在进入币圈一段时间后，大家多多少少会听到“期货”、“合约”、“杠杆”这几个名词，而出现这些词语时往往附带着“一夜暴富”或者“一夜破产”的标签。
After some time into the currency circle, the terms “futures”, “contracts” and “leveraging” are more or less heard, often accompanied by a label of “night rich” or “night bankrupt”.
新手尽量少碰这些东西，因为合约交易的高收益与高风险并存，新手容易盲目痴迷于高杠杆而损失掉所有的本金。
Newcomers minimize exposure to these, as the high returns from contract transactions coexist with high risks, and newcomers tend to lose all their principals blindly inclined to leverage them.
当然，合约交易其实也是一个好工具，对于玩的好的玩家来说，可以四两拨千斤、撬动更多财富，同时还可以拿来做对冲交易。
Of course, contractual transactions are also a good tool to play with, for a good player, four or two kilograms of wealth, and can also be used as hedges.
本文将以OKEx交易所为例，为大家讲解期货/合约/杠杆交易，希望大家理性对待，不要冲动梭哈。
This paper will provide an example of the OKEx Exchange, which will explain futures/contracts/leveraging transactions, in the hope that they will be rational and not impulsive.
基础概念部分（下文举例部分均未计算手续费）
Base concept part (for example, none of the fees are calculated below)
币币杠杆
Currency Leveraging
指交易的是实物（比特币），可以理解为一般的币币交易，一手交钱一手交货，只要花钱买了，币就是你的，可以通过低买高卖赚取差价。现货交易的优点在于你买到的币始终在你手里，价格涨跌不影响你手中币的数量，缺点在于只能在上涨行情中赚钱，下跌行情中是无能为力的。
The deal is in kind (bitcoin), which can be understood as ordinary currency transactions, hand-in-hand, and if you buy it, then the coin is yours. The advantage of a spot deal is that the money you buy is always in your hands, that prices do not affect the amount of money in your hand, and that the disadvantage is that you can only make money in the upswing, and there is nothing you can do in the downs.
币币杠杆
Currency Leveraging
交易的不是实物（比特币），而是在未来某个时间点以某个价格交货的合约。期货交易的优点在于不仅能够在币价上涨中赚差价（做多），也能在币价下跌时赚钱（做空），同时可以配合杠杆获得更高的收益，缺点在于风险大，杠杆越高爆仓几率越高。
The deal is not in kind (bitcoin), but a contract to deliver at a certain price at a certain point in the future. The advantage of futures transactions is not only to earn the difference in the price increase (more), but also to make the difference when the price falls (manufacturing), while at the same time allowing for higher returns with leverage. The disadvantage is that the higher the risk, the higher the risk, the higher the risk of leverage.
简单来说，就是你认为后市将涨时，开做多的合约（开仓），涨了之后卖出合约（平仓）；反之，认为后市将跌时，对应的开空单即可。
Simply put, when you think that the city will rise, you open up a lot of contracts and then sell them. On the other hand, when you think that the city will fall, the corresponding bill will be open.
比特币市场的合约交易与传统的期货市场相差很大，新手在合约交易过程中不需要太在意“期货”这一属性，只要弄懂“做空”和“高倍杠杆”这两大特色即可愉快的玩耍了。
Contract transactions in the Bitcoin market are very different from traditional futures markets, and newcomers do not need to pay too much attention to the attributes of “futures” in the course of contract transactions, as long as they understand the two features of “empty” and “high leverage” to play happily.
币币杠杆
Currency Leveraging
合约交易最大的魅力就在于杠杆，当然，最大的坑也是杠杆。简单来说，杠杆就是借钱（或借币）进行交易，以实现收益最大化。
The greatest charm of contract transactions is leverage, of course, and the biggest pit is leverage. Simply put, leverage is borrowing money (or borrowing money) to make transactions to maximize returns.
举个例子，假如你有1万元闲置资金，只能购买等值的比特币，后续比特币价格上涨10%，就可以赚到1千元；
For example, if you had $10,000 in idle funds, you could only buy the equivalent of bitcoins, and the subsequent price increase of bitcoins by 10 per cent would have earned up to $1,000;
假如使用10倍杠杆，那么只需要1万元就可以买总价值10万元的比特币，其中你的本金1万元是保证金，剩下的9万算是平台借给你的。同样，如果使用100倍杠杆，那么1万元就能买价值100万的比特币。
If you use a ten-fold leverage, then it's only $10,000 to buy a hundred grand worth of bitcoins, of which your principal is a bond, and the remaining 90,000 is a loan from the platform. Similarly, if you use a 100-fold leverage, $10,000 will buy a million dollar worth of bitcoins.
如果后续比特币价格上涨10%，10倍杠杆就可以赚到1万元，到时候本金和收益都归你，9万还给平台，当然还需要付给平台一定的手续费；
If the subsequent price increase of 10 per cent in bitcoin is followed, the ten-fold leverage will earn $10,000, and you will have the principal and the proceeds, and the 90,000 will be paid back to the platform and, of course, a fee will have to be paid to the platform;
杠杆在扩大盈利的同时也扩大了风险，加了10倍杠杆后，仅有10%的资金是你的本金，也就是说，只要比特币下跌10%，你的本金就亏完了，系统会强制平仓（爆仓）。
Leverage increases both profit and risk, with 10 times the leverage, and only 10 per cent of the money is your principal, which means that as long as Bitcoins drops by 10 per cent, your principal will be lost and the system will be forced to level down.
再看一下杠杆做空，假如现在比特币的价格为1万元，你持有1个比特币，使用10倍杠杆开仓做空就可以借入9个比特币，也就相当于将10个比特币以1万元的单价卖出。
Now look at the leverage, if the price of the bitcoin is $10,000, you have a bitcoin, you can borrow nine bitcoins with a ten-fold leverage, which is equivalent to selling 10 bitcoin at a unit price of $10,000.
如果后续比特币价格跌到了9000元，此时平仓买入大概可以买到11.11个比特币，除去本金和借入的9个比特币，净赚约1.11个比特币，翻倍的收益。
If the subsequent bitcoin price fell to $9,000, it would be possible to buy 11.11 bitcoins at that time, netting out the principal and nine bitcoins borrowed, making a net gain of about 1.11 bitcoins and doubling the returns.
和做多一样，杠杆做空也数倍放大了风险，假如行情不及预期，不跌反涨，那么10%的上涨幅度就有可能使你损失掉所有本金。
As much as doing, leverage is multiplying the risk, and if it does not rise as expected, then a 10 per cent increase could result in you losing all your principal.
现在包含OKEx和火币在内的多家交易所都开通了币币杠杆和合约杠杆，原理都类似，差别在于币币杠杆对标的是现货的比特币、合约杠杆是对标的合约，而且币币杠杆一般比合约杠杆的倍数小得多。
Currency leverage and contract leverage are now available on various exchanges, including OKEx and gun money. The difference is that currency leverage is on the spot bitcoins, contract leverage is on the contract, and currency leverage is generally much less than a multiple of contract leverage.
币币杠杆
Currency Leveraging
在有较大把握某个币种会上涨或下跌的情况下，可以对应开杠杆赚取更多收益，如果心里没底，那还是去币币交易买现货吧，或者只是在币币杠杆里加个三五倍的杠杆搏一下。
In cases where there is greater certainty that a currency will rise or fall, additional gains can be made from leverage, or, if it is not in the best interest of the mind, off-the-shelf transactions, or simply a three-to-five-fold leverage of the currency.
另外，合约交易也是一个非常好的对冲工具，在市场行情波动较大且不太明朗时，可以在币币买入一部分现货比特币，另外在合约交易中小仓位开空单，这样不论市场涨跌都可以互相弥补对方的亏损，达到套期保值的效果。
In addition, contract transactions are a very good hedging tool, which allows for the purchase of a portion of spot bitcoins in currency when the market is volatile and unclear, as well as the opening of a small warehouse in a contract transaction, so that any market boom or fall can compensate for each other's losses and achieve hedging effects.
合约交易的建议
Proposal for contractual transactions
不要盲目追求高杠杆。100倍的杠杆意味着1%的币价波动就可能让你爆仓，风险太大，相当于赌博。
Don't blindly pursue high leverage. A 100-fold leverage means that a 1-per-cent currency fluctuation could blow you up, be too risky, be like gambling.
小仓位参与。合约杠杆交易的精髓在于以小搏大，保住本金最重要。
A small warehouse is involved. The essence of a contract-leveraging deal is that it's important to keep the capital.
OKEx合约交易实战
OKEx contract deal on the ground.
目前国内币圈合约交易的主要战场在OKEx、火币、Gateio、Bitmex等，前三者同时支持场外交易和币币交易，对于普通用户来说更加友好，Bitmex不支持大陆访问且不能法币入场，不建议新手直接操作。这些交易所的合约交易都大同小异，下面以OKEx为例为大家讲解合约交易的实战玩法。
Currently, the main battlegrounds for domestic currency contract transactions are OKEx, gun money, Gateio, Bitmex, etc., the first three support both off-the-shelf and currency transactions, which are more friendly to ordinary users. Bitmex does not support continental access and cannot enter French, and does not recommend that newcomers operate directly.
注册账号
Registered account number
和国内其他头部交易所一样，OKEx的官网目前在大陆不能直接访问，需要访问其国内直连节点域名：
As with other domestic head exchanges, the network of OKEx officials is currently not directly accessible on the mainland and requires access to their national direct node domain names:
OKEx国内直达链接
OKEx National Direct Link
注册之后还是老套路，按照要求进行实名认证。
Registration is followed by the usual practice of authenticating names as required.
用户资金账户
User funds account
先来认识一下OKEx交易所的用户帐户，OKEx中每个用户都拥有多个账户，这种设计可以让用户资产更加清晰防止混乱，帐户之间可以随时划转，划转是秒到且不收手续费的。
A first look at the user accounts of the OKEx Exchange, each user of the OKEx has multiple accounts, a design that allows users'assets to be made clearer to prevent confusion, and transfers between accounts can be made at any time, and transfer is made on a second-come, no charge.
我的资产：有资金帐户中资产的整体情况。
My assets: has an overall picture of the assets in the fund account.
资金账户：只有在资金账户中才可以充提币，用户从别处转入OKEx的币都会存在资金账户里，用户需要将其划转到币币帐户或合约帐户等交易账户中，才可以进行交易。
Funds account: Money can be charged only in a fund account, funds can be held elsewhere in the currency of the user that is transferred to OKEx, and transactions can be carried out only if the user is required to transfer them to a transaction account such as a currency account or a contractual account.
法币帐户：在法币交易中购得的币会在法币帐户中，同样，想要把其他账户中的币通过法币交易卖出提现，也需要将币划转到法币帐户中再卖出。
French currency accounts: Currency acquired in French currency transactions will be sold in French currency accounts and, similarly, currency in other accounts will need to be re-sold in French currency accounts if they are to be sold through French currency transactions.
币币/杠杆帐户：用于币币交易和币币杠杆的币都存在这里。
Currency/leveraging accounts: The currency used for currency transactions and currency leverage exists here.
交割合约帐户/永续合约帐户：用于合约交易的币都存在这里，后面会讲解两者的区别。
Distribute contract accounts/perpetuity contract accounts: The currency used for contract transactions exists here, and the difference between the two will be explained later.
入金
Cashier's money.
如果你本身就有比特币或其他币种，那么可以选择将这些币转到OKEx，然后进行币币交易或合约交易。如果手上没有币，那么可以在OKEx的法币交易中购买入场。
If you have bitcoins or other currencies of your own, you can choose to transfer them to OKEx and then enter into a currency transaction or a contractual transaction. If you do not have a currency, you can buy them into the OKEx French exchange.
点击法币交易，可以看到在此能够购买多种主流币和稳定币，假如你只想做比特币的合约交易，那么直接选择购买比特币就行了，购买之后相应的比特币会存在你的法币账户里，划转到合约帐户就能玩比特币合约交易了。
When you click on a French-currency transaction, you can see that you can buy multiple mainstream and stable currencies here. If you just want to make a bitcoin contract, then you can simply choose to buy bitcoin, and then the corresponding bitcoin will be in your French-currency account, and the bitcoin contract transaction will be transferred to the contract account.
如果你想玩多个币种的合约交易，那么可以先购买USDK（OKEx自家发行的稳定币）或USDT，划转到币币帐户买你想玩的币种，再划转到合约帐户进行合约交易。
If you want to play multiple-currency contractual transactions, then you can buy USDK or USDT, transfer it to a currency account to buy the currency you want to play, and then transfer it to a contractual account for contractual transactions.
合约交易
Contract transactions
在点击合约交易时，会有两个选项，其中交割合约是指会有一个明确的交割日，如当周合约是本周五交割，到了指定时间不论盈亏都会强制平仓；永续合约是指没有时间限制的合约交易，只要不爆仓、玩家没有手动平仓，那么该合约就会一直存在。
When you click on a contract transaction, there are two options, of which a cut-off contract is meant to have a clear delivery date, if the weekly contract is due on Friday and is forced to level it up at the appointed time, regardless of profit or loss; and a permanent contract is an open-ended contract, which will remain in place as long as it does not explode and the player does not level it manually.
此处更推荐永续合约，时间上更加灵活可控，但要注意手续费是每天都要收的，毕竟合约交易相当于平台借给你钱，怎么可能不收利息呢。
It is more recommended that durable contracts be made more flexible in time, but it is important to note that fees are charged on a daily basis, after all, when a contract transaction is equivalent to a loan from the platform, how can interest not be charged?
进入永续合约界面，由于合约交易本质上是在交易合约而非实物比特币，所以单位一般为“张”计算。在OKEx交易所，每张比特币合约为100美元，其他币种每张合约为10美元，假如你使用10倍杠杆，那么购买1张比特币合约就需要大约10美元的本金（保证金）。
Entering the permanent contract interface, because the contract deal is essentially a transaction rather than a physical bitcoin, the unit is usually calculated as a “roll”. At the OKEx Exchange, the amount of a bitcoin contract is $100 per contract, and the amount of a bitcoin contract is $10 per contract in other currencies. If you use a ten-fold leverage, the purchase of a bitcoin contract would require a principal of about $10 (a guarantee).
交易单位可以由“张”调整为当前的币种，只是为了看着方便，下单的时候都是按照张数来计算的。
The transaction unit may be adjusted from “one” to the current currency only for convenience purposes and is calculated on the basis of the number of sheets at the time of submission.
帐户模式可以选择逐仓或全仓，两者主要在应对亏损时有区别，以比特币合约为例，逐仓是指单笔下单的保证金亏完了那么这单就会爆仓，全仓是指单笔下单的保证金亏完后，会调用合约帐户里的其他比特币追加保证金以防爆仓。这里建议使用逐仓模式，一次爆仓不可怕，保住本金最重要。
The account model, which allows for either a warehouse-by-battle or a full warehouse, differs mainly in dealing with losses, using the Bitcoin contract as an example, where a warehouse-by-prime bond is broken when a single bond is lost, and when a single bond is lost, the other bitcoin in the contract account is used to prevent the explosion. Here it is proposed to use a warehouse-by-basket model, where a warehouse explosion is not scary, and it is most important to keep the principal.
币币杠杆
Currency Leveraging
在币币交易的菜单里，还有一个币币杠杆的选项，与合约杠杆的区别在于这里交易的不是合约而是现货（币），而且杠杆倍数为5倍，风险比较小。也可以将币币杠杆和合约杠杆联合在一起使用形成对冲。
In the menu of currency transactions, there is also the option of currency leverage, which is different from contract leverage in that it is not a contract but a spot (currency) that is traded here, with a five-fold number of leverages and less risk. It is also possible to combine currency leverage and contract leverage to form a hedge.
提现
Present
各个交易所的提币和提现都基本一致，由于多个账户的设定，所以提币时需要将币划转到资金账户，提现时需要将币划转到法币帐户，再通过法币交易卖出
The currencies and withdrawals of the various exchanges are generally consistent and, because of the set-up of multiple accounts, there is a need to transfer the currency to the money account and to transfer the currency to the French account and then sell it through the French currency transaction.
注册有任何问题请添加 微信：MVIP619 拉你进入群
打开微信扫一扫
添加客服
进入交流群
发表评论