Futures Market Overview | 期货市场概览

Crypto futures allow traders to speculate on future prices or hedge existing positions. Quarterly futures have fixed expiry dates and trade at basis (premium/discount) to spot. Deribit leads in options, while Binance and Bybit dominate futures volume with combined daily volume exceeding $50B. 加密货币期货允许交易者对未来价格进行投机或对冲现有头寸。Deribit在期权领域领先。

Perpetual Swaps | 永续合约

Perpetual futures, or perpetual swaps, have no expiry date and use funding rates to track spot prices. They dominate crypto derivatives volume with over 80% market share. Funding rates provide market sentiment signals — positive funding indicates long positioning, negative indicates short positioning. 永续合约没有到期日，通过资金费率追踪现货价格。它们占据了超过80%的衍生品交易量。

Options Trading | 期权交易

Crypto options give the right but not obligation to buy/sell at a specific price. The Greeks (delta, gamma, vega, theta) measure different risk dimensions. Volatility is the most important input for options pricing. Deribit commands over 90% of crypto options volume with open interest regularly exceeding $10B. 加密货币期权赋予以特定价格买卖的权利而非义务。希腊字母衡量不同风险维度。波动率是期权定价最重要的输入。

Basis Trading | 基差交易

Basis trading captures the price difference between futures and spot. Contango (futures above spot) allows cash-and-carry arbitrage: buy spot, sell futures. Backwardation (futures below spot) favors short cash-and-carry. This strategy has been consistently profitable in trending markets. 基差交易捕捉期货与现货之间的价差。Contango（期货高于现货）允许现金持有套利。

Risk Management | 风险管理

Derivatives trading carries significant risk. Position sizing should limit each trade to 0.5-2% of account. Using both stop-loss and take-profit orders is essential. Portfolio delta hedging reduces directional exposure. Understanding liquidation mechanics and maintaining adequate margin are critical survival skills. 衍生品交易具有显著风险。仓位规模应限制在账户的0.5-2%。同时使用止损和止盈单至关重要。