Warning: Steem witnesses executed a hard fork on 2020-05-20, seizing 23.6M STEEM from 65 accounts. The funds were transferred to an account named @community321, the ownership (and intentions) of which have not been revealed. The witnesses claim to have been targeting accounts which defended against a hostile takeover in early March, but at least 2 accounts on the list have been inactive for over 4 years.

Coverage:
- Decrypt.io: Steem network to seize $5 million from its own users
- SteemPeak.com: Official Announcement by @softfork22888
- GitHub.com: view steemd HF23 changes

What you can do:
- Send exchanges a notice of the pending class action lawsuit.
- Switch to HIVE, the community-led fork. Visit Hive.blog and Hiveblocks.com.

什麽是Funding Rate?只要好好運用期貨交易也能收利息? by htliao

View this thread on steempeak.com
· @htliao · (edited)
$9.01
什麽是Funding Rate?只要好好運用期貨交易也能收利息?
![Screen Shot 2020-11-13 at 2.20.23 PM.png](https://cdn.steemitimages.com/DQmcEKwCkhWFk5YCs9p1ayg8u6xmuQF2rPvLBF3m4toq9sQ/Screen%20Shot%202020-11-13%20at%202.20.23%20PM.png)

在加密貨幣的期貨交易(Futures Trading)中,如果你是交易Perpetual Contract(永續合約)的話,有一個叫做「Funding Rate」(資金費率)的概念,每經過某段時間,這些平台就會自動結算現有倉位的Funding Fee。

以上圖的情況為例,BTC的指數價格(通常以其他外部交易所的加權平均價計算)是16279.1,但在平台內的交易價格卻去到了16293.5,比指數價格高,所以下一次Funding結算在下午3時,做多的倉位就需要付0.0048%的利息給沽空的倉位了。不要小看這「利息」,因為這是以每小時計算的,假設資金費率不變,換算成年化利率就是: 

0.0048% x 24 x 365 = 42.048%

非常的誇張!

![Screen Shot 2020-11-13 at 3.53.22 PM.png](https://cdn.steemitimages.com/DQmYQ3WiHvJSNTu5Neyp4yTLc8ojZU4VhnE5LxiicBBGfXv/Screen%20Shot%202020-11-13%20at%203.53.22%20PM.png)

這還不算最誇張,假設資金費率在一年內維持不變,做空MTA一年所得到的年化報酬率為: 

0.0608 x 24 x 365 = 532%

除了價格外,在做合約交易時,Funding Fee也是一個需要仔細考量的因素,因為它會決定你的倉位是在付出利息,還是收取利息,情況就只有兩種:

* Funding Rate > 0: Long Pay Short
* Funding Rate < 0: Short Pay Long


![Screen Shot 2020-11-13 at 2.49.02 PM.png](https://cdn.steemitimages.com/DQmVjxt4upLJHM8rsGzdDBh1eDu5RqcwM4NWsGs3421RH8a/Screen%20Shot%202020-11-13%20at%202.49.02%20PM.png)


期貨一般有明確結算日,如BTC-1225期貨會在12月25日到期,在到期前價格一般會視乎市場當時預期有一定的Premium(溢價,有時也可以是負數的),如圖中所示,BTC-1225期貨的價格就比現貨的要高一點。至於Perpetual Contract(永續合約),由於它沒有到期日,所以就多出了Funding Rate的概念,平台會在每1小時或每8小時結算倉位該付的Funding Fee。

到底為什麽會有Funding Fee呢?原因就是平台的成交價和外面的價格很多時候會不一樣。視乎當時平台內的用戶情緒,平台內的Mark Price有時候會比外面的平均價格為高,有時則會較低。其實Funding Fee就是一種調節的機制,為了讓平台內的Mark Price價格緊貼外面的價格,當平台上的價格高於外面的價格時,做多的倉位會受到「懲罰」,每隔一段時間需要付利息給沽空的倉位,買壓減少,價格就會向外面的價格靠攏。反之當平台上的價格低於外面的價格,做空的倉位就要每隔一段時間付利息給做多的倉位。

Funding Rate也可以給我們一點啟示,因為它某程度上也是反映了市場情緒,當它出現較為極端的數值時,就表示市場一面倒地看多或看空,這時候就有機會出現反轉行情了。

熟悉Funding Rate和期貨合約原理的交易員,有些還會進行Basis Trading(基差交易),例如買入一顆現貨BTC,同時沽空一張等值的BTC永續合續或BTC-1225期貨合約,賺取中間的差價或「息差」。
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 195 others
👎  
properties (23)
post_id88,409,416
authorhtliao
permlinkfunding-rate
categorycn
json_metadata{"image":["https:\/\/cdn.steemitimages.com\/DQmcEKwCkhWFk5YCs9p1ayg8u6xmuQF2rPvLBF3m4toq9sQ\/Screen%20Shot%202020-11-13%20at%202.20.23%20PM.png","https:\/\/cdn.steemitimages.com\/DQmYQ3WiHvJSNTu5Neyp4yTLc8ojZU4VhnE5LxiicBBGfXv\/Screen%20Shot%202020-11-13%20at%203.53.22%20PM.png","https:\/\/cdn.steemitimages.com\/DQmVjxt4upLJHM8rsGzdDBh1eDu5RqcwM4NWsGs3421RH8a\/Screen%20Shot%202020-11-13%20at%202.49.02%20PM.png"],"app":"steemit\/0.2","format":"markdown"}
created2020-11-13 07:11:24
last_update2020-11-13 08:42:27
depth0
children0
net_rshares27,892,489,990,194
last_payout2020-11-20 07:11:24
cashout_time1969-12-31 23:59:59
total_payout_value4.609 SBD
curator_payout_value4.399 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length1,713
author_reputation447,827,863,050,281
root_title"什麽是Funding Rate?只要好好運用期貨交易也能收利息?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (260)