什么是合约交易？三分钟读懂什么是合约交易

合约交易在2013年就出现在币圈，只不过当时币圈只有少数投资者信奉，随着比特币的兴起，越来越多的投资者对虚拟货币产生兴趣，这也使得合约交易近几年随之兴起，不过币圈新手对合约交易可以说一窍不通，但是又听闻很多投资者通过合约交易赚到了不少钱，想要投资，但因为连合约交易是什么都不知道，更何况操作合约交易呢？那么，什么是合约交易呢？下面币圈子小编就给大家通俗一下什么是合约交易？

Contract transactions occurred in the currency circles in 2013, except when only a few investors in the currency circles believed that, with the rise of bitcoins, more and more investors were interested in virtual currency, which has led to a rise in contract transactions in recent years, although the newcomers in the currency circles can say nothing about contract transactions, but have heard that many investors earn a lot of money through contract transactions and want to invest, but because they don't even know what they are, let alone operate a contract deal. So, what is a contract deal?

合约交易是指买卖双方对约定未来某个时间按指定价格接收一定数量的某种资产的协议进行交易。

A contractual transaction refers to an agreement between the seller and the buyer to receive a certain amount of assets at a specified price at a specified time in the future.

合约交易的买卖对象是由交易所统一制定的标准化合约，交易所规定了其商品种类，交易时间，数量等标准化信息。合约代表了买卖双方所拥有的权利和义务。

A contract represents the rights and obligations of both parties.

简单点说就是 ：现在约好未来某个时间地点交易一定数量的某种商品。

To put it simply, we're now about to trade a certain number of commodities at a certain point in time.

合约交易是一种金融衍生品，它是相对于现货市场的交易，用户可以在期货合约交易中通过判断涨跌，选择买入做多或者卖出做空合约，来获得价格上涨或者下跌带来的收益。

A contractual transaction is a financial derivative that is a transaction relative to the spot market, and users can obtain the benefits of price increases or declines in futures contract transactions by judging them to rise or fall, opting to buy more or sell them for empty contracts.

按照交割方式的不同可以将合约分为永续合约和定期合约。

Contracts may be divided into permanent and fixed-term contracts depending on the mode of delivery.

两者间的主要区别就是定期合约有固定交割日，而永续合约没有。其中定期合约按照交割时间的不同分为三类：当周合约、次周合约和季度合约。

The main difference between the two is that there are fixed delivery days for fixed-term contracts and no permanent contracts. The fixed-term contracts are divided into three categories depending on the timing of the delivery: week contracts, week contracts and quarterly contracts.

那么现货交易和期货交易有什么不同?一般来说，现货交易就是一手交钱一手交货，我们在交易平台买入或是卖出Token，都属于现货交易。“期货”是相对于“现货”而言的。期货交易，顾名思义，就是这个交易发生在未来(远期)。

So what's the difference between a spot transaction and a futures transaction? Generally speaking, a spot transaction is a hand-in-hand delivery, and we buy or sell Token at a trading platform is a spot deal.

举个例子：假设张三是一名比特币矿工，每个月能挖出10枚比特币。最近比特币价格迅速飙升，张三虽然很高兴，但也担心未来一个月价格还会跌回去，因为离2020年比特币挖矿奖励减半还远着，猜测牛市不会这么快到来。

For example: Assuming that Zhang San is a bitcoin miners who can dig up 10 bitcoins a month. Recently, Bitcoin prices have skyrocketed, and Zhang San, while happy, fears that prices will fall back in the coming month, because it is still half of the Bitcoin incentive in 2020, and guessing that the cow market will not arrive so soon.

张三的朋友李四则是乐观派，认为牛市已经启动了，未来一个月的价格会更高。于是，张三和李四约定，以现在￥54000 的价格，在6月30日将6月份挖出来的10枚比特币全部卖给李四。

Zhang San’s friend, Li Si, is an optimist, who thinks that the bull market has started and that the price will be higher in the coming month. So Zhang San and Li agreed to sell all the 10 bitcoins that they dug up in June to Li Si on 30 June at the current price of £54,000.

张三和李四之间的交易，就属于期货交易。在这个例子中，交易发生在未来(6月30日)，成交价格(￥54000)是事先约定的，交易的是实物(比特币)。

The transaction between Zhang San and Li Qi is a futures transaction. In this case, the transaction takes place in the future (30 June), the transaction price (#54000) is pre-arranged and the transaction is in kind (bitcoin).

所以，一笔期货交易，至少包括：发生在未来的交易时间(称为“交割时间”)，价格(称为“交割价格”)，以及交易物(称为“标的”)。

Thus, a futures transaction, at least, includes: the time of the future transaction (referred to as “the time of delivery”), the price (referred to as “the price of delivery”), and the transaction (referred to as “the subject matter”).

在这个例子中，交易的比特币虽然从形态上看是“虚拟的”，但还是属于“实物交割”，因为最后李四会拿到货真价实的比特币。在实物交割的期货交易中，卖方是需要真正持有实物的(张三需要有比特币)。

In this example, the bitcoin of the transaction, although “virtual” in form, was “physically delivered” because Li would eventually get the real bitcoin. In futures dealings with physical delivery, the seller would need to have real physical possession (the three would need bitcoin).

期货交易中的标的，也可以不是实物，而是某些指数，比如比特币的价格指数。美国的芝商所(CME)和芝加所(CBOE)推出的比特币期货，标的就是比特币价格指数，而不是货真价实的比特币，所以不属于实物交割。业内很多人士特别期待的 Bakkt，到时候推出的比特币期货是实物交割，即货真价实的比特币。

The subject matter of futures transactions may not be physical, but rather certain indices, such as the Bitcoin price index. The Bitcoin futures of the United States of America, launched by the CME and the CBOE, are the Bitcoins price index, not the real bitcoins, so they are not physical deliveries.

1、套期保值，对冲风险的作用。

1- hedging, the role of hedge risk.

目前合约主要可以给用户起到两个作用，以小博大和对冲风险。以小博大方便理解，即通过杠杆来放大收益，而采取合约进行风险对冲的人群大多以矿工为主，风险对冲的原理如下：

The contract currently has two main roles for users, ranging from small sizes to hedge risks. It is easy to understand it at a small scale, i.e. by leveraging gains, while the majority of the people who contract risk hedges are miners, with the following rationale for risk hedges:

如果BTC的价格上涨，那么期货会亏，BTC的数量会变少，总价值基本不变。

If the BTC price rises, the futures will lose and the number of BTCs will decrease and the total value will remain essentially the same.

如果BTC的价格下跌，那么期货会赚，BTC的数量会变多，总价值仍然不变。

If the BTC price falls, the futures will earn and the number of BTCs will increase and the total value will remain unchanged.

在期货市场买卖和现货品种、数量相同，但是方向却相反的期货合约。用一个市场的盈利来弥补另外一个市场的亏损，来规避价格风险。期货的价格受现货价格和经济因素共同制约，有交割机制的存在，长期来看期货和现货价格具有一致性。

Futures are sold and sold in the futures market in the same variety and quantity, but in the opposite direction futures contracts. The profits of one market compensate for the losses of another market and avoid price risks.

除此之外，有了合约，就会使得价格在单边上涨或下跌时，会有一个相反的力量将价格推回到一个相对理想的状态，管控现货市场价格，使其短期不理性价格回归理性。

In addition to this, a contract would allow a countervailing force to push prices back to a relatively desirable state when they rise or fall unilaterally, to regulate spot market prices and to rationalize their short-term irrational prices.

2、增加资产的流动性，有利于机构更多投资者进入。

2. Increased liquidity of assets facilitates the entry of more institutional investors.

由于很多机构投资者无法直接投资比特币，大交易所推出衍生品让这类投资者拥有了进入比特币市场的渠道。

Since many institutional investors were unable to invest directly in Bitcoin, the launch of derivatives by the large exchange gave such investors access to the Bitcoin market.

研究机构Autonomous Next数据显示，2017年10月，投资比特币等数字货币的基金已经达到了124家，基金持有的数字货币资产总计价值23亿美元。截止目前，基金数量已经超过500家，管理资产100-150亿美元。迅速壮大的基金公司及投资机构，进一步降低了投资门槛，增加各种虚拟资产流动性。

Researcher Autonomous Next data show that, in October 2017, 124 funds invested in digital currencies such as bitcoin had reached a total value of $2.3 billion. To date, the number of funds has exceeded 500, with management assets of $10-15 billion.

3、拓展交易方式，争夺比特币的定价权。

3. Expanding the mode of dealing and competing for bitcoin pricing rights.

合约交易使得虚拟资产交易策略多样化，即可做空也可做多。同时，现货市场和合约市场还会相互导流，使得整个数字货币市场的体量增大。

Contractual transactions diversify virtual asset-trading strategies, and can do more. At the same time, the spot market and the contract market can lead each other, increasing the size of the entire digital money market.

它的期货交易衍生品交易量远远高于黄金实物的交易量。那些在现货市场中难以取得优势的机构投资者，可以通过主导衍生品市场来反作用于现货市场。

Its futures trading derivatives are much more traded than gold in kind. Institutional investors, who find it difficult to obtain advantages in the spot market, can counter-act on the spot market by leading the derivatives market.

通过以上介绍，相信大家对合约交易含义有所了解，币圈子小编提醒投资者，投资虚拟货币，一定要找正规的大交易平台，而且交易的时间一定不能频繁交易，特别是在大消息出来前建议先观望，不要赌消息，这样容易让自己牢牢套住，造成巨大经济损失。

In the light of the above, it is believed that there is some understanding of the meaning of contractual transactions, and that the small editor of the currency circle reminds investors of the need to invest in virtual currency and to find a formal platform for large transactions, and that the timing of transactions must not be frequent, especially when it is recommended to watch before the big news comes out, and not to gamble, so that they can be kept firmly in check, causing huge economic losses.