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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 миллиард в суточном объеме.

тем не мение, 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.

Открытый интерес

Aggregate futures open interest (синий) and daily volume (чернить). Источник: Bybt

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

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

BTC and ETH futures open interest, доллар США. Источник: Bybt

Take notice of how CME holds the third position in Bitcoin (BTC) фьючерсы, 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. Привязь (USDT) orders are usually denominated in BTC terms. Между тем, the inverse perpetual (token margined) order books are displayed in contracts, which might be worth $1 или же $100 depending on the exchange.

BTC perpetual USDT futures order entry. Источник: Bybit

The above picture shows that Bybit USDT futures order entry requires a BTC-denominated quantity and the same procedure takes place at Binance. С другой стороны, 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. Источник: OKEx

In addition to USDT-based contracts, OKEx offers a USDK pair. так же, Binance perpetual futures also offers a Binance USD (BUSD) book. Следовательно, 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. Таким образом, longs are usually penalized on those exchanges.

ETH futures 8-hour funding rate. Источник: 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.

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Источник: Cointelegraph

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