“玩的就是心跳！”这是不少币圈合约玩家的口头禅。
"Play is the heartbeat!" That's the rhetoric of a lot of currency-circumstance players.
5月17日中午12时，比特币再现暴跌，日内跌近13%，回落至42282美元。但就在币圈行情一片下行的同时，不少山寨币却混得风声水起，尤其是合约市场。近期，北京商报记者调查发现，合约交易在币圈大火，许多币民不再那么关注比特币的长期涨跌，而是开启数十倍甚至上百倍杠杆玩起了“赌多空”的游戏。目前，不少币种在合约交易量规模上已远远大于现货交易。然而，需注意的是，在业内看来，上百倍合约仿若一门刀口舔血的赌局生意，杠杆稍微使用不慎就有爆仓风险， 建议用户尽量不要参与合约杠杆交易，保持清醒和理性的投资头脑。
At 12 noon on May 17, Bitcoin fell again, falling by almost 13%, falling back to $42282. But, as the currency went down, a lot of coins went up, especially in the contract market. Recently, a Beijing newspaper reporter found that contract deals were hot in the currency ring, and that many were less concerned about the long-term growth and decline of Bitcoin than they were about to start playing a game of “brings and emptys” with dozens or even hundreds of times leverage.
刀尖舔血
5月17日，李新（化名）这天睡眠时间只有3小时，尽管睡眼惺忪，但他还是使劲睁开眼，第一时间打开了OKEx平台的合约交易，却不曾想到，满怀期待的心情突然一下猛沉谷底： “完了，被爆仓了！”
On May 17, Li Xin had only three hours of sleep and, despite sleeping eyelids, he opened his eyes and opened the contract deal for the OKEx platform the first time, without realizing that he suddenly sunk to the bottom of the valley with anticipation: "It's over, it's over!"
李新是一名毕业刚满三年的年轻人，也是一名初入币圈不久的投机者。李新告诉北京商报记者，他之前一直对虚拟货币嗤之以鼻，但近期发现身边越来越多的朋友加入炒币队伍，听闻越来越多的人因为炒币实现 “财富增值”后，他心动了。尤其是近期狗狗币、屎币等币种火爆出圈，李新趁着市场热潮进入了炒币队伍，在朋友的帮助下，开始蹩手蹩脚地学习充值、买币甚至合约交易。
Li Xing, a young man who has completed three years of graduation, is also a speculator who has recently entered the circle of first-time money. Li Xin told the Beijing Business Press that he had been grumpy about virtual currency before, but recently found that more and more friends around him had joined the market, and that he was moved by the fact that more and more people were “value-added” because of the currency.
“很多操作名词都看不懂，很多币种也不知道怎么念，反反复复研究了一下午，勉强学会了操作流程。”李新告诉北京商报记者，初次买币，他试探性买入了少量的以太坊，但不幸的是买入后近7日内亏损了超10%。于是，在OKEx官网新手教程中看到“比特币下跌也能盈利？教你如何进行合约交易 ”后，李新开始进一步尝试合约交易。
“Many operational nouns don’t understand it, many currencies don’t know how to read it, and after studying it all over the afternoon, Li Xin barely learned how to do it.” After telling the Beijing newspaper reporter that he had bought a small amount of money for the first time, he tried to buy it, but unfortunately lost more than 10% in the next seven days.
如果说李新初期接触的以太坊现货，是一场暴涨暴跌的投机交易，那后续他进入的超高杠杆合约，可以说整个交易几乎变成了一场接近疯狂的对赌游戏。
If Lee's initial contact with the Etherpau spot is a speculatory, then his entry into the super-leveraging contract could almost turn the whole deal into a near-crazy game of bets.
李新告诉北京商报记者，5月16日晚，他看到屎币呈现一片跌势，便通过市价委托的方式，在OKEx平台尝试操作了屎币永续合约，杠杆倍数20倍选择“卖出开空”。让他惊喜的是，仅仅十秒内，他实现了14.67%的收益。
Li Xin told the Beijing newspaper reporter that on the evening of 16 May, when he saw a fall in the poo coin, he tried to operate the poo coin permanent contract on the OKEx platform by way of a market commission, using a multiplier of 20 to “sell out”. He was surprised that in just 10 seconds, he had achieved 14.67 per cent.
初尝甜头的李新，很快开始了第二笔合约交易，仍然选择屎币的“开空”操作，但杠杆倍数却加大至了50倍。
Li Xin, the first to taste, quickly started the second contract deal, still opting for the “opening” of the turd, but the number of leverages increased to 50 times.
“我的开仓价是0.00001615，杠杆加到50倍后，当时价格一度涨到0.0000162之上，而我的强平价只有0.00001628，每一秒都是好几个点的浮动，太惊险了。”李新称，他目不转睛地盯着屎币的价格涨跌，每一个跳动都无比牵动神经，在亏损一度接近15%后，终于迎来屎币价格下跌，最终在十分钟实现了27.86%的收益率。
“My opening price was 0.000,1615, and my leverage was 50 times higher than 0.000,162, while my strong parity was only 0.000,1628, with several points floating in each second, which was too risky.” Li Xin reported that he watched the price of the turd rise and fall without looking at it, and that every jump was indistinguishable, and after a loss of nearly 15 per cent, the price of the turd fell, eventually achieving a return rate of 27.86 per cent in ten minutes.
“炒合约只有0次和无数次，尽管知道是‘刀尖舔血’，但尝到一点点甜头之后就停不下来了，我就赌那50%赢的几率。”李新告诉北京商报记者，操作杠杆合约交易赚到一定收益后，他开始一步步增多了操作金额，也一步步增大了杠杆倍数，直到5月17日凌晨 ，通过限价委托的方式在操作 “开多”合约时失了算。“本来预判暴跌后会涨回来，没想到一路下跌，最后直接被强平爆仓。”
“The contract was fired only 0 times and countless times, and although it was known to be `the knife licks blood', it couldn't stop after a little taste, and I bet 50 percent of the chance of winning.” After Li told the Beijing newspaper reporter that he had made a profit in operating the leveraged contract deal, he began to increase the amount of the operation step by step, and he also increased the leverage by step, until 17 May, when he was lost in the operation of the “manufacto” contract by means of a price-limiting commission.
从收益14.67%再到27.86%甚至到50%，在高杠杆合约市场试图以小博大的李新，仅仅体验了几个小时的“财富增值”，便在一觉睡醒后，所有虚拟货币资产一切“归零”。
From 14.67 per cent to 27.86 per cent or even 50 per cent of the proceeds, in the highly leveraged contract market, attempting to “value in wealth” in just a few hours, all virtual monetary assets are “zero” when they wake up.
事实上，爆仓对于合约玩家来说并不鲜见，而李新也只是成千上万众多爆仓者中的一员。根据合约帝数据显示，截至5月16日上午11时，近24小时内有10.6万币民爆仓，爆仓金额达45亿元。随着币价暴涨暴跌，爆仓事件仍在不断甚至加剧出现，截至5月17日7时，近24小时内超过13.8万人被爆仓，高达76亿元的币民资金灰飞烟灭。
According to the contractor’s data, at 11 a.m. on 16 May, there were about 106,000 people in a 24-hour period, amounting to $4.5 billion. As currency prices soared and fell, the explosion continued and even intensified, with more than 138,000 people in a 24-hour period at 0700 on 17 May, and up to $7.6 billion worth of money was destroyed.
交易所躺赚？
所谓合约交易，实则是一种将交易品远期交易的模式，投资者可以通过买入做多或卖出做空的合约交易，获取“标的”价格涨跌所产生的收益。例如，当看涨比特币并做多时，价格上涨会带来盈利，下跌会带来亏损；反之，看跌比特币并做空时，价格上涨反而会带来亏损，下跌则会带来盈利。因此，不少交易所宣传“币价下跌时也有获得收益的机会，可通过合约交易赚取涨跌幅收益”等措辞吸引币圈小白入场，甚至开设上百倍杠杆，助推用户以小博大。
So, for example, when you look at bitcoins and do more, price increases lead to profits and losses; on the contrary, when you look at bitcoins and do nothing, price increases lead to losses and fall to profits. Thus, many exchanges advocate that “there is a profit when currency prices fall, and there is a gain if there is a gain if there is a gain from contract deals.”
值得注意的是，尽管监管多次强调禁止，但目前包括OKEx、币安等交易所都推出了合约产品，且仍面向国内用户开放。
It is worth noting that despite the regulatory emphasis on prohibitions, contractual products are currently being introduced by exchanges, including OKEx and currency security, and are still open to domestic users.
5月17日，北京商报记者对前述交易所合约产品进行了多次亲测，在进行注册、身份认证等一系列操作后，便可成功下单交易，加杠杆操作合约。
On 17 May, journalists from the Beijing Chamber of Commerce conducted a number of hands-on tests of the aforementioned exchange contract products, which, after a series of operations such as registration, identification, etc., enabled a successful transaction to be made to leverage the contract.
北京商报记者进一步调查发现，OKEx根据有无到期交割日提供交割合约和永续合约两种合约产品，永续合约杠杆倍数高达125倍；币安则面向用户提供了进入合约市场的多种方式，包括U本位合约、币本位合约、币安杠杆代币、币安期权等多类产品，杠杆同样高达125倍，此外还在功能上推出了混合保证金、排行榜、合约对战等，鼓动用户参与合约交易。
A further investigation by the Beijing Business Journal journalist found that OKEx provided two contract products, and
币圈人士林达（化名）告诉北京商报记者，币圈交易所热推杠杆合约交易，其实已有多年时间，早在2019年，币安就曾发起双合约争霸赛，推出交易手续费折扣、模拟交易大赛等活动。OKEx也不例外，曾发起合约精英团赛等活动，号称可为胜出者提供10000美元奖金，鼓励用户参与合约交易。
For years now, in 2019, he launched a bi-contracting competition, offering discounts on transaction fees, simulations, and so forth. OKEx also launched events such as a contract elite competition, claiming a $10,000 prize to win and encouraging users to participate in a contract deal.
事实上，目前不少币种在合约交易量规模上已远远大于现货交易。5月17日，据非小号数据显示，OKEx平台的BTC/USDT现货交易，24小时交易量为63亿元人民币；但同期其合约交易区的24小时交易量却高达175亿元人民币。
On May 17, according to non-quantifiable data, BTC/USDT spot transactions on the OKEx platform reached RMB 6.3 billion in 24 hours; however, 24-hour transactions in the contract area amounted to RMB 17.5 billion during the same period.
交易所缘何热推合约交易？在一资深分析人士看来，上百倍合约交易就是一门刀口舔血的赌局生意，杠杆稍微使用不慎，哪怕“战场老手”也难免会遇到爆仓的情形，而这巨大的亏盈背后，赚得盆满钵满的都是交易平台。
What's the big deal for a deal? According to a senior analyst, a 100-fold deal is a bloodthirsty gambler, with little leverage, and even a “soldier on the battlefield” inevitably encounters a bang, and behind this huge loss is a trading platform that makes a lot of money.
“本来投资就没有100%的确定性。如果你选择一笔交易，开了百倍杠杆，那么意味着仅仅1%的波动可能会损失100%，保证金也会被强制平仓。”上海对外经贸大学人工智能变革与管理学院区块链技术与应用研究中心主任刘峰同样告诉北京商报记者，除非遇到特殊事件，不然交易所做的都是稳赚不赔的生意。
“There is no 100% certainty about the investment. If you choose a transaction, with a 100-fold leverage, it means that only 1% of the volatility can be lost by 100%, and the bond will be forced down.” Similarly, Liu Feng, Director of the Centre for Technology and Applied Research of the School of Artificial Intelligent Change and Management of Shanghai Foreign Economics and Trade, told Beijing merchants that unless there is a special event, the deal is made in a business that makes no profit.
北京商报记者注意到，除了爆仓事件中赚取收益外，目前交易所的合约交易费率也不低。其中，在OKEx的合约交易区中，对于比特币、以太坊等交易币种，根据会员等级高低，该平台的挂单成交手续费为在0.015%至0.02%不等，吃单成交手续费则为0.03%至0.05%手续费不等。这意味着，在一笔交易中，交易所可以从买卖双方手中获得手续费收入，尤其是新手用户中，总费率最高可达到0.07%。
According to the Beijing Business Journal, in addition to the revenue generated by the blast, the exchange’s contract transaction rates are not low. Among them, the billing fees for the platform ranged from 0.015 per cent to 0.02 per cent for currency transactions such as Bitcoin and Ether, and from 0.03 per cent to 0.05 per cent for single-manufacture transactions. This means that, in one transaction, the exchange can earn a fee from both buyers and sellers, especially among newer users, up to a maximum of 0.07 per cent.
针对高费率、高杠杆等问题，北京商报记者向OKEx、币安交易所进行采访，其中，OKEx工作人员回应称，OKEx推出杠杆合约交易主要基于市场需求，主要分为看多和看空两类，该人员坦言道，包括比特币在内的一系列虚拟货币，其合约交易确实会随着价格产生比较大的波动，爆仓率会很高。
In response to high rates, high leverage, etc., the Beijing newspaper correspondent interviewed OKEx and the Exchange, in which he stated that the roll-out by OKEx was mainly based on market demand, and was divided into two categories: more and more, and more, the official said that his contract transactions, including a series of virtual currencies, would indeed be subject to greater price volatility and a high silo rate.
前述工作人员也补充道，“不过，OKex合约产品自从推出以来就一直在进行用户教育，如果是想要使用合约产品，必须要通过一系列的风控测试，然后才能够进行，此外我们也会定期推出用户教育和用户培训的文章，建议非专业用户不要采取合约交易，并提醒用户进行相应仓位和杠杆的控制”。
The above-mentioned staff also added that “since its launch, however, the contractual products of OKex have been educating users, and if they are to be used, they will have to be subjected to a series of wind control tests before they can be carried out. In addition, articles on user education and user training will be published on a regular basis, advising non-professional users not to engage in contractual transactions and alerting users to appropriate warehousing and leverage controls”.
此外，针对相关问题，截至发稿，币安平台未给出回应。
In addition, as of the date of the submission, the currency security platform had not responded to the relevant issues.
监管严打
Supervised Strike
价格的暴涨暴跌加剧虚拟货币投机风险，而杠杆高达上百倍的合约交易背后更是危机四伏。
The risk of virtual currency speculation has been exacerbated by sharp price hikes and falls, and the risk of a 100-fold leverage of contract transactions has been compounded by a combination of crises.
北京商报记者注意到，早在2020年，包括央行等曾发文警示虚拟货币交易平台风险，并指出虚拟货币交易平台的常见套路，即先通过虚假交易骗取客户入场，再通过操作市场价格和恶意宕机迫使客户爆仓。
Reporters of the Beijing Business Journal noted that as early as 2020, including central banks and others, had sent warnings about the risks of virtual money trading platforms and pointed to the common setup of virtual money trading platforms, which was to lure customers first through false transactions and then force them to explode by operating market prices and malicious machines.
此外，多个部门反复提示投资者，此类活动以“金融创新”为噱头，实质是“借新还旧”的金融投资诈骗，资金运转难以长期维系。投资者应当树立正确的投资理念，切实提高风险意识。
In addition, multiple sectors have repeatedly pointed out to investors that such activities are based on “financial innovation” in the form of “old and new” financial investment fraud, which makes it difficult to sustain funds in the long run. Investors should develop the right investment philosophy and become more risk-aware.
一金融监管人士也向北京商报记者说道，监管对虚拟货币交易所的涉洗钱、高杠杆问题，一直呈现严打趋势，包括在境外架设服务器，对境内居民提供虚拟代币交易的行为，也仍将进一步加强整治。
A financial regulator also told a Beijing correspondent that the regulation of money-laundering and high leverage issues related to the virtual currency exchange has been a strong trend, including the installation of servers outside the country and the provision of virtual currency transactions to residents in the country, which will continue to be further strengthened.
“加密货币市场本身价格波动剧烈，市场风险相较传统资本市场已经很大，而杠杆合约交易则将这一风险进一步放大。”谈及背后问题，零壹区块链研究总监、数字资产研究院研究员蒋照生直言道，其中，有标的价格剧烈波动、监管缺位和信息披露不透明等问题带来的市场风险，也可能存在庄家做盘带来的非系统性风险等，这些风险对普通投资者而言很大程度上都是不可控且不可预测的。
“The price volatility of the crypto-currency market itself is high, and market risks are already greater than those of traditional capital markets, and the risk is further magnified by leverage contract transactions.” Turning to the underlying issue, the Director-General of Fragmentation Research and Research Director of Digital Assets Research, Chiang Quantities, has come to the fore, among them market risks associated with high price volatility, regulatory gaps and non-transparent disclosure of information, and there may also be unsystematic risks associated with hand-run transactions, which are largely uncontrollable and unpredictable to ordinary investors.
在蒋照生看来，杠杆合约交易的风险很大程度上是不可防范的，只有不参与才能不受影响。普通投资者要意识到，合约等衍生品本来交易门槛就较高，再加上其交易标的加密货币的不可预测性，风险会被进一步放大。在缺乏足够交易经验和风险承受能力的情况下，尽量不参与合约杠杆交易，保持清醒和理性的投资头脑。
Ordinary investors need to realize that derivatives such as contracts would have a higher trading threshold, coupled with the unpredictable nature of their tradable currencies. In the absence of sufficient trading experience and risk tolerance, they would be least likely to engage in contract leveraging and maintain a sober and rational investment mind.
刘峰则称，要从源头治理防范币圈交易乱象。一方面，需要对市场参与者进行足够的风险警示，帮助参与者最大限度进行风险识别和投资决策，尤其是不要参与高风险的杠杆合约交易；另外，对于相关交易活动，也需要监管层进行必要监管、定期报告，实行监管常态化，从而实现精准治理。
Liu Feng, for its part, says that it is necessary to manage the source to prevent currency trading. On the one hand, there is a need for sufficient risk warnings for market participants to help them maximize risk identification and investment decisions, especially without engaging in high-risk leveraged contract transactions; on the other hand, there is a need for regulatory oversight, regular reporting and regulatory regularization to achieve precision governance.
北京商报记者 岳品瑜 刘四红
Reporter of the Beijing Business Journal, Yoon Yu, Liu Xiaohong
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