数字货币的合约是什么--调研火币交易所(1)
What's the contract for digital currency -- study of the currency exchange (1)
货币比特币合约交易规则
Currency bitcoin contractual trading rules
第一：合约是什么？
Number one: What is the contract?
1. 合约交易：
1. Contractual transactions:
? ? 是指买卖双方对约定未来某个时间按指定价格接受一定数量的某种资产的协议进行交易。
* Means that the parties to the sale deal in an agreement to accept a certain amount of assets at a specified price at a specified time in the future.
2. 合约交易的买卖对象是由交易所同意制定的标准化合约。
2. The object of the contract transaction is a standardized contract agreed upon by the exchange.
? ? 交易所规定了其商品种类、交易时间、数量。等标准化信息。
The exchange sets out standardized information on the type of commodity, the time of the transaction, the quantity, etc.
? ? 合约代表了买卖双方所拥有的权利和义务。
♪ The contract represents the rights and obligations of both buyers and sellers. ♪
3. 标准化合约设计的初衷是为了对冲现货风险而产生的，为了锁定成本，
3. Standardized contract design was originally designed to meet the risk of off-the-shelf exposure and to target costs,
? 对冲现货价格大幅度波动的风险，从事大宗商品买卖的公司或个人会在
♪ In response to the risk of large swings in cash prices, companies or individuals engaged in bulk commodity trading will
? 期货市场下相同头寸的空单(多单)，用来抵御风险
♪ An empty list of the same positions in the futures market (more) to protect against risk
4. 合约交割：合约到期后一定要交割。
4. Contract delivery: the contract must be delivered when it expires.
? ? 交割形式：实物交割和现金交割
♪ Form of delivery: physical delivery and cash delivery
5. 比特币为代表的的数字资产合约交易通常采用价差交割。
5. Digital asset contract transactions represented by Bitcoin are usually price differentials.
? 在合约到期时，系统会对所有没有平仓位以交割价格进行交割结算。
• When the contract expires, all unsettled positions will be settled by the system at delivery prices.
6. 数字资产交割日前，可以通过开仓，等操作自由转让合约，实现盈利。
6. Until the digital assets are handed over, they can be profitable by operating free-transfer contracts such as warehousing.
第二：比特币合约交易如何运作
Second: How the Bitcoin Contract Transactions operate
1. 比特币合约交易是一种数字资产合约交易，又叫BTC虚拟合约交易
1. Bitcoin contract transaction is a digital asset contract transaction called BTC virtual contract transaction
? ? ? 比特币合约包含内容：
♪ The Bitcoin contract contains the following:
? ? ? ? ? ? ? ? 合约价值：100美元/张
♪ ♪ contract value: $100 per piece
? ? ? ? ? ? ? ? 合约标的：BTC美元指数
¶ ¶ ¶ ¶ ¶ ¶ the contract's bid: the BTC dollar index
? ? ? ? ? ? ? ? 合约乘数：每点1美元
¶ contract multiplier: $1 per point
? ? ? ? ? ? ? ? 报价单位：点
¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ for the price: ¶ dot
? ? ? ? ? ? ? ? 最小变动价位： 0.01美元
¶ ¶ ¶ ¶ ¶ the least variable: $0.01
? ? 合约类型? 0.01 美元
♪ Contract type ♪ 0.01 dollars
? ? 交割日期 ：合约到期当周周五下午四点 (UTC+8)
♪ Date of delivery ♪ ♪ when the contract expires on Friday at 4 p.m. (UTC+8)
? ? ? ? ? ? ? ? 最后交割时间：合约到期交割之前可以交易，但到期前最后一小时
♪ ♪ final delivery time: a deal can be made before the contract's due, but the last hour before it's due
? ? 不能开仓，只能平仓
♪ Can't open the barn, can't clean it up
杠杆倍数：? 1倍? 5倍? 10倍? 20倍
Leveraging multiples: 1 times, 5 times, 10 times, 20 times.
? ? ? ? ? ? ? ? 最低交易保证金 ? ? 100%? 20%? 10%? ? 5%
♪ ♪ minimum trading security 100% 20% 10% ♪ 5%
2. 合约交割时间：
2. Contract delivery time:
? ? 当周合约，当周周五
♪ On a week contract, on a Friday
次周合约，次周周五交割
The next week's contract. The next Friday.
季度合约，每季度月倒数第三个周五交割(季度月：3,6,9,12)
Quarterly contract, due on the third and third Friday of each month (quarter month: 3,6,9,12)
3. 合约保证金制度：
3. Contract bond system:
? 保证金制度，是指进行合约交易时，只需按合约价值的一定比例冻结适当的保证金，
♪ The bond system means that when a contractual transaction is made, only the appropriate deposit is frozen in proportion to the value of the contract. ♪
以达到保证合同旅行的目的，同时起到自己的杠杆作用，充分利用资金。
To secure contractual travel while at the same time leveraging and making full use of funds.
实行动态保证金制度：合约价格变化时，保证金率会随着合约最新成交价变化
Implementation of a dynamic bond system: where contract prices change, the bond rate changes with the latest contract offer
而变化，当保证金率过低时，需要及时补缴保证金，负责就会有强制平仓的风险。
On the other hand, when the bond rate is too low, there is a need to pay the bond in a timely manner, and there is a risk that accountability will be forced down.
第三做多 做空
{\cHFFE7C5}The third one does more than do it {\cHFFE7C5}The third one does more than do it.
1.? 合约交易可以进行双向交易，买入卖出，不论行情涨跌，都有机会盈利
1. Contract transactions can be two-way, buy-in and sell, with a chance to make a profit, regardless of whether it goes up or down.
2.? 利用合约开仓方向：买入开多，卖出开空；
2. Use contract opening directions: buy more and sell more;
? ? 平仓也有两个方向：卖出平多和买入平空
♪ There's two directions to the silo: selling Hindo and buying it. ♪
做多：是指：预期未来的行情会上涨，买入一定数量的数字资产看涨合约
Do more: I mean, the future is expected to rise and buy a certain amount of digital assets to see the contract rise.
做空：是指预期未来行情会下跌，卖出一定数量的数字资产看跌合约。
Frustration: is the expectation that future transactions will fall and that a certain amount of digital assets will be sold as contracts fall.
数字资产交易没有到期日，当你购买后，合约交割期可一直持有
There is no maturity date for the digital asset transaction, and when you buy it, the contract delivery period can be held forever.
? ? 合约到期后没有平仓，系统将按照交割价格进行现金交割。
♪ There's no clearing after the contract expires and the system will be cashed at the delivery price. ♪
合约交易重要的功能之一就是“套期保值”，通过合约交易对现货冲风险。
One of the important functions of a contract transaction is “encumbering” against spot risk through a contractual transaction.
第四章? 用合约做套期保值
Chapter IV: hedged by contract
长期持有资产，学会套期保值，
Long-term holding of assets, learning to hedge,
? ? 比特币矿工+比特币大户===风险对冲+保障收益
♪ Bitcoinminer +bitcoin ♪
套期保值：是指利用合约市场和币币市场价格走势一致的规律，
Stewardship: is a pattern of using the contract market and currency market prices to keep pace.
? ? 在合约市场和币币市场上做币种相同，数量相等，方向相反的交易。
♪ Do the same number of transactions in the contract and currency markets in the opposite direction.
不管币价如何变动，利用合约市场上的盈亏和币币市场亏盈相互补平，使其价值保持不变
Making use of gains and losses on the contract market and the exchange market to compensate each other, regardless of the currency price, so that their value remains constant
实现保值。
Achieves preservation.
? ? 套期保值：分为买入套包和卖出套包
♪ hedge value: buy and sell packages
? ? 卖出套保：如果预计未来某个时间会收到一笔比特币，或者已经持有比特币
♪ Sell the condom: if it's expected to receive a bitcoin sometime in the future, or if it's in possession of bitcoin
为了避免行情下跌造成损失，可以采用套期保值，即“空头套保”：预期行情将下跌，
In order to avoid losses due to a decline in mobility, hedges, i.e. “empty hedging”, can be used: expected to fall,
先在合约交易市场开仓卖出看跌合约，然后买入平仓，利用合约盈利弥补行情亏损。
The contract was first sold in the contract trading market, then bought into the flat and used the contract profits to compensate for the losses.
买入套保：
Purchase of a condom:
? ? ? ? 当预计未来可能支付一笔比特币，担心币价上涨导致支付成本上升，可可进行买入套保
♪ When it is expected that a bit of bitcoin may be paid in the future, fearing that rising currency will lead to higher costs of payment, cocoa will be bought into a condom
? ? ? ? 即多头套保：在合约市场开仓买入看涨合约，利用合约的盈利弥补币价上涨后增加的购买成本。
♪ That's multi-faceted insurance: buying up contracts at the start of the contract market and making use of the profits of the contract to cover the increased cost of purchasing after the increase in the value of the currency.
第五章 比特币合约的套期保值
Chapter V hedging of Bitcoin Contract
合约盈亏计算规则：
Rules for calculating contractual gains and losses:
张三 7月4000买入开多 $20000面值的BTC看涨合约200? 8月5000卖出平多
Jang San bought more than $4,000 on July and BTC paid $200 on August 5,000 to sell more.
? ? $100? 合约面值? ? ? $100? 合约面值?
♪ $100 ♪ contract face value ♪ $100 ♪ contract face value ♪
? ( --------------? -? ------------? ? ）*200=1 BTC
$4000 开仓价格? ? ? $5000 开仓价格
♪ The price of the warehouse ♪ ♪ the price of the warehouse ♪ ♪ the price of the warehouse ♪ ♪ the price of the warehouse ♪ ♪ the price of the warehouse ♪
合约的面值BTC 100美元/张
Contract value BTC $100 per sheet
? ? ETH合约是10美元
♪ The ETH contract is $10
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