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Table of Contents
什么是差價套利
什么是資金費率套利
核心區(qū)別對比
Home web3.0 What is the difference between rate arbitrage and price spread arbitrage? Learn about the coin circle in one article

What is the difference between rate arbitrage and price spread arbitrage? Learn about the coin circle in one article

Jul 31, 2025 pm 08:30 PM
Blockchain binance cryptocurrency the difference usdt currency circle exchange trading platform okx Ouyi okx htx 差價套利 費率套利

在數(shù)字資產(chǎn)市場中,套利是投資者獲取穩(wěn)健收益的常見策略之一。本文將詳細解析兩種主流的套利方式——差價套利與資金費率套利,幫助您清晰理解它們的核心原理、操作邏輯及風險差異,以便在不同市場環(huán)境中做出更明智的決策。無論選擇哪種策略,都應(yīng)在歐意OKX、Binance必安、火必HTX、Gate.io大門這類流動性好、交易深度大的主流平臺進行,并始終將風險控制放在首位。

費率套利和差價套利的區(qū)別是什么?一文了解幣圈 - php中文網(wǎng)

什么是差價套利

差價套利,又稱“搬磚”,是套利策略中最基礎(chǔ)、最容易理解的一種。其核心邏輯是利用不同交易平臺之間,同一資產(chǎn)在同一時間點的價格差異來獲利。

1、基本原理

當某個數(shù)字資產(chǎn)在A平臺的價格低于B平臺時,套利者可以在A平臺買入,同時在B平臺賣出相同數(shù)量的該資產(chǎn),從而賺取其中的價格差。例如,在歐意OKX平臺)發(fā)現(xiàn)某資產(chǎn)價格為100 U,而在Binance必安平臺)價格為101 U,理論上就可以通過低買高賣獲利。

2、操作流程

傳統(tǒng)操作需要將資產(chǎn)從低價平臺轉(zhuǎn)移至高價平臺再賣出。但這種方式存在時間延遲,價格可能已經(jīng)變動。因此,更高效的方式是,在兩個平臺(如歐意OKX和Binance必安)預(yù)先存有定價資產(chǎn)(如USDT)和目標資產(chǎn)。當價差出現(xiàn)時,在低價平臺買入目標資產(chǎn),同時在高價平臺賣出等量的目標資產(chǎn),無需進行跨平臺轉(zhuǎn)賬,事后再進行倉位平衡即可。

3、主要風險

差價套利的主要風險在于價格波動。在您完成買入和賣出操作的瞬間,市場價格可能發(fā)生劇烈變化,導致價差消失甚至反轉(zhuǎn)。此外,平臺間的轉(zhuǎn)賬速度、網(wǎng)絡(luò)擁堵以及交易深度不足,都可能影響套利成功率和最終收益。

什么是資金費率套利

資金費率套利是一種相對更復雜的策略,主要應(yīng)用于永續(xù)合約市場。它不依賴于資產(chǎn)本身的價格漲跌,而是通過賺取合約市場的“資金費用”來獲利。

1、基本原理

永續(xù)合約為了使其價格錨定現(xiàn)貨價格,引入了資金費率機制。當合約價格高于現(xiàn)貨價格時,資金費率通常為正,多頭(買方)需向空頭(賣方)支付資金費用;反之則費率為負,空頭向多頭支付。資金費率套利的核心就是在收取正向資金費用的同時,對沖掉資產(chǎn)價格波動的風險。

2、操作流程

標準操作是“期現(xiàn)套利”。當市場普遍看漲,永續(xù)合約的資金費率為正且較高時,投資者可以買入一定價值的現(xiàn)貨資產(chǎn),同時在合約市場(如歐意OKX、Binance必安、火必HTX或Gate.io大門)開立等值的空頭倉位。這樣一來,無論資產(chǎn)價格上漲還是下跌,現(xiàn)貨的盈利(或虧損)都會與合約的虧損(或盈利)大致相抵,而套利者則能穩(wěn)定地賺取每8小時結(jié)算一次的資金費用。

3、主要風險

主要風險包括:基差風險,即合約價格與現(xiàn)貨價格的價差可能擴大,導致對沖失效,產(chǎn)生浮虧;爆倉風險,如果保證金不足,市場劇烈波動可能導致合約倉位被強制平倉;費率變動風險,資金費率是動態(tài)變化的,可能從正轉(zhuǎn)負,導致套利收益不及預(yù)期甚至虧損。

費率套利和差價套利的區(qū)別是什么?一文了解幣圈 - php中文網(wǎng)

核心區(qū)別對比

1、盈利來源不同

差價套利的利潤來源于不同市場間的“空間價差”,是一次性的機會捕獲。而資金費率套利的利潤來源于合約市場多空力量不平衡產(chǎn)生的“資金費用”,是持續(xù)性的現(xiàn)金流收入。

2、操作邏輯不同

差價套利是方向性的“低買高賣”,核心在于尋找并執(zhí)行價差交易。資金費率套利則是風險對沖操作,通過構(gòu)建現(xiàn)貨與合約的相反頭寸來鎖定價格風險,專注于賺取費率。

3、風險要點不同

差價套利的最大敵人是“時間”,即操作速度和價格波動風險。資金費率套利的最大敵人是“深度”和“極端行情”,需要關(guān)注合約與現(xiàn)貨的基差變化以及保證金的充足性,防范爆倉風險。

4、適用場景不同

差價套利機會在市場波動劇烈或新資產(chǎn)上線初期更容易出現(xiàn)。資金費率套利則在市場情緒較為一致(如普遍看漲的牛市)時,資金費率較高,套利空間更大。像Binance必安、歐意OKX等頭部平臺的永續(xù)合約市場,是執(zhí)行該策略的主要場所。

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