币圈很多用户利用各大比特币交易平台的现货差价来赚取差价，俗称「搬砖」。同样的，我们也可以利用比特币期货和比特币现货之间的差价进行套利赚钱，这是最赚钱的方式之一。本文将一起探讨在 JEX 平台如何利用比特币期货（永续合约）和比特币现货对冲赚钱。
Similarly, we can use the difference between bitcoin futures and bitcoins for arbitrage, which is one of the most profitable ways. Together, this paper explores the use of bitcoin futures and bitcoins as hedges at the JEX platform.
比特币期货和比特币的走势一般来说是一致的，但不会完全一致。由于期货交割的存在，交割日比特币期货和比特币价格会一致，因为如果这二者有价差，就会有人通过套利去抹平这个价差。永续合约（比特币期货的新形式）虽然没有交割，但永续合约有资金费率这个机制，用来锚定比特币价格，使比特币期货不会偏离比特币现货太多。
Bitcoin futures and bitcoin are generally the same, but not exactly the same. Because of the futures cut, the delivery of bitcoin futures and bitcoin prices will be the same, because if there is a price difference, someone will offset the price difference by arbitrage.
如上所述，比特币期货和比特币两者出现不合理的价差时，我们就可以通过做空期货，做多现货来进行对冲套利。
As noted above, in the event of an unreasonable price difference between the Bitcoin futures and the Bitcoin, we can hedge against it by making empty futures and making multiple cash.
这里有几个要点我们梳理下：
Here's a few points we'd like to comb up:
期货：比特币永续合约价格
现货：比特币价格
我们举个例子来说明。为了便于理解，我们都取期货和现货价格的整数。假设现在火币的比特币价格是 10000 美金，JEX 平台的比特币永续合约价格是 11000 美金。那我们可以在火币以 10000 美金的价格买进 1 个比特币，在 JEX 做空同等价值即 10000 美金的期货。
Let's give an example. For ease of understanding, we all take the full amount of futures and spot prices. Assuming that the price of the currency is now $10000, and the price of the Jet platform's permanent contract is $11,000. Then we can buy a bitcoin at $10000, and we can do the same value at JEX, that is $10000.
这里有 3 种情况：
Here are three scenarios:
1）期货和现货价差缩小，则已实现盈利，可以将期货和现货分别平仓。
1) A reduced difference between futures and spot prices has been realized and futures and spot prices can be levelled separately.
2）期货和现货价差变大，则期货浮动盈亏为负数，可以等待期货到期交割。期货交割价格是根据现货价格来计算的，所以交割价格与现货价格基本一致，则盈利约为 11000 - 10000=100美元。JEX 每 8 小时利用资金费率锚定现货价格，相比交割合约，更加灵活。
2) Futures and spot prices vary significantly, and futures float negative and can wait for futures to be delivered when they are due. The futures delivery price is based on spot prices, so the delivery price is roughly the same as the spot price, and the profit is approximately $11,000 - $100 = $100. JEX uses the funds rate to anchor spot prices every eight hours, which is more flexible than the delivery contract.
3）出现现货价格比期货价格高的情况，那么总盈利超过 100 美金。
3) In cases where spot prices are higher than futures prices, total profits exceed $100.
以上就是比特币期现套利的赚钱方式。
And that's the way the bitcoin arbitrage is making money.
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