2020年度数字资产期货交易所行业研究报告

3. 监管2020年10月，美国司法部指控BitMEX及其高管违反《银行保密法》。

In October 2020, the United States Department of Justice charged BitMEX and its officers with a violation of the Bank Secrecy Act.

4. 485% 持仓增幅2020年12月31日，全市场合约持仓量为$170.3亿，较2020年1月1日（$35.1亿）提升485%。

On 31 December 2020, the market-wide contract held by increased by 485 per cent at $17.3 billion, or 485 per cent higher than on 1 January 2020 at ($3.51 billion).

5. 2.7大型综合交易所期货/现货成交量比值达2.7。数字货币行情走高，期货合约相对于现货的杠杆优势得以体现。

5. 2.7 large consolidated exchange futures / spot mass with a high value of 2.7. digital currency moves, reflecting the leverage advantage of futures contracts vis-à-vis spot.

6. 增长FTX、Bybit等新玩家增涨迅速，Bybit的Q4期货合约成交量超过BitMEX。同时BitZ全年成交量排名第六。

grew rapidly among new players such as FTX, Bybit, where the volume of Q4 futures contracts exceeded BitMEX. BitZ was ranked sixth in the year.

Foreword to

2020年数字资产期货市场规模增长迅速，全年市场成交量报$12,314B美元。与此同时，全市场期货合约持仓量由年初的$3.51B上升至年末$17.03B，增涨幅度达到384.9%。由于BTC、ETH价格在Q4不断刷新历史新高，20Q4数字资产衍生品季度成交量达到$5,350B美元，较Q3环比增长98.1%，期货季度成交量首次超越现货（$4,9980B）。

The market size of the digital asset futures market grew rapidly in 2020, with a total annual market turnover of $12,314B. At the same time, the full market futures contract stock increased from $3.51B at the beginning of the year to $17.03B at the end of the year, with an increase of 384.9 per cent, as BTC and ETH prices kept up to date in Q4, with a quarterly turnover of 20Q4 asset derivatives at $5,350B, an increase of 98.1 per cent over the Q3 ring, and the quarterly delivery of futures exceeded the spot for the first time ($4,9980B).

复盘全年期货合约市场，我们看到了两个现象：一是头部交易所对期货合约愈发重视，Binance、Huobi、OKEx在今年都实现了对主流资产期货合约（币本位、U本位）的覆盖；第二个现象是，永续合约的市场占比显著提升。永续合约市场占比从Q1的39%，提升至Q4的84%。

The year-round futures contracts market has seen two phenomena: Binance, Huobi, and OKEx have achieved coverage of mainstream asset futures contracts (currency, U) this year; and the second is that the market for durable contracts has increased significantly. The market for durable contracts has risen from 39% in Q1 to 84% in Q4.

期货交易所方面，BitMEX由于合规的问题，平台用户出现了严重的流失现象，全年成交规模增长并不显著。相反，Bybit、FTX在2020年实现快速增长，市场份额提升明显。2020年Q4，Bybit季度成交量超过BitMEX。

In terms of futures exchanges, BitMEX experienced a significant loss of platform users due to compliance problems, with no significant year-round increase in the scale of transactions. Bybit, FTX, on the contrary, achieved a rapid increase in 2020, with a marked increase in market share. Q4, Bybit had a quarterly turnover of more than BitMEX in 2020.

随着监管细化和产品创新，数字资产市场的竞争格局也经历了一定调整。随着机构投资者开始对数字资产进行配置，合规交易所显然更加符合机构投资者的需求。2020年12月31日，芝加哥商品交易所（CME）成为全市场BTC期货合约持仓量最大的交易平台。

As institutional investors begin to configure their digital assets, the compliance exchange is clearly more responsive to the needs of institutional investors. On December 31, 2020, the Chicago Commodity Exchange (CME) became the market-wide trading platform for the biggest BTC futures contract.

在主力合约占比上，20Q3受DeFi崛起的影响，BTC合约市场占比大幅下降。在市场行情走高的Q4，BTC合约交易量占市场总交易量的约63%。

In terms of the ratio of major contracts, 20Q3 was affected by the rise of DeFi, and the BTC contract market was significantly reduced. The BTC contract volume was about 63 per cent of the total market volume at the top of the market.

不同平台产品的完善注定了2021年的竞争将会更加激烈，甚至直白。对利益的争夺，使得平台通常忽略了用户教育，过分强调收益，利用部分赚钱用户的数据吸引其他用户，却忽略了交易所本质只是平台，个别用户赚钱还是损失对平台本质没有区别，不仅降低用户寿命，还导致平台用户结构不健康，经营模式不可持续。

The perfecting of different platform products is destined to increase competition in 2021, or even to be straightforward. The competition for benefits often results in the platform neglecting user education, over-emphasizing benefits, using some of the profitable user data to attract other users, while ignoring the fact that the exchange is simply a platform, and whether individual users earn money or lose no difference from the platform’s essence, not only reducing the user’s longevity, but also leading to the platform’s unhealthy user structure and unsustainable business model.

随着大型平台产品的完善程度提高，依赖于特色产品突出重围的机会将会逐渐减少，交易所的头部效应将会进一步加剧。而未来交易所之间的竞争将会围绕着以下三个类型的交易所之间进行：现有大型数字资产交易所，传统机构在获得牌照之后成立的交易所，以及去中心化交易所。

As large platform products improve, the opportunity to rely on niche products for prominent re-entry will diminish, and the top-level effects of the exchange will intensify. Competition between future exchanges will revolve around three types of exchanges: existing large digital asset exchanges, exchanges established by traditional institutions after obtaining license plates, and decentralized exchanges.

现在您可以登陆https://www.tokeninsight.com/随时随地查看实时关于二级市场，不同交易所、不同资产的交易数据。更多关于2020年数字资产期货市场的数据情况，Please Enjoy the Report.

At https://www.tokeninsight.com, you can see real-time transaction data on secondary markets, different exchanges, and different assets.

Wayne, TokenInsight COO

wayne@tokeninsight.com

2021.01.18

1. 行业追踪

1. Industry tracking

Q1

① OKEx正式上线比特币欧式期权产品；

1 OKEx official online Bitcoin Euro option product;

② FTX交易所推出2020年美国总统大选预测期货合约；

2 The FTX Exchange launched a forward-forward contract for the 2020 presidential election of the United States;

③ Bakkt被确定为洲际交易所（ICE）业绩增长的重要因素，洲际交易所（ICE）每股收益同比增长至0.95美元；

Bakkt was identified as an important factor in the growth of the performance of the Intercontinental Exchange (ICE), which increased to $0.95 per share on a year-on-year basis;

④ Bybit推出USDT永续合约；

4 Bybit's launch of the USDT permanent contract;

Q2

① Binance宣布以$4亿收购CoinMarketCap；

1 Binance announced the purchase of CoinMarketCap for $400 million;

② Huobi DM升级为Huobi Futures，并继续保持衍生品市场成交量第一名；

2 Huobi DM upgraded to Huobi Futures and continued to be number one in the derivatives market;

③ 期权交易所Deribit停止向日本用户提供服务；

3 The stock exchange Deribit stopped providing services to Japanese users;

④ BitMEX前COO Angelina Kwan加入Deribit的投资者董事会；

4 BitMEX's former COO Angelina Kwan joined Deribit's Investor Board;

⑤ Hopex推出牛熊证；

5 Hoppex's launch of the cattle bear certificate;

⑥ 欧洲剑桥区块链技术发展趋势慈善基金会评比“全世界十大合规管理数据交易中心”，Bitcoinwin交易所入选。

6 The Charitable Foundation for the Development of Technology in the European Cambridge Block Chain rated the “Ten Compliance Management Data Trading Centers worldwide”, which was selected for the Bitcoinwin Exchange.

Q3

① Matrixport推出自己的衍生品交易所Bit.com；

1 Makirxport launched its derivatives exchange Bit.com;

② Huobi上线期权合约，为业界首个USDT本位正向期权合约；

2 Huobi online options contract, which is the first USDT-based contract in the industry;

③ Huobi USDT/USD永续合约正式上线，支持1x-1000x倍数；

3 Huobi USDT/USD permanent contract officially online, supporting 1 x-1000 x multipliers;

④ Bit.com的比特币期权总交易额超 3.6 亿美元，仅次于 Deribit 与CME；

4 Bit.com's total Bitcoin options amount to over $360 million, after Deribit and CME;

⑤ Bingbon与慢雾科技达成安全战略合作；

5 Bingbon's security strategy cooperation with slow fog technology;

Q4

① 芝加哥商品交易所BTC期货未平仓量超越Binance；

1 BTC futures of the Chicago Commodity Exchange have not been levelled out beyond Binance;

② BitZ三周年品牌升级“币在”中文名正式启用；

2 BitZ's third-year brand upgrade, “The Currency is” officially launched in Chinese;

③ 2020年10月Bitcoinwin交易所上线交易社区功能；

3 Community function of on-line trading at Bitcoinwin Exchange in October 2020;

④ Deribit交易所推出执行价为10万美元的BTC看涨期权；

4 The Deribit Exchange introduced the implementation of the BTC upscaling option at a cost of $100,000;

⑤ 2020年Q4，数字资产衍生品季度成交量首次超越现货；

5 Q4 2020, the quarterly delivery of digital asset derivatives exceeded the spot for the first time;

⑥ bit.com12月比特币期权成交量达到 14 亿美元，超越CME；

6 bit.com December Bitcoin options amounting to $1.4 billion, exceeding CME;

⑦ FTX上线Coinbase的Pre IPO期货合约；

7 Pre IPO futures contract for FTX online Coinbase;

⑧ 芝加哥期权交易所宣布将创建数字资产衍生指数；

8 The Chicago Stock Exchange announced the creation of a digital asset derivative index;

⑨ TradingView 正式上线 Bingbon交易图表。

9 TradingView officially online Bingbon trading chart.

2. 数字资产交易所行业生态图景

2. An ecological picture of the digital asset exchange industry

3. 交易动态

3. Transactional dynamics

3.1 市场成交量

3.1 Market transaction

“ 2020年数字资产期货市场总成交量$12.3万亿美元，Q4成交量历史首次超越现货

“The total volume of the digital asset futures market in 2020 was $12.3 trillion, with the Q4 volume history surpassing the spot for the first time

TokenInsight对43家数字资产交易所的衍生品全年交易数据进行搜集整理，结合市场情况对衍生品交易所进行分类对比。本文重点在于对2020年期货市场成交情况进行详细研究。

TokenInsight collects year-round transaction data on derivatives from 43 digital asset exchanges and compares derivatives exchanges with market conditions. The focus here is on a detailed study of futures market transactions in 2020.

2020年，数字资产期货市场成交量为$12,314B美元。其中2020年Q4数字资产期货成交量达$5,350B美元，较上季度环比增长98.1%，期货季度成交量首次超越现货（$4,998B）。

In 2020, the digital asset futures market was traded at $12,314B. Of this amount, the Q4 asset futures were delivered at $5,350B in 2020, an increase of 98.1 per cent over the previous quarter ring, and quarterly futures were delivered for the first time over the spot ($4,998B).

2019Q4-2020Q4全市场期货成交量，来源：TokenInsight

2019Q4-2020 Q4 All-market futures, source: TokenInsight

同期数字资产现货全市场成交量如下图所示，2020年数字资产现货全市场成交量达$21,083B。不同于数字资产期货季度成交量的不断增长，现货市场成交规模在2020年并没有表现出明显的增长趋势。

During the same period, as shown in the figure below, the real stock of digital assets reached $21,083B in 2020. Unlike the growing quarterly stock of digital assets futures, the size of the stock market did not show a clear growth trend in 2020.

2020年各季度全市场现货成交量，来源：TokenInsight

Market-wide spot turnover by quarter 2020, source: TokenInsight

2020年数字资产期货成交总量约为数字资产市场总成交量的36.87%，较2019年衍生品18.12%的全市场成交量占比提升18.75%。2020年Q4期货成交实现全年最大增幅，突破5万亿美元。

The total volume of digital asset futures transactions in 2020 was approximately 36.87 per cent of the total stock of the digital asset market, and 18.75 per cent higher than the 18.12 per cent total market volume of 2019 derivatives. The maximum annual increase in the delivery of Q4 futures in 2020 was achieved.

2020年期货与现货成交量对比，来源：TokenInsight

Futures versus spot turnover in 2020, source: TokenInsight

“ 四季度比特币价格突破历史，投资者交易热情高涨，数字资产衍生品市场成交量全面爆发

“Four-quarter Bitcoin prices have broken through history, investor trade has been booming, and the digital asset derivatives market has been full-blown

2020年数字资产期货市场日均成交量为$33.23B，最高单日交易出现于12月27日，报$142.9B美元；而最低单日交易则出现在7月19日，报$9.26B美元。伴随着下半年市场行情走高，数字资产期货成交量屡次突破历史新高，Q4期货成交规模相较于Q1增长达154%。

The digital asset futures market in 2020 averaged $33.23B per day, the highest single-day transaction in appeared on 27 December, and the lowest single-day transaction occurred on 19 July, at $9.26B. With the high market performance in the second half of the year, the volume of digital asset futures was repeatedly outpaced by historical highs, with the volume of Q4 instalments increasing by 154 per cent compared to Q1.

2020年全市场期货和现货逐日成交量，来源：TokenInsight

Market-wide futures and spot traffic by day, 2020, source: TokenInsight

2020年上半年，数字资产期货成交量的增长并不明显。受新冠疫情影响，全球金融资产流动性均受到冲击。BTC期货在3月12日同样经历了大规模抛售，数字资产期货持仓量一度出现大幅萎缩。当日全市场数字资产期货持仓量下降达28%，且3月期货持仓量为2020年全年最低。

In the first half of 2020, the growth in the stock of digital asset futures was not significant. Global liquidity of financial assets was hit by the new crown epidemic. BTC futures were similarly sold on a large scale on March 12, with a significant contraction in the stock holding of digital asset futures.

2020年下半年，DeFi成为Q3的最大热点，吸引了大量资金涌入，重新建立了行业信心。同时，数字资产价格从流动性危机中恢复，期货日度成交量恢复到$80B附近。在Q4，随着Microstrategy、Square、Grayscale等大型机构投资BTC，现货市场被唤醒，期货成交量大幅抬升,共同推动着11月27日数字资产单日成交量首次超越$140B。12月下旬，BTC、ETH等主流数字资产的价格再次突破新高，全市场期货成交量迅速恢复，稳步上行。

In the second half of 2020, DeFi became the biggest hotspot in Q3, attracting a massive influx of funds and re-establishing industry confidence. At the same time, digital asset prices recovered from the liquidity crisis, and futures were returned to close to $80 B. In Q4, the prices of mainstream digital assets such as BTC and ETH were again at a new height, with the investment of large institutions such as Microstratey, Square, Grayscale, etc., the spot market awakened, futures were substantially increased, and the volume of futures was jointly driven by the first single-day turnover of digital assets on 27 November beyond $140B. In late 12, the prices of mainstream digital assets, such as BTC and ETH, were again at a new high level, rapidly recovering and steadily moving up.

3.2 市场持仓量

3.2 Market holdings

“ 2020年数字资产期货持仓量稳步抬升，数字资产的长期配置价值逐渐显现

“Digital asset futures holdings increased steadily in 2020, and the long-term configuration value of digital assets gradually became apparent

2020年，全市场持仓量（Open Interest）由年初的$3.51B上升至年末的$17.03B，增幅达384.9%。根据TokenInsight整理的2020年期货日持仓量数据，2020年市场持仓量和BTC价格呈现不明显正相关(相关系数为0.07）。

In 2020, the market holdings (Open Interest) rose from $3.51B at the beginning of the year to $17.03B at the end of the year, an increase of 384.9 per cent.

2020年各月末全市场期货持仓量，来源：TokenInsight

Market-wide futures holdings, late 2020, source: TokenInsight

2020年上半年，数字资产价格处于震荡区间。全市场期货持仓量的增长并不明显。尤其在经历“3.12”的流动性冲击之后，数字资产期货持仓量一度出现大幅萎缩。2020年Q3，比特币在10,000美元附近震荡，期货持仓量同样较为稳定，维持在$8B附近。综合全年来看，期货持仓量大幅抬升发生在20年Q4。十一月份的数字资产牛市使得持仓量迅速走高，月末期货持仓量较上月增长45%。在十二月份上旬市场经历的短暂向下调整中，期货持仓量并未出现明显变化。12月下旬，BTC、ETH等主流数字资产的价格再次突破新高，全市场持仓量再次稳步上行，截至20年12月31日，期货持仓量达$17.03B。

During the first half of 2020, the price of digital assets was in a shock zone. The growth in stock holding in the market as a whole was not significant. There was a significant contraction in the stock holding of digital assets, especially after the liquidity shock of 3.12.

20年Q4，以BTC、ETH为代表的数字资产表现强势，增加了投资者对期货的配置需求，使得期货持仓量大幅提升。与现货相比，期货具备更高的杠杆属性，在资产价格出现明显增长的情况下，期货可以为交易者带来更多收益。参考传统金融市场期货规模，TokenInsight看好数字资产期货持仓量在2021年的进一步增长。

20 years Q4, the strong performance of digital assets, represented by BTC and ETH, has increased investors' demand for futures configuration, resulting in a significant increase in future stock holdings. has a higher leverage profile than spot prices, and futures can yield more gains to traders in the face of a marked increase in asset prices. TokenInsight sees a further increase in future stock holdings in 2021 by reference to the size of traditional financial markets.

2020年全市场逐日持仓量与BTC价格对比，来源：TokenInsight

Market-wide holdings in 2020 compared to BTC prices, source: TokenInsight

4. 交易所分析

Exchange analysis .

4.1 交易所整体对比

4.1 Comparison of the Exchange as a whole

“ 数字资产期货市场成交排名前三的交易所合计份额达50%，期货成交相比于现货更加集中

“The total share of the top three exchanges in the digital asset futures market is 50 per cent, and futures are more concentrated than on hand

本年度数字资产期货交易所成交量如下图所示。市场排名前三的交易所分别为Huobi Futures、Binance Futures、OKEx，成交量占比合计达50%，而同期现货成交量前三的交易所合计市场占比仅为9%，表明数字资产期货成交分布相对集中。

This year's digital asset futures exchange turnover is shown in the figure below. The top three markets, Huobi Futures, Binance Futures and OKEx, respectively, accounted for 50 per cent of the total, while the top three stock exchanges combined accounted for only 9 per cent of the total over the same period, indicating a relatively concentrated distribution of futures delivery of digital assets.

2020年期货交易所成交量（不含交易量异常的交易所）和市场集中度，来源：TokenInsight

Futures Exchange transaction (other than exchange with unusual trading volumes) and market concentration, 2020, source: TokenInsight

注：BitZ、Hopex、Bitforex未完全开放API交易

Note: BitZ, Hopex, Bitforex are not fully open for API transactions

现货与衍生品市场的行业集中度差距，一定程度上是由于期货市场的专业性更强，需要交易平台具备专业的研发能力和风险控制机制，因此对于具备规模优势的大型交易所来说，在衍生品业务上具备一定优势进行展业。

The industry concentration gap between spot and derivative markets is due in part to the more professional nature of futures markets and the need for trade platforms to have specialized R & D capabilities and risk control mechanisms, thus providing a certain advantage in derivatives operations for large exchanges with economies of scale.

TokenInsight以衍生品总成交量为衡量标准，将排名前五的交易所成交量与市场总成交量进行对比，如下图所示：

TokenInsight compares the top five exchanges with the market totals, as measured by the total volume of derivatives, as shown in the figure below:

2020年各季度前五期货交易所成交量市场占比，来源：TokenInsight

Market share of transactions on the first five futures exchanges, by quarter 2020, source: TokenInsight

2020年，衍生品成交前五的交易所中，Huobi Futures和Binance Futures的衍生品年度成交量均超2万亿美元，OKEx以1.59万亿美元紧随其后。综合全年来看，成交量前五交易所的整体市场份额略有下降。但其中Binance增长明显。2020年Binance在数字资产期货市场份额从Q1的11%上升到Q4的22%，在前五交易所中市场增速最快。2020年Q4，Binance期货成交量达1,1704.8亿美元，超过Huobi Futures同期的8,478亿美元，成为期货市场成交份额最高的数字资产交易所。

In 2020, the annual turnover of derivatives from Huobi Futures and Binance Futures exceeded $2 trillion in each of the top five exchanges, followed by an exchange of $1.59 trillion, with a slight decline in the overall market share of the top five exchanges from throughout the year. However, Binance grew significantly. In 2020, Binance's share in the digital asset futures market rose from 11 per cent to 22 per cent of Q4, the fastest increase in the first five exchanges. In 2020, Q4, Binance's stock delivery reached $1,170.480 billion, surpassing Huobi Futures' share of $847.8 billion over the same period, making it the largest stock exchange in futures markets.

2020年前五家期货交易所成交量市场结构，来源：TokenInsight

Market structure of the five futures exchanges by 2020, source: TokenInsight

2020年Top6期货交易所成交量排名，来源：TokenInsight

Top6 futures exchange ranking, 2020, source: TokenInsight

4.2 大型期货交易所

4.2 Large futures exchange

“ 大型期货交易所成交集中于永续合约，Bybit交易所在大型期货交易所中Q4期货成交量排名第一

“Major futures exchange deals focus on permanent contracts, and Bybit exchanges rank first among the major futures exchanges for Q4 futures.

TokenInsight以2020年成交总量超$300B，且主要提供期货合约交易为标准进行分类，筛选出Bybit、FTX和BitMEX共三家大型期货交易所。大型期货交易所专注于以期货和期权为主的数字资产衍生品交易赛道，而从产品构成来看，大型期货交易所成交量均主要来自永续合约。从市场份额角度看，BitMEX由于受监管事件影响，Q4表现相对不佳。

TokenInsight classifies three major futures exchanges: Bybit, FTX, and BitMEX, based on a total volume of over $300B in 2020, and provides mainly futures contract transactions. selects three large futures exchanges. major futures exchanges focus on derivatives of digital assets with a dominant interest in goods and futures, while by product composition , in terms of market share, BitMEX performed relatively poorly as a result of regulatory events.

2020年大型期货交易所逐日成交量，来源：TokenInsight

Large futures exchanges, day by day, 2020, source: TokenInsight

2020年大型衍生交易所成交量占比，来源：TokenInsight

Large derivative exchange turnover ratio, 2020, source: TokenInsight

在大型期货交易所中，Bybit在Q4实现大幅增长，日均成交量达到$3.18B，一举超越BitMEX（$2.64B），期货成交量在大型期货交易所中排名第一；而FTX凭借自身的期货合约产品创新，同样取得了迅速增长。FTX在20年Q1的日均成交量为$0.84B，而Q4日均成交量达到$1.76B，相较Q1增幅达109.5%。

Among the large futures exchanges, Bybit achieved significant growth in Q4, with an average daily turnover of $3.18B, exceeding BitMEX ($2.64B), with futures delivery ranked first among the large futures exchanges, while FTX also achieved rapid growth with its own product innovation for futures contracts. The average daily turnover of FTX in Q1 was 0.84B in 20 years, while the average daily turnover of Q4 reached $1.76B, an increase of 109.5 per cent over Q1.

2020年大型期货交易所季度成交量，来源：TokenInsight

Quarterly turnover of major futures exchanges in 2020, source: TokenInsight

4.3 大型综合交易所

4.3 Large integrated exchange

“ 2020年大型综合交易所期货成交量大幅增长，Binance市场份额提升11%

“The volume of futures in major integrated exchanges increased significantly in 2020, and the market share of Binance rose by 11%

由于现货市场增长幅度有限，期货市场已经成为2020年数字资产交易市场的最大增长动力。如左图所示，2020年大型综合交易所Binance Futures 、Huobi Futures和OKEx的现货交易量均不及期货交易量的一半，大型综合交易所的现货成交占比远低于63%的全市场平均水平，侧面反映出大型综合交易所在平台经营逐渐向期货业务方向倾斜。

Because of the limited growth of the spot market, the futures market has become the largest engine of growth in the digital asset trading market in 2020. As shown in the left figure, in 2020, neither the large integrated exchange Binance Futures, Huobi Futures and OKEx had as much as half the volume of futures transactions, and the large integrated exchange had as much as 63% of the market average, reflecting a gradual shift towards futures operations by large integrated exchanges operating at the platform.

Huobi Futures的期货成交量为其现货成交量的4.1倍，占其总成交量的80.39%，为期货业务比重最大的大型综合交易所。Binance Futures 与OKEx期货成交量占总交易量份额则分别为66.6%和72.9%。三家大型综合交易所均具备较为完整的数字资产衍生产品线，可交易数字资产交割合约、永续合约和期权等多种衍生品合约。

Huobi Futures has a futures delivery of 4.1 times its current stock, accounting for 80.39% of its total stock, and a large integrated exchange with the largest share of its business. Binance Futures and OKEx will have a share of the total volume of transactions of 66.6% and 72.9%, respectively.

在期货业务增长方面，大型综合交易所的期货合约日成交量在本年均有大幅提升。截至2020年12月31日，Binance Futures日成交量增幅达1.02%[1]，远超市场平均（0.65%）。Huobi Futures与OKEx日成交量增幅分别为0.65%和0.29%。

In terms of the growth of futures operations, the volume of futures contracts for large integrated exchanges has increased significantly during the year. By 31 December 2020, the volume of Binance Futures on hand had increased by 1.02 per cent [1], well beyond the market average (0.65 per cent). Huobi Futures and OKEx on hand had increased by 0.65 per cent and 0.29 per cent, respectively.

[1] 日均成交量的增长率是通过计算全年交易量的几何增长率得出

[1] The growth rate of average daily turnover is derived from the geometric increase in the calculation of the volume of transactions for the year as a whole

2020年大型综合交易所期货逐日成交量，来源：TokenInsight

Large integrated exchange futures on a day-to-day basis, 2020, source: TokenInsight

2020年大型综合交易所期货/现货成交量比例，来源：TokenInsight

Large integrated exchange futures/current stock delivery ratio, 2020, source: TokenInsight

2020年Q4，随着数字资产价格屡创新高，用户者投资意愿强烈。从日均数据角度看，大型期货交易所的成交活跃度在Q4均有明显提升。结合全年业务增长表现，Binance的期货业务增速明显，市场份额从Q1末的11%增长至Q4末的22%，增长率达100%。

Q4, in 2020, as the prices of digital assets were innovatively high, there was a strong willingness on the part of users to invest. From the point of view of daily averages, the turnover of large futures exchanges increased markedly in Q4. In conjunction with business growth performance throughout the year, Binance’s futures business grew at a significant rate, increasing its market share from 11% at the end of Q1 to 22% at the end of Q4, with a growth rate of 100%.

2020年大型综合交易所期货季度日均成交量，来源：TokenInsight

Average volume of major integrated exchange futures per day in 2020, source: TokenInsight

2020年Binance期货成交量市场份额变化，来源：TokenInsight

Change in market share of Binance futures delivery, 2020, source: TokenInsight

2020年大型综合交易所的持仓量也在逐渐提升。其中，Binance Futures期货持仓量由年初的$0.14B增长至年末的$2.81B，平台全年期货持仓量提升超20倍，增长最为显著。Huobi Futures和OKEx期货持仓量则由年初的$0.52B、$1.25B，分别提升至年末的$1.81B、$1.91B。其中，OKEx平台持仓量上升最为缓慢，全年期货持仓量仅增长60%，远低于市场平均水平。Huobi Futures在持仓量上的表现相对均衡，全年持仓量提升3.5倍。综上所述，大型综合交易所的期货合约持仓在2020年发生较大变化，Binance的持仓市场份额提升明显。

In , the stock holdings of Binance Futures increased from $0.14B at the beginning of the year to $2.81B at the end of the year, and the platform increased its stock capacity over the year by more than 20 times, with the most notable increases. Huobi Futures and OKEx stock holdings rose from $0.52B at the beginning of the year to $1.81B and $1.25B at the end of the year, respectively. Of these, the stock holdings of the OKEx platform grew at a slower rate than at the end of the year, with annual stock holdings increasing by only 60 per cent, far below the market average.

2020年大型综合交易所期货逐日持仓量，来源：TokenInsight

Large integrated exchange futures held daily in 2020, source: TokenInsight

4.4 合规交易所

4.4 Compliance Exchange

“ 机构资金对于数字资产的配置需求增加，CME比特币期货合约持仓量市场第一

“Increased demand for agency funds for the allocation of digital assets, CME bitcoin futures contracts first in the stock market

Bakkt、CME 和Kraken Futures（Crypto Facilities）为本次报告所覆盖的合规交易所，本年度三家交易所的成交量共计$75.14B。三家合规交易所中，CME是目前数字资产期货成交规模最高的合约交易所，季度成交量由Q1的$6.83B增长至$47.9B，季度几何增长率达94.5%，为2020年增速最快合规交易所。Bakkt专注于BTC交割合约服务的提供，成交规模变化不大；Kraken期货业务成交量则从Q1的$6.15B增长到$24.5B。

Bakkt, CME and Kraken Futures (Crypto Facilies) are the compliance exchange covered by this report, accounting for a total of $75.14B for the current year's three exchanges . Of the three compliance exchanges , CME is currently the largest contract exchange for the delivery of futures of digital assets, with quarterly deliveries increasing from $6.83B of to $47.9B, and quarterly geometric growth from to $94.5 per cent for the fastest compliance exchange in 2020. Bakkt focused on the delivery of contract services by BTC, with little change in scale; and the quarterly delivery of Kraken goods increased from $6.15B to $24.5B of Q1.

2020年合规交易所期货成交量概览，来源：TokenInsight

Overview of futures delivery by the Compliance Exchange in 2020, source: TokenInsight

合规交易所在持仓量方面的表现相对突出。2020年12月31日，CME的BTC期货合约未平仓合约数与Binance Futures、OKEx并列市场第一。尽管CME在成交量方面远低于Binance Futures与OKEx，但随着机构投资者开始对数字资产进行配置，合规交易所显然更加符合机构投资者的需求。如果未来监管规则进一步细化，具备合规牌照可能会成为这些交易所的核心优势。

On December 31, 2020, the BTC futures contract of the CME was ranked first in the Binance Futures and OKEx market. , while CME was far below Binance Futures and OKEx in terms of turnover, the compliance exchange was clearly more in line with the needs of institutional investors as institutional investors began to configure their digital assets.

2020年12月31日交易所期货持仓量排名，来源：TokenInsight

Exchange futures ranking as at 31 December 2020, source: TokenInsight

4.5 新兴交易所

4.5 Emerging Exchanges

“ 新兴交易所 Bingbon 偏重于全球化与合规经营

“Emergency Exchange Bingbon focuses on globalization and compliance

Bingbon于2018年注册于爱沙尼亚。Bingbon虽然是一家新兴交易所，不过对于监管合规十分重视，平台具备多个国家和地区的从业牌照，根据牌照要求，对不同地区的用户做不同程度的KYC和合格交易者评测。另外，平台在产品设计方面较为贴近用户。Bingbon以正向永续合约为主要产品，用户在账户拥有USDT就可以进行合约的交易，操作更加方便，简单易懂。为匹配用户需求，Bingbon也推出了专业合约交易与标准合约交易两个产品，供机构投资者和普通用户选择。

Bingbon is registered in Estonia in 2018. Bingbon, although an emerging exchange, attaches great importance to regulatory compliance, and the platform has several national and regional license plates that allow users in different regions to be evaluated for different degrees of KYC and qualified traders. In addition, the platform is closer to its users in product design. Bingbon is a major product, making it easier and easier for users to contract in an account with USDT. To match user needs, Bingbon also offers two products for both professional contract trading and standard contract trading, for choice by institutional investors and general users.

Bingbon注重平台的全球化发展，根据Bingbon的披露，平台70%的用户来自海外。Bingbon未来会重点拓展欧美、俄罗斯、东南亚和韩国市场，深耕本土，做好本地化运营。

Bingbon focuses on the globalization of the platform, which, according to Bingbon, has 70% of its users from overseas. Bingbon will focus on expanding markets in Europe and the United States, Russia, South-East Asia, and South Korea, deep-deeping and localizing.

新兴数字资产交易所 Bingbon 监管牌照，来源：TokenInsight

Bingbon Regulatory License, Source: TokenInsight

“ 新兴交易所 Bitcoinwin目标在于提高用户交易胜率

“The aim of the emerging exchange Bitcoinwin is to improve the success rate of the user transaction

Bitcoinwin在2018年成立于加拿大多伦多，已获得澳大利亚金融监管机构颁发的数字货币交易牌照。作为新兴交易所，Bitcoinwin非常注重监管合规要求，致力于保护客户资产和隐私安全。在发展目标上，Bitcoinwin的目标与大多数衍生品交易所并不完全相同。Bitcoinwin不发布平台通证，避免通证发行的集资行为；不提供API接口，平台认为此举可防止高频交易者通过量化交易损害普通投资者利益。值得注意的一点是，Bitcoinwin对数字资产交易对的选取十分严格，目前平台主要支持用户对BTC、BCH、ETH等主流数字资产的投资交易，这说明平台重视对用户投资安全的保护。TokneInsight将会对这家交易所的发展进行持续跟踪。

Bitcoinwin, founded in Toronto, Canada, in 2018, has obtained a digital currency trading license issued by the Australian financial regulator. Bitcoinwin, as an emerging exchange, focuses heavily on regulatory compliance requirements and is committed to protecting customer assets and privacy. In terms of development objectives, Bitcoinwin’s goals are not exactly the same as most derivatives exchanges. Bitcoinwin does not issue a platform pass to avoid the collection of funds for the issuance of a pass; it does not provide an API interface, which the platform believes would prevent high-frequency traders from quantifying transactions to the detriment of ordinary investors. It is worth noting that Bitcoinwin’s selection of digital asset transactions is very rigorous, and currently mainly supports users’ investment transactions in mainstream digital assets such as BTC, BCHETH, and others, which demonstrates the platform’s emphasis on the security of users’ investments.

5. 产品概览

5. Product Overview

5.1 合约分布

5.1 Contract distribution

“ 2020年永续合约成交量占比大幅增长，牢牢占据市场主流地位

“A significant increase in the share of permanent contracts in 2020, firmly entrenched in the mainstream of the market

2020年全年，数字资产交易所在期货合约市场中布局积极。以大型综合交易所为例，Huobi Futures推出永续合约，而Binance Futures增加了币本位永续合约以扩展衍生品业务产品线。综合全年市场表现来看，永续合约的市场份额提升明显，2020年Q4永续合约成交量市场占比达83.49%，而2020年第一季度仅为39.1%。这一转变表明，2020年数字资产期货交易者重心已由交割合约转向永续合约。由于各交易所自身战略定位的产品策略不同，TokenInsight以年度成交量$300B以上的六家大型交易所为例，分析两类合约的市场占比，详情如下：

In 2020, the Digital Assets Exchange was active in futures contracts markets. In the case of large integrated exchanges, Huobi Futures introduced permanent contracts, while Binance Futures increased currency-based durable contracts to expand derivative business product lines. In aggregate year-round market performance, there was a marked increase in the market share of permanent contracts, with a ratio of 83.49% for Q4 permanent contracts in 2020 and only 39.1% for the first quarter of 2020, showing a shift from digital asset futures traders to permanent contracts in 2020. TokenInsight analysed the market share of both types of contracts as a result of the different product strategies strategically positioned by the exchanges themselves, using six large exchanges with an annual turnover of over $300B, as follows:

2020年大型期货/综合交易所合约分布对比，来源：TokenInsight

Comparison of the distribution of major futures/integrated exchange contracts in 2020, source: TokenInsight

20年全市场永续合约成交量市场份额，来源：TokenInsight

20-year market-wide sustainable contract with market share, source: TokenInsight

2020年，Huobi Futures和OKEx的永续合约成交量占比分别为41.3%和32.9%，为大型综合交易所中永续合约占比最低，其主要原因在于，Huobi Futures 和OKEx均有规模较大的交割产品业务，在基数效应的影响下，永续合约作为新型衍生产品，成交份额相对较低。在2020年Binance Futures的期货业务增长主要来自永续合约，永续合约成交占比达到96.2%。BitMEX作为永续合约的推出者，其永续合约的成交占比达86.8%，FTX的永续合约成交占比达86.1%。而Bybit专注发力于永续合约产品条线，无交割产品。

In 2020, the permanent contracts of Huobi Futures and OKEx accounted for 41.3 per cent and 32.9 per cent respectively, respectively, and were among the lowest in large integrated exchanges. The main reason was that Huobi Stuarts and OKEx had large cut-off operations with relatively low shares as new derivatives, influenced by base effects. In 2020, the futures of Binance Futures grew mainly from permanent contracts, with 96.2 per cent.

5.2 主力合约

5.2 Main Force Contract

“ 20Q3受DeFi崛起的影响，BTC合约市场占比大幅下降

“20Q3 influenced by the rise of DeFi, the BTC contract market share has declined significantly

2020年Q1数字资产投资者的期货交易集中于以BTC、ETH、EOS为代表的主力合约，三类合约市场占比共计达90%。Q2全球经济受到疫情冲击，在“312事件”的影响下，数字资产价格剧烈波动。或许投资者出于安全考虑，三大主力合约（即BTC、ETH和EOS）成交量占比进一步抬升，全市场成交占比到95%。Q3由于DeFi的火热，ETH合约成交量市场占比从10%上升到16%，提升幅度超过50%。BTC合约当季成交量占期货全市场成交量65%，较上季度减少17%。在20年Q4，BTC市场份额进一步缩水，占比约63%；ETH市场占比15%，基本维持不变。

The futures transactions of Q1 digital asset investors in 2020 were concentrated on the main contracts represented by BTC, ETH, EOS, with three types of contract markets accounting for a total of 90 per cent. Q2 The global economy was hit by the epidemic, with digital asset prices volatile as a result of the “312 events”. , perhaps because of security concerns, the stock of the three major contracts (i.e. BTC, ETH, and EOS) increased further and the market share of the whole market was 95 per cent. Q3 increased from 10 per cent to 16 per cent as a result of the fire heat of DeFi, with an increase of more than 50 per cent. .

2020年各季度主力合约市场份额，来源：TokenInsight

Market share of major contracts by quarter 2020, source: TokenInsight

6. 热度与用户分布

6. Heat and user distribution

6.1 用户热度

6.1 User heat

“ 关键词“Bitcoin Futures”搜索热度在四季度峰值，中国（包含香港和台湾地区）、美国热度居高

"The keyword "Bitcoin Futures" search for heat peaks in the fourth quarter, China (including Hong Kong and Taiwan) and the United States for high heat

TokenInsight对2020年数字资产期货关键词热度进行复盘，以对全球BTC期货热度进行分析。

TokenInsight conducted a review of the 2020 digital asset futures keyword heat to analyse the global BTC futures heat.

如下图所示，以数字资产期货相关搜索词中热度分布较广的关键词“Bitcoin Futures”为例，2020年“Bitcoin Futures”的热度趋势整体处于震荡状态，波动较大，热度值于年末底达到本年峰值[2]（100）。可以发现，“Bitcoin Futures”的搜索热度与BTC的行情波动有关，在“312”事件与12月份BTC牛市时间段内，“Bitcoin Futures”的搜索热度均超过80。

As shown in the figure below, for example, in the case of the key word “Bitcoin Futures” with a wider heat distribution in the search terms related to digital assets, the overall trend of “Bitcoin Futures” in 2020 was in a tremor state of

[2] 峰值度量：热度数值代表相对于图表中指定区域和时间内最高点的搜索热度，热度最高的得 100 分；热度是前者一半的为50；无足够数据的为0。

[2] Peak measure: The heat value represents the highest of 100 points compared to the search heat of the designated area and the maximum point in the chart; the heat is 50 for half of the former; no sufficient data is available for 0.

2020年 Bitcoin Futures Google热度趋势图，来源：Google Trend；TokenInsight

2020 Bitcoin Futures Google heat trend map, source: Google Trend; TokenInsight

搜索热度来源方面，热度排名前五的国家/地区为中国（100）、美国（100）、加拿大（91）、澳大利亚（81）、新加坡（78）。

With regard to the source of heat, the top five countries/areas were China (100), the United States (100), Canada (91), Australia (81) and Singapore (78).

2020年 Bitcoin Futures Google热度分布图，来源：Google Trend；TokenInsight

2020 Bitcoin Futures Google thermal distribution map, source: Google Trend; TokenInsight

6.2 用户情况

6.2 User status

“ 2020年下半年Binance访问量突破2亿，FTX 凭借独特的产品创新，流量优势明显

“Binance hits out of 200 million in the second half of 2020 and FTX has a clear flow advantage based on unique product innovations

我们通过对数字资产期货交易所访问量来对交易所用户情况进行分析。如下图所示，2020年H2，Binance 访问量[3]突破2亿，大幅高于其余衍生品交易所。BitMEX 总体访问量在大型衍生品交易平台中依旧处于领先地位。FTX 尽管期货合约交易规模不如Bybit，但是凭借着产品创新，吸引了更多市场热度。2020年下半年，FTX官网访问量达1210万，远高于Bybit252万的访问量，流量优势明显。

We analyse the status of exchange users through visits to digital asset futures exchanges. As shown in the figure below, reached a breakthrough of 200 million H2 in 2020, and significantly exceeded the rest of derivatives exchanges. bitMEX continues to be a leader in large derivatives trading platforms. FTX, although trading in futures is not as large as Bybit, attracts more market heat with product innovation. In the second half of 2020, the FTX network received 12.1 million visitors, well above Bybit's 2.52 million visits, with a significant flow advantage.

[3] 综合交易所访问量统计为其衍生品平台，表述中已省略Futures

[3] The Integrated Exchange Access Statistics is a derivative platform, which has been omitted in the presentation of Futures

2020年H2期货交易所线上平台访问量统计，来源：Similarweb；TokenInsight

Platform access statistics for H2 futures stock exchange online, 2020, source: Simyarweb; TokenInsight

为分析大型期货交易所的用户基础，TokenInsight通过Twitter 粉丝数进行分析，因为社交平台数据从一定程度上反映了交易所的运用情况。据Twitter数据显示，大型期货交易平台中，Twitter 账号关注者数量由高到低分别为Bybit (104,800)、BitMEX (82,400)、FTX (47,200)。

TokenInsight analyses the user base of large futures exchanges through Twitter fans because social platform data reflect to some extent the use of the exchanges. According to Twitter data, the number of Twitter account followers in large futures trading platforms ranged from high to low by Bybit (104,800), BitMEX (82,400), and FTX (47,200).

2020年大型期货交易所Twitter粉丝数量统计，来源：Twitter；TokenInsight

Number of Twitter followers of major futures exchanges in 2020, source: Twitter; TokenInsight

2020年交易所成交量比例，来源：TokenInsight

Exchange turnover in 2020, source: TokenInsight

监管动态

Regulatory Dynamics

风险提示

risk hint

防范各类金融平台打着“区块链”和“虚拟货币”等旗号的非法集资活动，TokenInsight将严格遵守国家法律和监管规定，坚决抵制利用区块链进行非法集资、网络传销、1C0及各种变种、传播不良信息等各类违法行为。

TokenInsight will strictly abide by national laws and regulations to prevent illegal fund-raising by various financial platforms under the banner of “block chains” and “virtual currency”, and will firmly reject the use of block chains for illegal fund-raising, Internet distribution, 1C0 and various variants, and the dissemination of poor information.

如发现内容含敏感信息，请后台联系我们，我们会及时处理。

If it is found that the content contains sensitive information, please contact us backstage and we will process it in a timely manner.

作者：TokenIn；来自链得得内容开放平台“得得号”，本文仅代表作者观点，不代表链得得官方立场凡“得得号”文章，原创性和内容的真实性由投稿人保证，如果稿件因抄袭、作假等行为导致的法律后果，由投稿人本人负责得得号平台发布文章，如有侵权、违规及其他不当言论内容，请广大读者监督，一经证实，平台会立即下线。如遇文章内容问题，请发送至邮箱：linggeqi@chaindd.com返回搜狐，查看更多

Author: TokenIn; From the Open-Text-of-Ling Platform for Content Access, “By-Law”, this paper only represents the author's view, and does not represent the official position of the chain, that the originality and the authenticity of the content is assured by the contributor, that if the text is the legal consequence of the copying, forgery, etc., the author is personally responsible for the publication of the article on the Platform, that if the content of the article is violated, irregular or otherwise inappropriate, it will be monitored by a wide audience and, if confirmed, the platform will be offline immediately. If there is a problem with the content of the article, send it to the mailbox: linggeqi@chaind.com责任编辑：

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