3 모든 암호 화폐 거래자가 파생 상품 거래소에 대해 알아야 할 사항

In the past two years futures contracts have become widely popular among cryptocurrency traders and this became more evident as the total open interest on derivatives more than doubled in three months.

Additional proof of their popularity came as futures turnover surpassed gold, which is a well-established market with $107 일일 볼륨 10 억.

하나, each exchange has its own orderbook, index calculation, leverage limits and rules for cross and isolated margin. These differences might seem superficial at first, but they can make a huge difference depending a tradersneeds.

미결제 약정

Aggregate futures open interest (푸른) and daily volume (검정). 출처: Bybt

As shown in the above, the total aggregate futures open interest rose from $19 billion to the current $41 billion in three months. 그 동안에, the daily traded volume has surpassed $120 십억, higher than gold’s $107 십억.

While Binance futures hold the larger share of this market, a number of competitors have relevant volumes and open interest, including FTX, Bybit, 그리고 OKEx. Some differences between exchanges are obvious, such as FTX charging perpetual contracts (inverse swaps) every hour instead of the usual 8-hour window.

BTC and ETH futures open interest, USD. 출처: Bybt

Take notice of how CME holds the third position in Bitcoin (BTC) 선물, despite offering exclusively monthly contracts. The traditional CME derivatives markets also stand out for requiring a 60% margin deposit, although brokers might provide leverage for specific clients.

Stablecoin versus token-margined contracts

As for the crypto exchanges, most will allow up to 100x leverage. 밧줄 (USDT) orders are usually denominated in BTC terms. 그 동안에, the inverse perpetual (token margined) order books are displayed in contracts, which might be worth $1 또는 $100 depending on the exchange.

BTC perpetual USDT futures order entry. 출처: Bybit

The above picture shows that Bybit USDT futures order entry requires a BTC-denominated quantity and the same procedure takes place at Binance. 반면에, OKEx and FTX offer users an easier option which allows the client to enter a USDT quantity, while automatically converting to BTC terms.

BTC perpetual USDT futures order entry. 출처: OKEx

In addition to USDT-based contracts, OKEx offers a USDK pair. 비슷하게, Binance perpetual futures also offers a Binance USD (BUSD) book. 따라서, for those unwilling to use Tether as collateral, there are other options available.

Variable funding rates

Some exchanges allow clients to use very high leverage and while this might not pose an overall risk as liquidation engines and insurance funds are in place for these situations, it will pressure the funding rate. 그러므로, longs are usually penalized on those exchanges.

ETH futures 8-hour funding rate. 출처: Bybt

The above chart shows that Bybit and Binance usually display a higher funding rate, while OKEx constantly presents the lowest. Traders need to understand that there are no rules enforcing this, and the rate may vary between assets or momentarily leverage demand.

Even a 0.05% difference equals 1% in additional costs per week, meaning, it is essential to compare the funding rate every once in a while, especially during bull markets when the fee tends to escalate quickly.

여기에 표현 된 견해와 의견은 전적으로 작성자의 것이며 반드시 Cointelegraph.com의 견해를 반영하는 것은 아닙니다.. 모든 투자 및 거래에는 위험이 수반됩니다, 결정을 내릴 때 스스로 조사해야합니다..

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