最近几日,由于疫情的全球化蔓延,导致资本市场对经济的悲观情绪持续攀升,全球股市大跌,币市也难免被殃及。这种情况下,杠杆交易、合约交易以及杠杆ETF的优势就愈发的明显,做空成了一项人手必备的避险手段。合约操作复杂,杠杆倍数离谱,甚至有100倍杠杆,劝退了不少像我们这样的初级投资者。
In recent days, as a result of the spread of the epidemic, the capital market’s pessimism towards the economy has continued to rise, with global stock markets falling and currency markets falling. In such cases, leverage, contract transactions, and leverage ETFs have become increasingly obvious, becoming a tool of safety for all.
杠杆ETF虽然不会爆仓,但没法做到以小博大,故也暂不分析,综合下来那么现货杠杆交易就是一个很好的选择了,相比合约数十倍甚至100倍的杠杆,现货杠杆倍数最高为10倍,多为3、5倍,风险更小,预留的应对空间更加充分,门槛也更低,适合初级投资者。
Leverage ETFs, while not going to explode, are not going to be large enough, so they are not going to be analysed. Combining them would be a good option, up to 10 times as many as 10 times as a contract or even 100 times as leverage, up to 3 or 5 times as many as a risk, leaving more room for response, lower thresholds and suitability for primary investors.
本文将聚焦于杠杆市场中的现货杠杆(目前杠杆分为现货杠杆与合约杠杆),选取了我们耳熟能详的4家主要的杠杆交易所:火币、OKEx、抹茶、Gate,从现货杠杆的各个因素来进行对比,以供读者参照,帮助大家使用杠杆工具在下跌行情中更好的守住自己的“子弹”。
This paper focuses on spot leverage in the leveraged market (currently divided into spot leverage and contract leverage) and selects four major leverage exchanges that are well known to us: gun money, OKEx, tea-painting, Gate, to compare the various elements of off-the-shelf leverage for the reader's reference, and to help people use leverage tools to better hold their own “bullets” in downturns.
下面针对币币杠杆交易进行多个维度分析,用数据说明币币杠杆哪家强。
The following is a multiple-dimensional analysis of currency leverage transactions, using data to illustrate the strength of currency leverage.
总结各项指标来看:
To summarize the indicators:
币种丰富:MXC抹茶、Gate
Currency rich: MXC tea, Gate
杠杆倍数:OKEx、Gate
Leverage multipliers: OKEx, Gate
借币利率:MXC抹茶
Currency interest rate: MXC tea
风控:大体相当
Wind control: roughly equal
1. 交易品种与交易对数量
1. & nbsp; transaction variety and number of transactions
如图所示,MXC抹茶提供的杠杆币种数量相对更多,其中包括不少侧链、跨链、隐私链、以及平台币与社区通证等项目,而其它三个平台基本围绕主流币展开业务。
As shown in the figure, MXC tea provides a relatively larger number of leveraged currencies, including a number of side chains, cross-chains, privacy chains, and platforms and community passes, while the other three platforms operate largely around mainstream currencies.
在交易平台的选择逻辑上,我们需要的是大而全的平台,因为每次跨交易所转账都需要不菲的手续费支出,一来二去的gas成本必将增加,所以选择一家综合性的大平台做交易对今后不论是资产梳理还是整合都是有很大优势。
In terms of the logic of the choice of trading platforms, we need a large and comprehensive platform, because each cross-exchange transfer requires expensive transaction costs, and the cost of going to and going to Gas is bound to increase, so the choice of an integrated large platform for trading will have a great advantage in the future, whether for asset synthesizing or for consolidation.
当然火币这种小而美的运营方法也有其自己的考量,由于所有的资金都集中在了表中所述的6个币种,那就代表着这6个项目能有更大量级的币可以出借(前提是保证金要充足),因此我们还需针对自己实际情况做出选择。
Of course, the small and beautiful method of operation of the gun has its own considerations, and since all the funds are concentrated in the six currencies mentioned in the table, which means that the six projects have a larger amount of money to borrow (provided that the bond is sufficient), we also have to make a choice about our actual situation.
2. 费率对比
Rock-up of rates
综合比较火币、抹茶、OKEx、Gate的借币时利率,我们可以看到:借BTC火币(0.04083%)、抹茶(0.00417%)、OEKx(0.0.00417%)、Gate(0.0083%)。借USDT火币(0.04083%)、抹茶(0.0062%)、OKEx(0.01225%)、Gate(0.029%)。我们都知道,各家平台对外宣称都说自己的手续费是最便宜的,但经过了笔者的多方计算以及询问各平台客服,得出的结论在USDT借币的时利率上,Gate的利息是最高的,其次火币以及OKEx。BTC的利率抹茶与OKEx相当,其次Gate,火币则最高。
In a comprehensive comparison of the interest rates on coins, tea, OKEx, and Gate when borrowing, we can see: BTC coins (0.04083%), teas (0.00417%), OEKx (0.0000417%), Gate (0.0083%). USDT coins (0.04083%), teas (0.0062%), OKEx (0.01225%), Gate (0.029%). As we all know, each platform claims that its fees are the cheapest, but after multi-rater calculations and questioning the platform's customers, the conclusion is that Gate has the highest interest rate on the USDT dollar, its second gun currency, and OKEx's interest rate is the same as OKEx, and its second gate is the highest.
仔细研究了三家交易所关于币币杠杆借币利息的规则,其中火币和币安均采用对应VIP等级的借币利率,即VIP等级越高,则借币利率越低。这意味着我们想要享受更高的利率优惠就必须要持有更多平台币以及更大的交易量。这样不仅会造成用户大量的资金占用,降低资金使用率,而且违背了利率市场化的原则。
Three exchanges have carefully studied the rules governing interest on currency leverage, in which both the currency and currency security adopt interest rates corresponding to the level of the VIP, that is, the higher the rating of the VIP, the lower the interest rate. This means that we need to hold more of the platform currency and more of the volume of transactions if we want to enjoy higher interest rate preferences.
OKEx与MXC抹茶在这方面体现的更为市场化,其借币利率随市场波动而波动,因可借贷数量是一定的,因此借贷需求高时,借贷利率上扬;借贷需求低时,借贷利率下降。如此设定时完全符合经济运行规律的市场化行为,一个完全由市场决定的利率水平可使更多用户享受公平的市场竞争环境。
OKEx and MXC teas are more marketable in this respect, where interest rates fluctuate with market fluctuations, with borrowing rates rising when the demand for borrowing is high, and borrowing rates falling when the demand is low. Market-based behaviour that is fully consistent with the operating rules of the economy at such a time, a level of interest rates that is entirely determined by the market allows more users to enjoy a level playing field in the market.
近期由于市场的需要,抹茶矿池也上线了很多例如ETC的热门币种,用户可以通过矿池的POS质押代币再由系统出借给杠杆交易的投资者,形成完全市场化的正向循环,值得其他平台借鉴。
In the recent past, as a result of market demands, tea-painting ponds have also been on the line, such as the hot currency of the ETC, where users can pledge tokens and then lend them from the system to leveraged investors, creating a fully marketed positive cycle that is worthy of other platforms.
从支持的币种数量、费率我们已经可以窥得“众多项目方以用脚投票的方式更加支持在抹茶交易平台上提供更多的流动性,所以在资源以及规则都有倾斜”,而笔者个人也是更看好MXC抹茶这种充满活力充满创新、步步为营的交易平台。
We can see from the amount of money we support, the rates we charge, that “many of the projects are more supportive of greater mobility on tea trading platforms by foot voting, and are therefore tilted in resources and rules” and that I am personally more interested in the dynamic, innovative, step-by-step trading platform of MXC tea.
三、杠杆倍数
III. Leverage multipliers
上面分析的四家交易所,OKEx与Gate的现货杠杆倍数是比较高的,可达到十倍。当然在分析的时候,针对每个平台的杠杆倍数区分依据不能以偏概全。一种是依据用户负债(借入资产)或者本金决定,以OKEx为代表,借入资产越大,可供提供的杠杆越小;火币则依据账户净资产判断杠杆能力,本金越多,可开杠杆也越高,本质是同一个道理,两者区分方式并不冲突。
At the time of the analysis, of course, the distinction between the leverage multipliers for each platform cannot be generalized. One is based on the user’s liability (loan on assets) or on the principal, which is represented by the OKEx, and the greater the asset, the smaller the leverage available; the greater the leverage, the greater the principal, the higher the leverage, depending on the net asset of the account.
针对杠杆倍数,我就不做比较,对于不同的用户来说,大宗交易用户和大机构,肯定比较喜欢高倍杠杆,同时也面临着高风险;对于散户和一般的商家,做市商机构来说,低倍的杠杆交易会更加适合。
I will not compare leverage multipliers. For different users, large trading users and large institutions will certainly prefer high leverage, but also face high risks; for bulk households and businesses in general, it would be more appropriate for low leverage trading agencies to do so.
四、仓位模式
IV. POSITION MODEL
OKEX、火币可自行切换模式,MXC抹茶与Gate则采用了传统的逐仓模式。仓位模式的不同,其实这个也就涉及到投资风险,全仓模式指账户权益中的币都作为保证金使用。逐仓模式是指各个仓位单独核算保证金,盈亏互不影响。在波动率较高、杠杆较大的情况下,逐仓模式很容易被强制平仓,理论值得商榷,但可以确定的是,全仓对于资金的使用效率显然是更高的。
OKEX, Molotov cocktail, MXC tea, and Gate use the traditional warehouse-to-ware model. Unlike the warehouse model, which involves investment risk, the whole warehouse model means that the currency in the account interest is used as a bond. The warehouse-to-ware mode means that the deposit is accounted for separately by each warehouse, and the profit/loss does not affect each other. In cases of higher volatility and greater leverage, the warehouse-to-ware model is easy to force down and the theory is debatable, but it is clear that the whole warehouse is much more efficient in its use of funds.
五、风控率
V. Wind control
风控主要体现在爆仓与预警线,作为杠杆投资者,第一要紧的是要了解平台如何决定爆仓的比率,每个平台对于爆仓线的公式或许都有差异。虽然基础公式一样,但背后规则都有细微不同,比如有的平台借款到期后,系统会自动扣除本金和利息,如果还款币种不足,系统将自动平仓。有的则提前触发风控机制,有时候会减少损失,有时候则会错过反弹,这些都或多或少的有利有弊。但内核是类似的,总体来说都是账户总资产与借入资产的比例,风险率越高,表示借入资产比例越低,账户越不容易爆仓。
The first thing that matters is how the platform decides on the rate of explosion, which may vary from one platform to another. While the underlying formula is the same, the underlying rules differ slightly, such as that when the platform borrows, the system automatically deducts the principal and interest, and if the currency is insufficient, the system will unwind. In some cases, wind control mechanisms are triggered early, sometimes reducing losses and sometimes missing out on more or less the benefits.
在此外,OKEx比较特殊的是,系统强行平仓偿还所有负债后,50%*用户剩余资产作为强平费将会注入杠杆交易风险准备金,用于分摊杠杆强平账户的穿仓损失。OKEx还会抽取每日杠杆可分配利息的15%作为平台收入注入杠杆交易风险准备金,用于杠杆交易的穿仓分摊。但是分摊这个制度一直存在争议,毕竟这代表本属于用户的盈利被平台拿去分摊穿仓损失了。
In addition, it is more unusual for OKEx to force the system to settle all liabilities, and 50%* of the user’s surplus assets, as a high parity charge, will be injected into the leverage trade risk reserve, which will be used to share the leverage trade risk reserve. OKEx will also draw 15% of the daily leverage-distributed interest from the platform’s income into the leverage-trading risk reserve, which will be used to share the leverage-trading risk reserve.
统计系统账户穿仓损失,如果存在穿仓损失,进行风险准备金抵扣。当风险准备金无法全额抵扣时,由当日所有净盈利用户一起分摊。
When the risk reserve does not cover the full amount, it is shared among all net profit users on that date.
分摊比例=(穿仓损失-风险准备金)/所有盈利用户净盈利之和,用户所需分摊金额=净盈利*分摊比例,分摊金额将从用户已实现盈亏上扣除。
Assessment ratio = sum of net profit for all profitable users = net profit *, offset by realized gains and losses for users.
交易深度方面杠杆交易目前都是共享的现货的深度,所以也相差无几,因此从以上的分析可以看出,杠杆交易上各有特色,但业务侧重点与设计的逻辑机制确影响了杠杆交易产品的整体调性。
Leverage transactions in terms of trade depth are currently the depths of shared spot trades, so there is little difference, and it can be seen from the above analysis that each has its own characteristics, but the business focus and the logical mechanisms designed do influence the overall tone of the leverage traded product.
总结各项指标来看:
To summarize the indicators:
币种丰富:MXC抹茶、Gate
Currency rich: MXC tea, Gate
杠杆倍数:OKEx、Gate
Leverage multipliers: OKEx, Gate
借币利率:MXC抹茶
Currency interest rate: MXC tea
风控:大体相当
Wind control: roughly equal
综合上述,我们可以看到四大交易平台在币种种类、杠杆倍数、借币利率、风控等方面都是各具特色的,具体怎样选择还要根据大家的实际应用情况来选择,最后希望大家都可以赚到属于自己的一桶金。
Taken together, we can see that the four trading platforms are unique in terms of currency of all kinds, leverage multipliers, interest rates and wind control, and that the choice is based on the actual application of each and every one of them, and in the end it is hoped that everyone will earn a barrel of gold of their own.
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