比特币期货合约，通常是以比特币价格指数为标的的标准化合约。
Bitcoin futures contracts, usually standardized contracts based on a bitcoin price index.
比特币交易所提供的比特币期货通常是以比特币进行交易的。期货是与现货相对的，现货是实实在在可以一手交钱一手交货的商品，而期货其实不是“货”，是承诺未来一个时间交“货”（标的）的约定（合约）—期货合约。
Bitcoin futures are usually traded in bitcoin. Futures are relative to spot goods, which are actually goods that can be delivered hand-in-hand, whereas futures are not actually “goods”, they are contractual (contractual) commitments to deliver “goods” at a certain time in the future.
标的：又叫基础资产（underlying asset），解释了买卖什么东西的问题。目前比特币期货标的都是比特币价格指数，并且结算和交割价格的产生方法都以这个指数为基础。
Mark: Also known as the underlying asset, explains what is being bought and sold. At present, the Bitcoin futures are subject to a bitcoin price index, and both settlement and delivery prices are generated on the basis of that index.
手续费：与股票交易需缴纳印花税、佣金、过户费及其他费用不同，期货交易的费用只有手续费。比特币期货交易手续费有开仓收费和平仓收费两种，即在建立仓位时收取（如OKCoin）和在平仓时收取（如796）。比特币期货手续费一般是合约总价值的0.03%。
Fees: Unlike stock exchanges, where stamp duties, commissions, house transfer fees and other charges are paid, futures transactions are charged only fees. Bitcoin futures transaction charges are two types of charges, i.e. fees charged at the time of setting up a warehouse (e.g., OKCoin) and at the time of siloing (e.g., 796 per cent of the total contract value).
保证金：保证金跟另一个概念息息相关—杠杆，一般以杠杆比例来反映收益和风险水平。如796新推的50倍杠杆（即2%保证金），它意味着投资者投入1个比特币就可以购买50个比特币的期货合约（即50倍杠杆）；
Bonds: Bonds are highly relevant to another concept - leverage, which generally reflects the level of return and risk in terms of leverage. For example, the new 50-fold leverage (or 2-per-cent bond) of 796 means that an investor can buy 50 bitcoin futures contracts (or 50-fold leverage) by investing one bitcoin;
或者从另一个角度看，投资者投入的1个比特币相当于购买到的50个比特币的2%（即2%保证金比例）。
Or, from another perspective, one bitcoin invested by investors is equivalent to 2 per cent of the 50 bitcoins purchased (i.e., the 2 per cent bond ratio).
通过50倍杠杆，期货相对于现货的收益被放大了50倍，比如同时购买1个币的现货和用1个币买多50个币的期货，假定现货和期货价格都上涨100%，那么现货赚了1个币，而期货则赚了50个币。
With 50 times leverage, futures are enlarged by 50 times the return on spot, for example by purchasing one dollar of both spot and 50 more in one currency, assuming a 100 per cent increase in both spot and futures prices, making one dollar in cash and 50 in futures.
扩展资料 extension 期货合约是买方同意在一段指定时间之后按特定价格接收某种资产，卖方同意在一段指定时间之后按特定价格交付某种资产的协议。双方同意将来交易时使用的价格称为期货价格。 The futures contract is an agreement by which the buyer agrees to receive an asset at a specified price after a specified period of time, and the seller agrees to deliver an asset at a specified price after a specified period of time. The parties agree that the price to be used in future transactions is called the futures price. 双方将来必须进行交易的指定日期称为结算日或交割日。双方同意交换的资产称为“标的”。如果投资者通过买入期货合约（即同意在将来日期买入）在市场上取得一个头寸，称多头头寸或在期货上做多。 The specified date on which the parties will have to deal in the future is referred to as a settlement or delivery date. The assets agreed to be exchanged are referred to as “targets”. If an investor acquires a position on the market by buying futures contracts (i.e. by agreeing to buy at a future date), it is known as multiple positions or doing more on futures. 相反，如果投资者取得的头寸是卖出期货合约（即承担将来卖出的合约责任），称空头头寸或在期货上做空。 Conversely, if an investor acquires the position of a futures contract (i.e. assumes responsibility for the contract to be sold in the future), it claims to be empty or empty on the futures. 参考资料：百度百科-比特币期货 References:
参考资料：百度百科-期货合约
References:
比特币期货合约有很多种，芝加哥期权交易所CBOE上线比特币期货（代号XBT），市场反应火爆，多次触发熔断机制。芝加哥商品交易所CME也上线了比特币期货（代号BTC）。
There are many kinds of Bitcoin futures contracts, with the Chicago Stock Exchange CBOE on-line Bitcoin futures (code XBT), and the market reacting hot, triggering multiple smelting mechanisms. The Chicago Commodity Exchange CME is also on-line with Bitcoin futures (code BTC).
两大比特币期货产品有以下异同值得注意：
The following are some of the similarities and similarities between the two Bitcoin futures products:
1：XBT单位为1个比特币，BTC为5个比特币。
1: 1 bitcoin for XBT units and 5 bitcoins for BTC.
2：最小价格变动：XBT为10美元/比特币，BTC为5美元/比特币。
2: Minimum price change: XBT is USD 10/bitcoin and BTC is USD 5/bitcoin.
3：XBT交易时间为北京时间周一7：00到周六早上6：00；BCT交易时间为北京时间周一7：00到周六凌晨4：15。
XBT trading hours range from 7:00 a.m. to 18:00 a.m. Beijing Time; BCT trading hours are from 19:00 a.m. to 16:00 a.m. Beijing Time.
4：仓位限制均为5000份。
4: The location limit is 5,000 copies.
5：价格熔断机制：XBT价格上下浮动超过前一天收盘价的10%，交易暂停2分钟，超过20%，交易暂停5分钟；BTC价格上下浮动超过前一天收盘价的7%或者13%，触发熔断机制，具体暂停时间尚未透露，若超过20%，交易停止。
5: The price break mechanism: the XBT price floats up or down more than 10 per cent of the price collected the previous day, the transaction is suspended for two minutes, or more than 20 per cent, and the transaction is suspended for five minutes; the BTC price floats up or down more than 7 or 13 per cent of the price collected the day before, triggering the break mechanism, the specific suspension period has not yet been revealed, and if the transaction is suspended for more than 20 per cent.
6：XBT要求44%初始保证金，即2倍左右杠杆；BTC要求35%初始保证金，即3倍左右杠杆，值得注意两家交易所均表示可根据实际情况调整保证金额度。
6: XBT requires an initial bond of 44 per cent, i.e. about two times the leverage; BTC requires an initial bond of 35 per cent, i.e. about three times the leverage, and it is worth noting that both exchanges indicated that the guaranteed amount could be adjusted according to the circumstances.
7：合约种类：XBT目前仅有3个最近月的月合约，4个最近4周的周合约和3个最近季度的季度合约正在筹划中；BTC只有4个月份合约，分别为本季度最近两个月和下一季度的最近两个月合约。
7: Type of contract: XBT currently has only three monthly contracts for the latest month, four weekly contracts for the last four weeks and three quarterly contracts for the most recent quarter are under preparation; BTC has only four monthly contracts for the last two months of the current quarter and the last two months of the next quarter, respectively.
不过除了传统金融机构出得比特币期货，目前主流的比特币期货交易所，比如BaseFEX／BitMEX等，交易的比特币期货合约一般是永续合约，是一种类似传统期货合约又拥有其独特之处的产品。
However, in addition to the Bitcoin futures from traditional financial institutions, the current mainstream Bitcoins futures exchange, such as BaseFEX/BitMEX, the traded Bitcoins futures contract is generally a permanent contract and a product similar to the traditional futures contract and with its unique features.
永续合约没有到期或者结算日。
There is no permanent contract or settlement date.
永续合约的资金费用每 8 小时产生一次。交易者只有在资金时间戳时持仓，才需要支付或收取资金费用。
The cost of a permanent contract is generated every eight hours.
仓位标记：永续合约使用合理价格标记方法。标记价格决定了未实现盈亏以及强平价格。
Dockmarks: A sustainable contract uses a reasonable price tag method. The mark price determines the unrealized gain or loss, as well as a strong flat price.
起始和维持保证金：保证金水平决定了可以使用多大的杠杆，以及在什么价格会触发强制平仓。
Commencement and maintenance of the bond: The level of the bond determines how much leverage can be used and what price triggers the forced stubble.
资金费用：多仓持有者与空仓持有者之间，每隔 8 小时定期支付费用。如果费率为正，多仓将支付，而空仓将获得资金费率。如果费率为负，则相反。请注意，交易者只有在资金时间戳时持有仓位，才需支付或收取资金费用。
If the rate is positive, the rate will be paid, and the rate will be paid. If the rate is negative, the contrary will be. Please note that the dealer will be required to pay or charge the fee only if he or she holds a warehouse space at the time the funds are stamped.
资金时间戳：UTC 2:00、UTC 10:00 和 UTC 18:00。
Funding timestamps: UTC 2:00, UTC 10 and UTC 18:00.
永续合约市场机制
Durable contract market mechanism
交易期货合约时，交易者需了解期货市场的几种机制，其中关键部分为：
When trading futures contracts, traders need to be aware of several mechanisms of the futures market, the key elements of which are:
温馨提示：
1、根据中国人民银行等部门发布的通知、公告，虚拟货币不是货币当局发行，不具有法偿性和强制性等货币属性，并不是真正意义上的货币，不具有与货币等同的法律地位，不能且不应作为货币在市场上流通使用，公民投资和交易虚拟货币不受法律保护。
2、在投资之前，建议您先去了解一下项目存在的风险，对项目的投资人、投资机构、链上活跃度等信息了解清楚，而非盲目投资或者误入资金盘。
3、以上解释仅供参考，投资者不应以该等信息取代其独立判断或仅根据该等信息做出决策，不构成任何投资操作。
应答时间：2021-02-05，最新业务变化请以平安银行官网公布为准。
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比特币合约的基础
the foundation of the Bitcoin Contract
比特币合约，是指无需实际拥有比特币也可进行交易的合约。 它与必须实际持有数字货币才可进行的币币交易有很大不同。
A bitcoin contract is a contract in which transactions can be made without the need for actual possession of bitcoin. It is very different from a currency transaction that must be actually held in digital currency.
比特币合约使你能够预测比特币的价格走势和对冲风险。 这种交易方式，意味着你投资的是价格趋势，而非资产本身。
The Bitcoin contract allows you to predict price trends and hedge risks in bitcoin. This trade means that you invest in price trends rather than assets themselves.
在交易比特币合约时，你可以决定做空还是做多。 选择做多，表明你预计比特币价格将会上涨。 另一方面，选择做空表明你预计价格将会下跌。
The choice to do more indicates that you expect bitcoin prices to rise. On the other hand, the choice to do nothing suggests that you expect prices to fall.
杠杆交易
Leverage Trading >/strang >
可以选择高杠杆率进行交易，是比特币合约的一项特性。 使用杠杆, 意味着你在进行合约交易时,不必投入100％的交易金额。 相反，你只需要存入初始保证金，而保证金额度仅占合约总价值的一小部分。
Leveraging means that you do not have to invest 100% of the transaction amount in a contract transaction. Instead, you just have to deposit the initial bond, which is only a fraction of the total value of the contract.
杠杆交易让你在风险管理的同时，用少量的资金占有较大敞口。
Leverage makes you more open with a small amount of money at the same time as risk management.
永续合约
虽然合约有许多不同类型，本文主要关注永续合约。 顾名思义，这些合约没有到期日。 使用永续合约做多或做空的交易者，可以无限期持有头寸，除非合约爆仓，这意味着他们遭受的亏损不会超过初始保证金。
Although there are many different types of contracts, the focus of this paper is on durable contracts. By definition, these contracts do not expire.
永续合约中，比特币的定价以特定的指数价格为基础。 指数价格基于多个币币交易市场上比特币的平均价格。
In permanent contracts, bitcoins are priced on the basis of specific index prices. Index prices are based on the average price of bitcoins in multiple currency trading markets.
比特币合约已成为一种非常流行的交易工具。 许多传统投资者尚未准备将资金分配到数字资产上，但仍希望从诱人的价格波动中受益，而合约交易为他们打开了大门。
Bitcoin contracts have become a very popular trading tool. Many traditional investors are not ready to allocate funds to digital assets, but still wish to benefit from attractive price fluctuations, for which contractual transactions have opened the door.
如要开启比特币合约交易，需要找到提供合约交易的交易所。 AAX平台，在合规和安全的环境中，为你提供比特币合约交易服务。
The AAX platform, in a compliance and security environment, provides you with a Bitcoin contract transaction service.
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