\u5feb\u901f\u6458\u8981\u5b83\u7531Bitmax\u521b\u5efa\u5b83\u4ec5\u5b58\u5728\u4e8eDeFi\u4e2d\uff08\u5982\u4e4b\u524d\u4ecb\u7ecd\u8fc7\u7684\u95ea\u7535","robots":{"index":"noindex","follow":"follow"},"og_locale":"zh_CN","og_type":"article","og_title":"\u4ec0\u4e48\u662f\u6c38\u7eed\u5408\u7ea6 (1\/2)","og_description":"\u7efc\u8ff0\u5927\u591a\u6570\u4eba\u90fd\u8ba4\u4e3aDeFi\u53ea\u662f\u4e00\u573a\u8d4c\u5c40\u6216\u8005\u662f\u9a97\u5c40\u3002\u8bda\u7136\uff0c\u5176\u4e2d\u786e\u5b9e\u4e5f\u5b58\u5728\u5e9e\u6c0f\u9a97\u5c40\u4e4b\u7c7b\u7684\u5bb3\u7fa4\u4e4b\u9a6c\u3002\u4f46\u662f\uff0c\u5982\u679c\u6211\u4eec\u5265\u79bb\u6389\u5bf9\u5b83\u6000\u7591\u4e4b\u540e\uff0c\u6211\u4eec\u4e5f\u4f1a\u53d1\u73b0\u5f88\u591a\u5176\u4e2d\u4e5f\u6709\u5f88\u591a\u522b\u51fa\u5fc3\u88c1\u7684\u5185\u5bb9\u9690\u85cf\u5728\u4e0b\u9762\u3002\u5728\u672c\u6765\u4e2d\uff0c\u6211\u4eec\u5c06\u8ba8\u8bba\u6c38\u7eed\u5408\u7ea6\u3002\u6700\u7b80\u5355\u7684\u89e3\u91ca\uff1a\u6c38\u7eed\u5408\u7ea6\u7684\u5de5\u4f5c\u539f\u7406\u5feb\u901f\u6458\u8981\u5b83\u7531Bitmax\u521b\u5efa\u5b83\u4ec5\u5b58\u5728\u4e8eDeFi\u4e2d\uff08\u5982\u4e4b\u524d\u4ecb\u7ecd\u8fc7\u7684\u95ea\u7535","og_url":"https:\/\/cryptonews.com\/cn\/news\/what-is-perpetualfutures-1-7062\/","og_site_name":"Cryptonews China","article_published_time":"2021-04-16T09:38:00+00:00","article_modified_time":"2023-06-26T11:27:07+00:00","og_image":[{"width":1669,"height":874,"url":"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/11\/2023\/09\/4.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_image":"https:\/\/cimg.co\/news\/51240\/17653\/607932c97d9b2.jpeg","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/cryptonews.com\/cn\/news\/what-is-perpetualfutures-1-7062\/#article","isPartOf":{"@id":"https:\/\/cryptonews.com\/cn\/news\/what-is-perpetualfutures-1-7062\/"},"author":{"name":"giedrius","@id":"https:\/\/cryptonews.com\/cn\/#\/schema\/person\/5d79e712f570715212460260f4f9cc0f"},"headline":"\u4ec0\u4e48\u662f\u6c38\u7eed\u5408\u7ea6 (1\/2)","datePublished":"2021-04-16T09:38:00+00:00","dateModified":"2023-06-26T11:27:07+00:00","mainEntityOfPage":{"@id":"https:\/\/cryptonews.com\/cn\/news\/what-is-perpetualfutures-1-7062\/"},"wordCount":42,"publisher":{"@id":"https:\/\/cryptonews.com\/cn\/#organization"},"articleSection":["\u4ea7\u4e1a\u5bf9\u8c08","\u65b0\u95fb"],"inLanguage":"zh-CN","copyrightYear":"2021","copyrightHolder":{"@id":"https:\/\/cryptonews.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/cryptonews.com\/cn\/news\/what-is-perpetualfutures-1-7062\/","url":"https:\/\/cryptonews.com\/cn\/news\/what-is-perpetualfutures-1-7062\/","name":"\u4ec0\u4e48\u662f\u6c38\u7eed\u5408\u7ea6 (1\/2)","isPartOf":{"@id":"https:\/\/cryptonews.com\/cn\/#website"},"datePublished":"2021-04-16T09:38:00+00:00","dateModified":"2023-06-26T11:27:07+00:00","description":"\u7efc\u8ff0\u5927\u591a\u6570\u4eba\u90fd\u8ba4\u4e3aDeFi\u53ea\u662f\u4e00\u573a\u8d4c\u5c40\u6216\u8005\u662f\u9a97\u5c40\u3002\u8bda\u7136\uff0c\u5176\u4e2d\u786e\u5b9e\u4e5f\u5b58\u5728\u5e9e\u6c0f\u9a97\u5c40\u4e4b\u7c7b\u7684\u5bb3\u7fa4\u4e4b\u9a6c\u3002\u4f46\u662f\uff0c\u5982\u679c\u6211\u4eec\u5265\u79bb\u6389\u5bf9\u5b83\u6000\u7591\u4e4b\u540e\uff0c\u6211\u4eec\u4e5f\u4f1a\u53d1\u73b0\u5f88\u591a\u5176\u4e2d\u4e5f\u6709\u5f88\u591a\u522b\u51fa\u5fc3\u88c1\u7684\u5185\u5bb9\u9690\u85cf\u5728\u4e0b\u9762\u3002\u5728\u672c\u6765\u4e2d\uff0c\u6211\u4eec\u5c06\u8ba8\u8bba\u6c38\u7eed\u5408\u7ea6\u3002\u6700\u7b80\u5355\u7684\u89e3\u91ca\uff1a\u6c38\u7eed\u5408\u7ea6\u7684\u5de5\u4f5c\u539f\u7406\u5feb\u901f\u6458\u8981\u5b83\u7531Bitmax\u521b\u5efa\u5b83\u4ec5\u5b58\u5728\u4e8eDeFi\u4e2d\uff08\u5982\u4e4b\u524d\u4ecb\u7ecd\u8fc7\u7684\u95ea\u7535","breadcrumb":{"@id":"https:\/\/cryptonews.com\/cn\/news\/what-is-perpetualfutures-1-7062\/#breadcrumb"},"inLanguage":"zh-CN","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cryptonews.com\/cn\/news\/what-is-perpetualfutures-1-7062\/"]}],"author":[]},{"@type":"BreadcrumbList","@id":"https:\/\/cryptonews.com\/cn\/news\/what-is-perpetualfutures-1-7062\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cryptonews.com\/cn\/"},{"@type":"ListItem","position":2,"name":"\u4ec0\u4e48\u662f\u6c38\u7eed\u5408\u7ea6 (1\/2)"}]},{"@type":"WebSite","@id":"https:\/\/cryptonews.com\/cn\/#website","url":"https:\/\/cryptonews.com\/cn\/","name":"Cryptonews China","description":"","publisher":{"@id":"https:\/\/cryptonews.com\/cn\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/cryptonews.com\/cn\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"zh-CN"},{"@type":"Organization","@id":"https:\/\/cryptonews.com\/cn\/#organization","name":"Cryptonews China","url":"https:\/\/cryptonews.com\/cn\/","logo":{"@type":"ImageObject","inLanguage":"zh-CN","@id":"https:\/\/cryptonews.com\/cn\/#\/schema\/logo\/image\/","url":"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/11\/2023\/09\/cropped-CryptoNews-Logo-1.png","contentUrl":"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/11\/2023\/09\/cropped-CryptoNews-Logo-1.png","width":100,"height":91,"caption":"Cryptonews China"},"image":{"@id":"https:\/\/cryptonews.com\/cn\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/cryptonews.com\/cn\/wp-json\/wp\/v2\/posts\/51240","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptonews.com\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptonews.com\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptonews.com\/cn\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptonews.com\/cn\/wp-json\/wp\/v2\/comments?post=51240"}],"version-history":[{"count":1,"href":"https:\/\/cryptonews.com\/cn\/wp-json\/wp\/v2\/posts\/51240\/revisions"}],"predecessor-version":[{"id":193990,"href":"https:\/\/cryptonews.com\/cn\/wp-json\/wp\/v2\/posts\/51240\/revisions\/193990"}],"wp:attachment":[{"href":"https:\/\/cryptonews.com\/cn\/wp-json\/wp\/v2\/media?parent=51240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptonews.com\/cn\/wp-json\/wp\/v2\/categories?post=51240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptonews.com\/cn\/wp-json\/wp\/v2\/tags?post=51240"},{"taxonomy":"editors","embeddable":true,"href":"https:\/\/cryptonews.com\/cn\/wp-json\/wp\/v2\/editors?post=51240"},{"taxonomy":"sponsored_companies","embeddable":true,"href":"https:\/\/cryptonews.com\/cn\/wp-json\/wp\/v2\/sponsored_companies?post=51240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}