来源：蜂巢财经NEWS 文|凯尔 编辑|文刀
合约市场正在变天。
The contract market is changing.
从OKEx和BitMEX两强争霸，到火币闯入，三足鼎立。这块生财宝地，吸引了越来越多争食者加入。
From the fights between OKEx and BitMEX, to the break-in of the gun, there's a lot more and more of the predators.
可观的利润自然是交易所们纷纷入局的一大动因。币安联合创始人何一曾透露，友商的合约利润让她吃惊。
Considerable profits are naturally a major incentive for the exchange to enter. How did the founder of the union reveal that she was surprised by the contract profits of her friends?
合约作为颇受欢迎的金融衍生品吸引着更多的交易所闯了进来，Bibox、Gate.io、bitget等交易所纷纷推出合约产品，各出奇招争夺“蛋糕”。
Contracts, as popular financial derivatives, attract more exchanges, and exchanges such as Bibox, Gate.io, Bitget, etc., launch contract products and compete for “cakes” by surprise.
争食者无一不对自家合约产品寄予厚望，但面对强大的先行者，突围显然不会轻松。目前来看，推出合约的平台越来越多，但敢在市场称王的依旧是屈指可数的几家。
None of the predators have placed much hope in their own contracts, but it is obvious that the siege will not be easy in the face of powerful pioneers. Currently, there is an increasing number of platforms to launch contracts, but there are still a few that dare to claim dominance in the market.
考验技术水平、金融能力和风控能力的合约战场，似乎比现货市场的马太效应更明显，野心勃勃的争食者一直在市场变量中寻找机会。
The battleground for contracts that test technological, financial and wind-control capabilities seems to be more evident than the Matthew effect of spot markets, where ambitious predators have been looking for opportunities.
多平台密集布阵合约市场
从2018年底开始，合约市场变得愈发热闹。
From the end of 2018, the contract market became more active.
2018年12月10日，火币合约上线；半个月后，Gate.io（比特儿）正式上线BTC/USD永续合约；2019年2月18日，Bibox宣布推出永续合约；5月23日，bitget也上线了永续合约交易。7月初，币安创始人赵长鹏官宣，币安合约面世进入倒计时。
On December 10, 2018, the tender contract went on line; half a month later, Gate.io (Bithel) officially went on line to renew the BTC/USD contract; on February 18, 2019, Bibox announced the launch of the permanent contract; and on May 23, Bitget also went on line to negotiate the contract. At the beginning of July, the Founder, Zhao Chang-hoon, announced that the currency contract had entered the countdown.
短短几个月时间，合约战场里接连冒出多方新势力，为后续的激烈交战和格局变换埋下种子。
In just a few months, successive new forces have emerged in the field of contracts to sow seeds for subsequent intense fighting and pattern change.
后来者中，以火币势头最猛。作为一线平台，火币在合约市场崛起的速度迅猛，仅8个月时间，火币对外宣布，火币合约双边交易额累计突破6400亿美元，以月均超过112%的复合增长率，在全球交割合约平台中位列第一。
As a first-line platform, the rise of the gun in the contract market was rapid, only eight months ago, when it was announced to the outside world that the value of the tender contract bilateral transactions had sunk by $640 billion, with a combined growth rate of over 112% a month, ranking first among the global cut-off platforms.
在这期间，Bibox、Gate.io、bitget等各大规模不一的平台，也都在悄悄打磨各自的产品，修炼内功，扩大势力。
During this period, a wide range of platforms, such as Bibox, Gate.io and Bitget, are also quietly grinding their products, refining their internal performances and expanding their power.
与火币从交割合约入局不同，这三家平台一并选择优先开拓永续合约战线，在产品和策略上又各有特色。Bibox最大的特点和优势在于“无资金费用”。相比OKEx永续合约每8小时收取一次资金费，Bibox省去了用户在资金费用上的顾虑来节省用户成本。
Unlike the cut-off contracts, the three platforms have chosen to prioritize the long-term contract front, with different product and strategy features. Bibox's greatest feature and advantage is “no cost.” Compared to the eight-hour fee of the OKEx permanent contract, Bibox has lost user concerns about the cost of the funds to save user costs.
Gate.io则倾向于多上线交易品种。目前，无论是OKEx还是火币，主要都围绕主流币种开展合约交易，而Gate.io在此之外还将ADA、ONT、MDA、BTT等创新币种搬到了合约交易区。目前，Gate.io共提供22个币种的合约交易，要知道，OKEx也不过只开通了9个合约币种。
Gate.io prefers a variety of online transactions. At present, either OKEx or the currency of fire is mainly engaged in contract transactions in mainstream currencies, while Gate.io has moved innovative currencies such as ADA, ONT, MDA, BTT, etc. into the contract trading area. At present, Gate.io offers a total of 22-currency contractual transactions, and, as you know, OKEx has only nine contract currencies.
Gate.io共上线22个合约品种提供多个合约品种，有助于捕获用户流量。但这也是一把双刃剑，创新币种往往缺乏交易深度，加剧了市场被操纵的风险。
The availability of multiple types of contracts helps to capture user flows. But it is also a double-edged sword, and the often lack of depth of transactions in innovative currencies increases the risk of markets being manipulated.
5月底才上线合约的bitget，无论名气和体量相比上述平台都略逊一筹。但作为“新军”，其也带来了创新，比如提供AI（人工智能）辅助用户做交易决策、提示风险等。
Bitget, who only went online at the end of May, is less well-known than the above-mentioned platform. But, as the Forces nouvelles, it also brings with it innovations such as providing AI (an artificial intelligence) to assist users in making transactional decisions, alerting risks, etc.
攻防战倒逼垄断者“快进”
在后来者涌现之前，在华语世界里最知名的合约交易所是2017年推出合约服务的OKEx，虽然在发展历程中面临不少争议，但凭借先发优势，OKEx已在不断改进中，成为全球范围内公认的领头羊之一。 Prior to the emergence of the latecomers, the most well-known contract exchange in the Chinese-speaking world was the launch in 2017 of the contract service, OKEx, which, although facing much controversy in the course of its development, was already improving, thanks to its pre-existing advantages, to become one of the globally recognized lead sheep. 身居海外专注永续合约5年的BitMEX，也是这个领域当仁不让的霸主。其与OKEx几乎瓜分了整个合约市场。 BitMEX, who has been overseas for five years dedicated to a permanent contract, is also a powerful leader in this field. It divides almost the entire contract market with OKEx. 两强争霸，市场上充斥着垄断的论调。“争食者”的密集加入为看似波澜不惊的市场带来风浪。各出奇招的“争食者”们，如同来势汹汹的攻城者，向前人打下的城池举兵，攻防大战就此打响。 The intense inclusion of “growlers” has brought waves to seemingly unsurprising markets. The extraordinary “growlers” of each, like those who stormed the city, raised their hands against the former, and fought against the Great War. 在LinkVC创始人林嘉鹏看来，交易所正从1.0时代的现货交易所、2.0时代的挖矿交易所，向3.0时代的合约交易所过渡。“合约交易是新型交易所取得成功的必备武器，现在还是合约交易所竞争的早期阶段，入场玩家有很大机会弯道超车。” According to the founder of LinkVC, Ling Ka Peng, the exchange is transitioning from a 1.0-era spot exchange, a 2.0-era mine-mining exchange, to a 3.0-year-old contract exchange. “Contract deals are essential weapons for the success of a new exchange, and they are now the early stages of a contract-exchange competition, and entry players have a great chance to bend over.” 交易所竞争重点向合约偏移 在以火币为首的新军施压之下，老牌合约平台不得不加快步伐。 Under pressure from the Forces nouvelles, led by a gun, the old contract platform had to speed up its pace. 就OKEx而言，过去两年，这家交易所的合约产品曾深陷宕机、插针等质疑。而解决问题，平息争议成了OKEx合约团队近一年来最主要的工作。 In the case of OKEx, over the past two years, the exchange’s contract products have been in a state of doubt about the machine, the needles, etc. The resolution of the problem has become the most important task of the OKEx contract team for almost a year. 从去年3月开始，合约产品团队从技术导向转向了专业金融导向，风控成为重点，在后来永续合约的研发中，新的系统验证了一整套风控方案的可行性，“这套方案逐步嵌入到交割合约中，带来了整个合约产品的蜕变。” Starting in March of last year, the team of contractual products shifted from a technical orientation to a professional financial orientation, with a focus on wind control, and in the subsequent development of a permanent contract, the new system validated the feasibility of a package of wind control options, “which has gradually been embedded in the contract of delivery, resulting in the transformation of the entire product of the contract”. 用户Judy对此感受明显，“今年的几次极端行情中，OK的表现比以往稳定了很多，插针的情况也少了。” The user Judy felt this clearly: “In a number of extreme behaviors this year, the performance of OK has been much more stable than in the past, and the injections have been less frequent”. 当领跑者不断加固自己的合约“堡垒”，挑战者的工作注定不会轻松。 The challenger's work is bound not to be easy when the leader constantly strengthens his own contractual “fortress”. “营销+体验”引流力破深度难关 > 在业内人士看来，合约这片战场较现货市场更加残酷。玩转合约需要强大的技术、风控能力，需要对金融体系深入的理解，最重要的是，还必须有足够的深度。 In the eyes of industry, contracts are more brutal in the field than in the off-the-shelf market. They require strong technological and wind-control capabilities, a deep understanding of the financial system, and, above all, enough depth. 相比HBO三大交易所，交易深度是二三线平台突围合约战场的第一道障碍。在专业交易员“凯狮”眼里，币圈的用户数还不够庞大，哪怕是OK、火币这样的交易所，合约深度相比传统期货市场的深度也差得远，“超过几十万美金的挂单，两大交易所都很难吃得消。” The depth of the deal is the first obstacle to a two- or-three-line platform slamming into a contract battle. In the eyes of a professional trader, Céline, the number of users of the currency ring is not large enough, even for an exchange like OK, a currency, the depth of the contract is far from the depth of the traditional futures market, and the two exchanges are hard to eat for more than hundreds of thousands of dollars. 深度问题是中小平台发展合约的天然掣肘，在短时间内很难有效解决。那么非一线平台是否只能在合约市场扮演陪跑的角色？ The deep problem is the natural constraint of a small- and medium-sized platform development contract, which is difficult to address effectively in a short period of time. Does a non-line platform only play a role in the contract market? Bibox副总裁向丹认为，整个行业一直在变，未来会向更规范、专业和透明的方向发展。变局即机会。 Vice President Bibox said to Dan that the industry has been changing, and that the future will move in a more regulated, professional and transparent direction. Change is an opportunity. “还有很多专业的投资者和金融机构没有入场，他们更关心的问题是合约交易所性能、体验是否足够好，能不能做到透明，不提前爆仓，不恶意插针等。这是所有平台都面临的挑战和机会，毕竟目前整个合约市场的成熟度可能还不到60分。” “There are many professional investors and financial institutions that are not there, and they are more concerned about contract exchange performance, experience, transparency, lack of premature explosion, malice, etc. This is a challenge and opportunity for all platforms, and the maturity of the entire contract market may be less than 60 points.” 在向丹看来，深度只是衡量合约产品实力的一个因素，很大程度依托于流量。除此之外，产品性能、风控能力和安全性、透明度等，才是筑成合约高楼的钢筋铁骨。 In Dan’s view, depth is only a measure of the strength of the contract’s products, depending to a large extent on the flow. In addition, product performance, wind control and safety, transparency, etc., are the iron and steel bones built into the high-rises of the contract. “用互联网思维看，流量是大平台的优势，但获得流量容易，留存流量难。竞争才刚开始，流量也并非一成不变。当务之急是好好打磨自己的产品，多借鉴优秀平台的经验，争取获得更多用户的信任。” "In Internet thinking, traffic is the advantage of a big platform, but it's easy to get it, and it's hard to retain it. Competition is just beginning, and the flow is not always the same. It is imperative to sharpen its products and learn more from the experience of excellent platforms in order to gain the trust of more users." 向丹透露，Bibox把合约产品放在了平台发展的重要位置，合约产品的上线也带动了全站交易量的大幅增长。很快，Bibox将在合约运营方面发力，预计下周上线合约挖矿活动，打出“挖矿三个月，分红一整年”的口号；此外，Bibox还会不定期举办合约团队赛，扩大市场影响力。 It was revealed to Dan that Bibox placed contract products high on the platform’s development, and that the up-scaling of contract products has led to a significant increase in the volume of trading across the station. Soon, Bibox will be working on contract operations, and it is expected to go online next week to engage in mining activities, under the slogan “three months of mining, one full year of redecorating”; in addition, Bibox will hold occasional contract team competitions to increase market influence. bitget也在马不停蹄地优化产品。据官方人士介绍，平台负责合约产品的团队有30多人，通宵工作是常态，甚至客服也跟着加班加点。上线不到3个月，已上线11个合约品种。 According to official sources, the platform’s team for contract products is more than 30 people, working late at night is normal, and even the customer’s clothes are added to the overtime. bitget交易所拥有传统金融背景，合约上线后也吸引了贵金属期货传统玩家的入场。为了扩大在币圈的影响力，该交易所与大神合约等第三方合约工具建立合作，来拉新引流。“合约是我们打开市场局面很重要的利器”，该人士表示。 The Bitget Exchange has a traditional financial background, and the contract has attracted traditional players in precious metal futures once it is online. To increase its influence in the currency circles, the Exchange collaborates with third-party contractual instruments, such as the Great God contract, to boost new flows. 在合约这块专业的市场，由于门槛更高，马太效应也比现货市场更加明显。对于中小平台来说，突围并非易事。 In the contract’s professional market, the Matthews effect is more pronounced than in the spot market because of the higher threshold. For small and medium-sized platforms, it is not easy to break through. 在币圈的主流共识中，即将打入合约战场的币安，是“争食者”中最有威胁的一支队伍。毕竟，火币合约8个月崛起的先例就摆在眼前，坐拥大流量和影响力的币安，成功几率要比中小平台更大。 In the mainstream consensus in the currency circles, currency security, which is about to enter into a contract battle, is the most threatening of the “gravers.” After all, the eight-month precedent for the rise of a tender contract is in sight, with large flows and influence, with greater chances of success than that of a medium-sized platform. 当然，先前的霸主已经证明，这块战场充满了坎坷和荆棘，对于后来者而言，走的每一步都不会轻松。 Of course, the former rulers have proved that the battlefield is full of bumps and thorns, and that each step will not be easy for later generations. 从两强争霸到三足鼎立，再到群雄割据，交易所3.0时代的争锋愈演愈烈，攻防大战已然打响。与先前不同的是，合约是靠硬实力说话的世界，出奇制胜不再有效，“争食者”需要做好打持久战的准备。 From the struggles of the two powers to the three-legged struggles of the men, the battles of the exchange of 3.0 years have intensified, and the battle against war has begun. Unlike before, the contract is a world that speaks out of hard power, the wonders are no longer effective, and the “growlers” need to be prepared for a lasting battle. 免责声明：自媒体综合提供的内容均源自自媒体，版权归原作者所有，转载请联系原作者并获许可。文章观点仅代表作者本人，不代表新浪立场。若内容涉及投资建议，仅供参考勿作为投资依据。投资有风险，入市需谨慎。
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交易所合约排名与现货实力强相关
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