数字货币: 12,944
交易所: 221
总市值占比: BTC: 38.31% ETH: 16.31%
ETH Gas: 5 Gwei
  • Low: 5 Gwei
  • Average: 5 Gwei
  • High: 7 Gwei
  • Data from Etherscan.
24H 现货交易量: $55,747,790,076.32
24H 衍生品交易量: $63,525,016,165.52
全市场合约未平仓量: $37,886,251,477.70
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2020 12月数字资产USDT永续合约研究报告

TI Research
2020 Dec USDT Perpetual Contract Research Report

至2020年12月底,USDT永续合约月交易量已超7000亿美元,占据永续合约市场总交易量一半以上。本文基于2020年第四季度永续合约市场数据,从合约设计机制、产品设计机制、宏观市场概况、流动性等角度,对USDT永续合约市场进行了系统性分析。文章发现,一方面,目前USDT永续合约市场呈现“一超多强”局面,而BTC/USDT交易占据市场绝对主流,以Huobi为代表的新加入市场交易所表现亮眼;另一方面,USDT永续合约交易所正在从多方面发生分化,这可能与其服务的不同客群有关。

要点总结

1. 相较于币本位合约,USDT永续合约计算方便,简单直观,易于操作,且风险相对更小。

2. 主流交易所针对USDT永续合约,多采用“保证金-杠杆-强平机制-风险共担机制”四阶风控体系设计。随着市场逐渐成熟,USDT永续合约产品风控思路将会沿着以Huobi为代表的“精细化”与BitZ为代表的“简单化”两条路发展。

3. USDT永续合约占据数字资产衍生品交易市场半壁江山,市场交易量分布目前呈“一超多强”局面;头部交易所缺乏竞争对手,存在垄断市场可能性。

4. BTC/USDT永续合约占市场交易绝对主流,合约品种数量与交易所占市场交易量份额呈一定正相关。增加合约品种数量,丰富产品线,有助于提升交易所在USDT永续合约市场中的竞争力。

5. 与币本位永续合约市场相比,USDT永续合约市场流动性得分相对较低,原因可能与不同种类合约的风险收益不同有关。

6. 盘口深度方面,目前主流USDT永续合约交易所中,Binance、Bybit、Bitget的BTC/USDT永续合约流动性较佳,FTX、OKEx、Huobi的ETH/USDT永续合约流动性表现良好。

7. 未来交易所将从风控机制与产品运营两方面对现有USDT永续合约进行改进与完善,并可能结合币本位合约与USDT永续合约优点,推出混合合约产品。

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