比特币的合约交易其实就是比特币期货，这是当下非常流行的一种比特币的交易方式，这是一种不需要持有数字货币就可以进行的交易，这种交易与必须要实际持有数字货币的币币交易是很不一样的。合约交易最大的特点就是它可以通过预测比特币的价格来对冲风险，我们要投资的其实就是一种价格趋势。其实比特币的合约交易还分为比特币交割合约和永续合约，那么究竟比特币交割合约和永续合约有什么区别呢，不妨就让币圈子小编来给大家说一说吧。
Bitcoin’s contract deal is actually a bitcoin future, a now-famous bitcoin deal that can be made without holding a digital currency, a transaction that is very different from a currency transaction that actually has to hold a digital currency. The biggest feature of the contract deal is that it can hedge risk by predicting the price of bitcoin, and what we're investing in is a price trend.
我们在进行期货交易的时候，会遇见两种不同的合约，交割合约以及永续合约。
When we deal with futures, we meet two different types of contracts, cut-off contracts and permanent contracts.
交割合约就是比较传统的期货合约，它是有着明确规定的交割时间，当到了这个时间以后，按照约定的价格进行期货的交割买卖。
The contract of delivery is the more traditional futures contract, which has a specified delivery time, at which point futures are sold and sold at an agreed price.
永续合约它并没有固定的交割时间，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。
The permanent contract does not have a fixed delivery time, and it is more like a cash market for bonds. So its trading price is closer to the price of the reference index.
两者的区别：
The difference between the two:
·交割日期
• Date of delivery
对于交割合约来说，是有着固定的交割日期;而永续合约并没有交割日期，只要条件允许就能长期持有。
In the case of a contract of delivery, there is a fixed date for the delivery of the contract; while a permanent contract does not have a date of delivery, it can be held for as long as conditions permit.
·价格波动不同
• Different price fluctuations
交割合约的价格直接是由市场决定，容易出现暴涨暴跌;而永续合约的价格比较接近于标的的参考价格，在一定程度上，减少了极端情况的出现。
The price of a cut-off contract is directly determined by the market and prone to surges and falls, while the price of a permanent contract is closer to the reference price, which to some extent reduces the occurrence of extreme events.
·杠杆倍率的设置不同
The leverage ratio is set differently.
交割合约的杠杆一般最高为20倍，而永续合约最高能达到125倍。
The leverage of a cut-off contract is generally up to 20 times higher, and that of a sustainable contract is up to 125 times higher.
合约是一种可以买涨买跌，开高杠杆资金，双向交易的金融衍生工具。比如你有100元钱的资金，使用10倍杠杆，这100元可以当作1000元使用，如果市场波动一个点，那么就能获得10%的收益。合约最大可以开到100倍杠杆，所以这个工具产生的财富效应很强。
Contracts are financial derivatives that buy up and down, leverage up and down, and two-way transactions. For example, you have 100 dollars in money, with 10 times the leverage, which can be used as 1,000 dollars, and 10% if the market fluctuates at one point. Contracts can run up to 100 times the leverage, so the tool has a strong wealth effect.
使用杠杆交易最典型的例子其实很多，比如买房，100万的房子20万首付买下，短期内房子涨到200万的时候，直接把房子卖出去，赚了100万。由于一开始只投入20万块的首付费用，相当于获得了5倍的收益。这就是杠杆交易最诱人的地方，可以以小博大。
The most typical examples of leveraging transactions are many, such as buying a house, buying a million-dollar house at a down payment of 200,000, selling a house up to 2 million in a short period of time, making a million dollars. With the initial down payment of only 200,000 dollars, it is five times the return. This is where the most attractive part of the leverage trade is, and it can be bigger.
合约交易起源很早，形成市场规模的合约交易可以从荷兰郁金香事件说起。当时郁金香交易频繁，需求量大，有的花还没有开就有交易需求，于是当时的人采取这样的方式，比如按约定的价格交十分之一的定金，约定几个月以后花开了，就可以用现在的价格买下该品种的郁金香。在这个过程里，这个订单的持有者直接可以把订单以更高的价格转手卖出去，这就是合约交易的雏形。
The early origins of the contract deal, which formed the market scale, can be explained by the Dutch tulips event. When tulips were traded frequently, demand was high, some flowers were not open, so people used the way, for example, to make a down payment of one tenth of the agreed price, and spent a few months later, to buy the type of tulips at the current price.
随着市场的发展，在合约市场中引入了连续竞价交易，才有了后来的合约市场。合约交易在发展过程中，凸显了可以帮助大宗商品套期保值的特性，所以合约这个工具本质上更适合大资金操作，对一般散户而言，可以用小部分资金作为对冲的工具。例如，一般散户投资比特币，持币的过程出现了下跌的行情，散户投资者不愿意抛售手中持有的现货，那么可以用一部分空单对冲下跌的风险。
As markets develop, successively competitive transactions are introduced into the contract market, leading to a subsequent contract market. In the process, contract transactions highlight the characteristics that can help hedge large volumes of commodities, so that contract instruments are inherently more suited to large-scale capital operations, and can be used as hedge tools for general wholesalers.
合约交易可以以小博大，但风险也很大。如果行情方向判断错误，亏损接近抵押的保证金时，就需要追加保证金，否则就会被强制平仓，俗称爆仓。该案的男主就是因为爆仓才会血本无归。
Contract transactions can be small, but they are risky. If you misjudge the situation and lose the bond close to the collateral, an additional bond is required, otherwise it will be forced to level out, commonly known as a silo.
上文中的内容就是币圈子小编对于比特币交割合约和永续合约有什么区别的详解阐述。我们作为交易所，在进行合约交易的过程中一定要做自己能承受后果的事情，如果大家想要博取比较高的收益的话，就一定要做好可能遭遇亏损的心理准备，因为我们知道，收益和风险往往是成正比的。第一就是，我们要对自己交易系统做好风控，还要对行情变化的心理训练等。另外就是，我们最好不要通过贷款借钱等方式去交易合约，因为这样很容易出现后果承担不起的情况。
What is mentioned above is a detailed explanation of the difference between a bitcoin contract and a permanent contract. As an exchange, we have to do what we can afford to do in the course of a contract transaction, and if we want to generate higher returns, we have to be prepared for potential losses, because we know that returns and risks are often positive. First, we need to control our trading systems, and we need psychological training on change.
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