合约交易起初用来对冲农作物价格风险，诞生距今已有170余年的历史，与远期、互换、期权一起成为传统金融衍生品四大类。
Contract transactions, initially used to hedge crop price risks, were born more than 170 years old, and together with forwards, swaps and options, became four categories of traditional financial derivatives.
2014年，合约进入数字资产领域，既成为了普通投资者的希望之光，也能在一瞬间将所有希望湮灭。
In 2014, contracts entered the area of digital assets, serving both as a light of hope for ordinary investors and as an instant to extinguish all hope.
合约与投资者的关系变得像飞蛾与火焰，越想要获得却伤得越深，只有理性的投资者能够在不同的行情之“火“中取栗，得到自己想要的东西。
The relationship between the contract and the investor becomes like moths and flames, and the more you want to get it, the more hurt you get, only rational investors can take a chill out of the different “fires” of their lives and get what they want.
保证金制度的诞生让“爆仓”成为投资者们的梦魇，而加密资产的波动率和幸存者偏差效应，则让很多人妖魔化合约交易。
The birth of the bond system has made the “shockhouse” a nightmare for investors, while the volatility of encrypted assets and the survivor bias have demonized contract deals for many.
但事实上，合约只是工具，是控制风险的工具，无论是其固有的对冲机制，亦或者控制入场资金体量“以小博大”，本质都是控制资金风险的有效手段。我们不应该因贪婪成为合约的奴隶。
But the fact is that contracts are instruments, instruments to control risk, whether they are inherently hedge mechanisms, or controls the amount of money that comes in, are by nature an effective means of controlling the risk of money. We should not be enslaved by greed.
而数字资产交易所应当像“麦田里的守望者”，将每一个不小心冲出麦田的孩子拉回来，保障投资者的利益，在出现发生风险的可能性时，充分给予保障和提示，并尽最大可能做到系统稳定。
A digital asset exchange, on the other hand, should be like a “watcher in a wheat field”, bringing back every child who accidentally ran out of a wheat field, safeguarding investors' interests, giving full safeguards and hints when the likelihood of risk arises, and achieving system stability to the greatest extent possible.
合约的本质是风险对冲
合约的本质是风险对冲。
The essence of the contract is a risk hedge.
由于农产品会在某一季节成熟，有扎推上市的特点，所以供给和价格会呈现季节性波动，即扎堆上市期间价格降低，而在平时价格则走高。
As agricultural produce matures and becomes marketed during a given season, there are seasonal fluctuations in supply and prices, i.e. lower prices during the roll-out and higher prices in general.
19世纪，美国畜牧区农民和商家想要在未来某一时刻，以固定价格交割农场品，控制收益和成本风险，于是1848年3月，第一个近代期货交易所芝加哥期货交易所宣告成立。
In the nineteenth century, the first recent futures exchange, the Chicago Futures Exchange, was inaugurated in March 1848, when farmers and merchants in the United States of America wanted to dispose of their farm products at fixed prices and control their earnings and cost risks at some point in the future.
期货合约推出后，农民与商家在未来某一时刻，以约定好的价格交割产品。农民可以锁定收益，而商家则可以锁定成本。
After a futures contract is launched, farmers and businesses can deliver their products at a price agreed.
假设当前大米价格为每斤1元，某农民想在3个月后，大米集中上市的时间里，仍以每斤1元的价格卖掉大米。他可以去合约市场做空大米期货。
Assuming the current price of rice is $1 a pound, a farmer wants to sell rice at $1 a pound for three months while the rice is on the market. He can go to the contract market to make empty rice futures.
若3个月后，大米期货下跌至5毛钱，则他在合约市场做空赚取的收益，与实际大米价格下跌的损失相抵。实际，他仍旧以每斤1元的价格卖掉了大米。
If, three months later, rice futures fall to 50 cents, the gains he earns in the contract market are counterbalanced by the loss of real rice prices. In fact, he still sells rice at a price of $1 a pound.
在数字资产领域，合约则被矿工用于比特币价格套期保值，以及对冲现货风险。若某投资者既想长期持币，又想避免现货价格下跌受到损失，则他可在合约市场，用1倍杠杆选择做空。若币价下跌，则其在合约市场赚取的收益，可以抵消现货市场的损失。
In the area of digital assets, the contract is used by the miners to hedge the price of bitcoin, as well as the risk of off-the-shelf. If an investor wants to hold a currency for a long time while avoiding a loss of spot prices, he can use a double-leveraging option in the contract market. If the currency falls, the gains that he earns in the contract market can offset the losses in the off-shelf market.
后来，为了防止单方面毁约情况出现，保证金制度进入合约交易，也由此带来了“爆仓”。
Subsequently, in order to prevent unilateral breach of contract, the bond system entered into contractual transactions, which also resulted in “shocks”.
合约风险对冲还体现在“以小博大”，是的你没看错，“以小博大”确实是合约控制风险的一种表现。
The hedge of contractual risk is also expressed in “bigger than small”, yes, you are right, and “big as small” is indeed a manifestation of contract control of risk.
杠杆可以让投资者不必把所有的资金都投入进来，比如原本你想投10万元，那完全可以用1万元开10倍杠杆，只要风险控制得当，效果是完全相同的。
Leverage allows investors not to invest all their money, for example, if you wanted to invest $100,000, it could be 10 times as much as $10,000, so long as the risk is properly controlled, the effect is exactly the same.
合约对于数字资产的意义
what the contract means to digital assets
由于“幸存者偏差”的存在，很多人都只关注到了合约带来的风险及相关事件，却很少能看到合约及其他衍生品给这个市场带来的意义。
Because of the existence of “survivor bias”, many are concerned only with the risks posed by contracts and related events, but rarely see the implications of contracts and other derivatives for the market.
合约为传统资本的进入提供了通道，传统资金可以通过借币卖空，以自己可以接受的价格获得筹码。尽管很残酷，但的确是传统大资金入场的重要方式。
Contracts provide access to traditional capital, which can be sold out in currency to obtain leverage at prices acceptable to them. Although cruel, it is indeed an important way to access traditional capital.
合约等衍生品的诞生有助于扩大市场规模，现货市场就像春运中的火车，容量有限。而合约等衍生品市场则像其他交通工具一样，既不会影响火车自身的运力，又能有效扩容整个市场的运力。
Derivatives such as contracts help to expand the size of the market, and the spot market is like a spring train, with limited capacity. And derivatives such as contracts, like other means of transport, do not affect the train’s own capacity, while effectively increasing the capacity of the market as a whole.
由于杠杆的存在，合约市场的成交量及市场规模往往大于现货市场。此外，以MXC抹茶杠杆ETF为例，由于ETF市场本身3倍锚定现货市场涨跌幅，本身的波动不会影响现货市场价格，所以只要做市深度足够，ETF会成为大资金入场的首选之一。
By virtue of leverage, contract markets tend to be larger in volume and market size than spot markets. Moreover, using the MXC tea-melting ETF, for example, the ETF market itself, which is three times as anchored as it increases or falls, does not in itself affect spot market prices, would be one of the preferred options for large capital inflows as long as the market depth is sufficient.
当前数字资产合约市场的情况
Current status of the digital asset contract market
首先，大资金已经在关注加密资产领域，并开始入场。目前全球最大的加密资产投资资金灰度资本Grayscale总规模已达17亿美元，其90%的机构客户中，有44%是多策略对冲基金，另一半是多空对冲基金。
First, large funds are already focusing on the area of encryption assets and are beginning to enter. The world’s largest investment capital for encryption assets, Grayscale, has reached a total size of $1.7 billion, with 44% of its 90% of institutional clients being multi-strategy hedge funds and the other half multi-air hedge funds.
此外，从盘面来看，今年以来，比特币的走势明显复杂了很多。从几次“空中加油”似的大的波动来看，行情发生在半小时内，且迅速放量。
Moreover, since the beginning of the year, Bitcoin's movement has clearly been much more complicated. In terms of a number of “air-fueling” fluctuations, it has taken place in half an hour, and it has spread rapidly.
这说明：第一、庄家资金量足够，可以短时间内带动行情。第二、庄家对于市场现有流通筹码情况十分清楚，且做了大量的调研准备。第三、庄家对于衍生品的抢夺筹码的手法十分擅长，多空转换时机及杠杆倍率恰到好处。
Second, the dealer is well aware of the market's available liquidity and has done a great deal of research. Third, the dealer's skill in winning derivatives is very good, and many opportunities for conversion and leverage are right.
所以，对于普通投资者来说，在入场前搞清合约交易的基本知识，以及熟练使用“止盈止损”等风控工具，至关重要。
Therefore, basic knowledge of contract transactions prior to entry and proficiency in the use of wind control tools such as “end-out and stop-out” are essential for ordinary investors.
其次，合约市场格局并不稳定。2019年之前，BitMEX和OKEx市场占比高达90%以上。2019年，火币合约在体验和功能方面不断完善，开始打破两强争霸格局。今年，币安同样入局合约市场，并迅速占据一席之地。
Second, the contract market pattern is unstable. Before 2019, BitMEX and OKEx had more than 90% of the market. In 2019, the currency contracts were improved in terms of experience and functionality, starting to break the two-Power divide.
合约帝数据显示，截至6月8日15:00，从全网实时持仓量来看，目前火币占比24.9%、OKEx占比30.89%、BitMEX占比29.63%、币安占比14.58%。
According to the contractor's data, as at 8 June, at 1500 hours, the real-time holdings of the entire net were currently 24.9 per cent, 30.89 per cent for OKEx, 29.63 per cent for BitMEX and 14.58 per cent for currency.
出现这一局面的原因是，“稳定”在合约市场竞争中，发挥了近乎决定性的作用。“稳定”更确切地说，是指在大行情来临时，系统稳定不犯错的能力。
The reason for this is that “stability” plays an almost decisive role in the competition in the contract market. “Stability” refers, more precisely, to the ability to stabilize the system on an ad hoc basis.
用户友好型平台的机会
Opportunities for user-friendly platforms
6月8日，MXC抹茶新版合约系统正式上线网页端与移动端。
On 8 June, the new version of the MXC contract system was officially on-line, both on-line and on-line.
MXC抹茶以“用户友好型”平台为切入点，首先，在合约页面上，带下划线的专有名词，只要鼠标指上去，就会显示相应的解释，方便用户理解。
The MXC uses the “user-friendly” platform as an entry point, starting with the underlined noun on the contract page, which shows the corresponding explanation as long as the mouse pointer is up and is easy for users to understand.
其次，新版合约新版合约支持用户在计划委托功能内，同时挂出止盈和止损单，有效帮助用户减少价格波动所造成的风险。
Second, the new version of the contract, which supports users within the planned commissioning function, and the posting of loss and loss sheets, effectively helps users to mitigate the risks posed by price fluctuations.
第三，MXC抹茶支持1-125杠杆倍数自由调节，用户可以根据自己的风险偏好选择杠杆倍数。
Third, MXC teas support 1-125 leverage multipliers, which users can select depending on their risk preferences.
第四，用户开仓后，页面上会有ADL灯的高亮显示，提示风险情况。
Fourth, when the user opens the warehouse, there will be a high-lighting of the ADL on the page to alert the risk profile.
在价格机制方面，MXC抹茶奉行价格透明原则，根据各交易所合约交易情况，用几何平均算法取了多家交易平台的价格作为指数价格来源，比如BTC合约是选取了Bitstamp、Coinbase、Binance、Bitfinex、Huobi、OKEx这6家交易平台的价格。如果某交易所现货价格偏离所有交易所中位数±3%，则此交易所现货价格按照中位数±3%来计算。
In terms of price mechanisms, MXC uses price transparency, using geometric averages to extract the prices of multiple trading platforms as an index price source, depending on the exchange’s contract situation, such as BTC’s contract to select the prices of the six trading platforms Bitstamp, Coinbase, Binance, Bitfinex, Huobi, and OKEx. If the exchange’s spot price deviates from the median of ~3%, the exchange’s spot price is calculated at ~3%.
在强平价格上，MXC抹茶合约使用合理价格标记方法来避免由于缺乏流动性或市场操纵而引起的强制平仓，而合理价格则是在指数价格上选取的，是标的指数价格加上随时间递减的资金费用基差。
The MXC tea contract uses reasonable price tags to avoid forced silos resulting from a lack of liquidity or market manipulation, whereas reasonable prices are selected on index prices, which are priced plus the base of financial costs that are reduced over time.
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