合约市场已经成为交易所竞争的重点领域，那么如何打造出具有竞争力的合约产品呢？合约市场又有何新的发展趋势？对于普通投资者来说，如何提高投资收益率呢？本文是链捕手主办的捕手学堂第六期的文字实录。
The contract market has become a priority area for exchange competition, so how can competitive contract products be created? What are the new trends in the contract market? How can the return on investment be increased for ordinary investors?
第一问：自我介绍与交易所介绍
于洋：我叫于洋，是Bitget的CEO。Bitget成立于2018年4月，是一家提供24小时专业数字资产交易服务的著名交易所。至今为止，我们已经拥有超过60.9万的注册用户。我们的业务主线是合约市场，配备有现货和OTC两大主力产品。我们致力于提供最适合、最擅长的业务，例如，我们在现货市场中只保留主流币种，为合约用户提供便捷的对冲。此外，我们还推出了新平台通证BFT，用于实现平台生态应用价值。自9月份推出以来，BFT已经实现了多次逆盘涨幅，最高涨幅达到837.5%，初始投资回报率达到467.63%。
Yuyang: My name is Yuyang, the CEO of Bitget. Bitget, established in April 2018, is a well-known exchange that provides 24-hour professional digital asset trading services. To date, we have more than 609,000 registered users. Our main line of business is the contract market, equipped with two main products: spot and OTC. We are committed to providing the best and best business, for example, by keeping only the main currency in the spot market and providing easy hedges for contract users. In addition, we have launched a new platform pass, BFT, to realize the ecosystem value of the platform. Since its launch in September, BFT has achieved a number of reversals, with a peak of 837.5 per cent and an initial return on investment of 467.63 per cent.
巨建华：我是币核（Blue Helix）的创始人巨建华。币核创办于2018年，获得了火币网、OK集团、银泰资本、城市地产、梅花创投等知名机构的投资。我个人曾在2014年至2017年间担任火币网的CTO，负责火币的全面技术和业务创新工作。币核致力于提供专业金融交易和资产托管服务，旗下的业务包括币核云交易所系统（Blue Helix Cloud）、币核交易平台（Blue Helix Exchange）以及去中心化托管清算公链（Blue Helix Chain）。我们的团队成员来自谷歌、腾讯、百度、阿里巴巴、巴克莱银行和法兴银行等顶级公司，具备丰富的全球金融、区块链和互联网背景和经验。
From 2014 to 2017, I personally served as the military currency network's CTO, which is responsible for comprehensive technological and operational innovation. The currency is dedicated to providing professional financial transactions and asset hosting services, and operates under the banner of the currency and nectar exchange system (Blue Helix Cloud), the currency and nuclear trading platform (Blue Helix Exchange) and the centralization of the liquidation chain (Blue Helix Chain). Our team is composed of top companies such as Google, Teng, Bid, Aliba, Barclays and Fahim banks, with a rich background and experience in global finance, regional chains and the Internet.
第二问：合约市场竞争激烈，为何还要进军合约市场？
于洋：合约市场并非新产品，但由于数字货币市场的需要，它仍然有很大的发展空间。在进入数字货币市场时，艾西欧和公链市场的蛋糕已被瓜分殆尽。而且，我们认为艾西欧的模式不够完善，后期处理不当可能会产生严重后果。随着市场的复苏，我们需要寻找新的发展方向，因此我们决定创新合约模式，重新打开市场的潮流。据CMC数据显示，全球共有272家数字货币交易所，其中只有183家交易所持续活跃，而这183家中只有27家开通了期货合约业务，开通USDT合约的更是寥寥无几，这正是我们崛起的机会。虽然OKex、BitMex等交易所早已占据了合约市场的大部分份额，但我们看到了其中存在的一些痛点，如安全体系和操作规范等方面，这成为了我们抓住机会的关键。
As the market recovers, we need to look for new directions, so we decide to innovate the contract model and reopen the market. According to CMC data, there are 272 digital currency exchanges worldwide, of which only 183 remain active, and only 183 of them have opened futures contracts, and few of them have opened USDT contracts, which is our chance to rise. While the exchanges of OKex, BitMex, and so on already hold a large share of the contract market, we see some of the painful points, such as security systems and operational norms, that are key to our chances.
巨建华：随着加密资产的普及，越来越多的用户开始参与市场投机。虽然高风险高收益的项目资产也受到了关注，但由于市场操纵和欺诈问题的存在，投资者面临着很大的风险。相比之下，金融衍生品如合约等交易产品，交易规则公正，人工操作的风险较低，是投资者的最佳选择。虽然现在的头部平台占据了大部分市场份额，但在用户覆盖和服务方面仍有待提高。我们希望通过赋能交易所合作伙伴，帮助它们的现有用户获得优质的合约交易服务，从而实现市场的新增长和分散的交易观点，使市场更具活力。
By contrast, financial derivatives, such as contracts, fair trade rules, and lower risks of manual operation are the best options for investors. While the front platform now holds most of the market share, user coverage and services still need to be raised. We hope to make the market more dynamic by empowering exchange partners to help their existing users to access quality contract trading services, thereby bringing about new market growth and fragmented trading views.
第三问：首次进行合约交易的加密货币投资者应具备何种经验条件？
于洋：对于交易所而言，合约不再是单一产品，而是交易所整体实力的体现。合约涉及到金融衍生品的发展，既有传统的期货合约，又有BTC合约。因此，对于新进入合约市场的交易所来说，面临的挑战更大。大交易所有实力去尝试和探索，但对于小交易所来说，可能缺乏勇气和决心。因此，对于新进入合约市场的投资者来说，基础知识的学习更为重要。当然，对于老练的投资者来说，选择一个好的平台是关键。
For an exchange, contracts are no longer a single product, but an expression of the overall power of an exchange. Contracts involve the development of financial derivatives, both traditional futures contracts and BTC contracts. Thus, the challenge is greater for a new exchange entering the contract market.
巨建华：合约交易用户最好具备一定的数字货币知识和传统金融期货、期权产品的了解，同时也需具备一定的技术和趋势分析能力。此外，了解合约交易规则和交易平台的操作也很重要。在这些基础上，还需了解风控和仓位控制，避免因高杠杆全仓参与而导致的潜在风险。
In addition, it is important to understand the rules governing contractual transactions and the operation of trading platforms. On this basis, there is also a need to understand wind control and position control to avoid the potential risks associated with highly leveraged full-time participation.
第四问：如何提高投资收益率和降低爆仓风险？
于洋：资深合约玩家往往会过于自信，依赖自己的行情研究经验，但这种方式在波动较大的市场中往往效果不佳。合约不适合长期投资，因此需要在正确的时间做出正确的决策。选择一个可靠的交易平台也是至关重要的，这可以帮助您避免常见的问题，如盘口价差、掉网线、穿仓和分摊等。
uyang: Senior contract players tend to be overconfident and rely on their experience in studying their own behavior, but this approach is often ineffective in more volatile markets. Contracts are not suitable for long-term investment, so the right decisions need to be made at the right time. The choice of a reliable trading platform is also essential to help you avoid common problems, such as price differentials, offlines, warehousing and sharing.
巨建华：合约交易的盈利方式在于对市场走势的了解，避免在大的方向上犯错。同时，合约交易要求投资者具备一定的短线技术分析能力，掌握看K线和技术指标的基本技能。此外，合理控制风险和保证金率也是提高盈利的关键。
At the same time, contractual transactions require investors to have a certain level of short-line technical analysis and basic skills to look at K-lines and technology indicators. Moreover, reasonable control of risk and bond rates is key to improving profitability.
第五问：合约产品是否存在创新性的思路和实践？
于洋：Bitget的合约产品具有几个特点，包括USDT合约种类齐全、结算方便；正向合约品种全、深度好；1-100倍杠杆、盈利统一使用USDT结算等特点。此外，我们还通过严格的交易逻辑，从一开始就预防了穿仓的风险。我们的永续合约结算体系没有盈利分摊机制，用户实现的交易盈利可以100%自由支配。我们的价格指数采集经过两次异常剔除和移动平均修正，避免了指数的插针，反映了正常市场价格。
Yuyang: Bitget’s contractual products have several characteristics, including the full variety and ease of settlement of the USDT contract; the full range and depth of the contract; the 1-100-fold leverage; and the unified use of the USDT settlement. Moreover, we have prevented from the very beginning the risk of piercing the warehouse through strict transaction logic. Our permanent contract settlement system does not have a profit-sharing mechanism, and the transaction profits realized by the user can be set at 100% free. Our price index is collected after two abnormally cut-off and moving average revisions, avoiding index needles and reflecting normal market prices.
巨建华：币核合约在技术层面上进行了创新，采用了云计算的理念，使得系统能够承载全球的交易。此外，我们还提供了一套产品，可以同时支持正向/反向和交割/永续合约，为不同的客户提供不同的服务。我们的产品还包括期权和交割/永续合约，这些都是为云交易所而设计的。我们还提供了一些专业的订单类型，如限价单、对手价单和超价单，帮助专业交易者更容易地参与交易。
We also offer a set of products that can also support ongoing/reverse and cut-off/perpetuity contracts to provide different services to different clients. Our products also include options and cut-off/perpetuity contracts, which are designed for cloud exchanges. We also provide some professional types of orders, such as price limits, counter-prices and overprices, to help professional traders more easily engage in transactions.
小编建议
合约市场将继续竞争激烈，但投资者仍有空间实现盈利。选择一个好的交易平台、学习基础知识和合理的风险管理是提高投资收益率的关键。对于交易所来说，不断创新和提高服务质量是赢得竞争的关键。
The contract market will continue to be competitive, but there is still room for investors to make a profit. Selecting a good trading platform, learning basic knowledge, and sound risk management is key to improving the rate of return on investment.
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