{"id":6464,"date":"2026-02-28T17:43:16","date_gmt":"2026-02-28T09:43:16","guid":{"rendered":"https:\/\/www.dm-yq.com\/?p=6464"},"modified":"2026-02-28T17:43:16","modified_gmt":"2026-02-28T09:43:16","slug":"%e6%8a%95%e8%b5%84%e4%ba%ba%e7%8b%82%e4%b9%b0%e3%80%8c%e8%b7%8c%e5%b8%82%e4%bf%9d%e9%99%a9%e3%80%8d%ef%bc%81%e6%8a%bc%e6%b3%a8%e6%af%94%e7%89%b9%e5%b8%81%e8%b7%8c%e7%a0%b4-10-%e4%b8%87%e7%be%8e","status":"publish","type":"post","link":"https:\/\/www.dm-yq.com\/?p=6464","title":{"rendered":"\u6295\u8d44\u4eba\u72c2\u4e70\u300c\u8dcc\u5e02\u4fdd\u9669\u300d\uff01\u62bc\u6ce8\u6bd4\u7279\u5e01\u8dcc\u7834 10 \u4e07\u7f8e\u5143\u3001\u4ee5\u592a\u5e01\u5931\u5b88 3 \u5343\u7f8e\u5143"},"content":{"rendered":"

\u7ecf\u5386\u4e0a\u4e2a\u6708\u7684\u98d9\u6da8\u884c\u60c5\u540e\uff0c\u52a0\u5bc6\u8d27\u5e01\u4ef7\u683c\u8fd1\u671f\u8868\u73b0\u75b2\u8f6f\uff0c\u5e02\u573a\u6c1b\u56f4\u4e5f\u51fa\u73b0\u660e\u663e\u8f6c\u53d8\u3002\u6839\u636e\u884d\u751f\u54c1\u4ea4\u6613\u5e73\u53f0 Derive.xyz \u6307\u51fa\uff0c\u968f\u8457\u884c\u60c5\u964d\u6e29\uff0c\u90e8\u5206\u6295\u8d44\u4eba\u5f00\u59cb\u8f6c\u5411\u504f\u7a7a\u5e03\u5c40\u3001\u7eb7\u7eb7\u4e70\u8fdb\u300c\u8dcc\u5e02\u4fdd\u9669\u300d\uff0c\u4e3a\u4ef7\u683c\u4e0b\u884c\u98ce\u9669\u9884\u4f5c\u9632\u5fa1\u3002
\n
<\/p>\n

\u7ecf\u5386\u4e0a\u4e2a\u6708\u7684\u98d9\u6da8\u884c\u60c5\u540e\uff0c\u52a0\u5bc6\u8d27\u5e01\u4ef7\u683c\u8fd1\u671f\u8868\u73b0\u75b2\u8f6f\uff0c\u5e02\u573a\u6c1b\u56f4\u4e5f\u51fa\u73b0\u660e\u663e\u8f6c\u53d8\u3002\u6839\u636e\u884d\u751f\u54c1\u4ea4\u6613\u5e73\u53f0 Derive.xyz \u6307\u51fa\uff0c\u968f\u8457\u884c\u60c5\u964d\u6e29\uff0c\u90e8\u5206\u6295\u8d44\u4eba\u5f00\u59cb\u8f6c\u5411\u504f\u7a7a\u5e03\u5c40\u3001\u7eb7\u7eb7\u4e70\u8fdb\u300c\u8dcc\u5e02\u4fdd\u9669\u300d\uff0c\u4e3a\u4ef7\u683c\u4e0b\u884c\u98ce\u9669\u9884\u4f5c\u9632\u5fa1\u3002<\/p>\n

Derive \u8868\u793a\uff0c\u622a\u81f3 8 \u6708 29 \u65e5\u5230\u671f\u7684\u9009\u62e9\u6743\u90e8\u4f4d\u663e\u793a\uff0c\u5e02\u573a\u62bc\u6ce8\u6bd4\u7279\u5e01\u3001\u4ee5\u592a\u5e01\u4ef7\u683c\u5927\u5e45\u56de\u6863\u7684\u610f\u56fe\u65e5\u76ca\u9ad8\u6da8\uff0c\u5c24\u5176\u662f\u5728\u300c\u770b\u8dcc\u9009\u62e9\u6743\uff08\u5356\u6743\uff09\u300d\u4e0a\u6d8c\u73b0\u5f3a\u52b2\u9700\u6c42\u3002<\/p>\n


<\/p>\n

\u4ece\u9009\u62e9\u6743\u89d2\u5ea6\u6765\u770b\uff0c\u4e70\u5165\u300c\u770b\u6da8\u9009\u62e9\u6743\uff08\u4e70\u6743\uff09\u300d\u4ee3\u8868\u6709\u6743\u4ee5\u7279\u5b9a\u4ef7\u683c\u4e70\u8fdb\u8d44\u4ea7\uff1b\u800c\u4e70\u5165\u300c\u770b\u8dcc\u9009\u62e9\u6743\uff08\u5356\u6743\uff09\u300d\u5219\u53ef\u5728\u7ea6\u5b9a\u4ef7\u683c\u5356\u51fa\u8d44\u4ea7\u3002<\/p>\n

\u5f53\u5e02\u573a\u51fa\u73b0\u5927\u91cf\u5356\u6743\u90e8\u4f4d\u65f6\uff0c\u901a\u5e38\u4ee3\u8868\u6295\u8d44\u4eba\u6b63\u5728\u5bfb\u6c42\u4e0b\u884c\u4fdd\u62a4\u3002\u8fd9\u79cd\u8d1f\u659c\u7387\uff08Negative Skew\uff09\u7684\u60c5\u5883\uff0c\u4e5f\u610f\u5473\u8457\u5e02\u573a\u4e0a\u5356\u6743\u7684\u4ef7\u683c\u6bd4\u4e70\u6743\u66f4\u6602\u8d35\uff0c\u53cd\u6620\u51fa\u6295\u8d44\u4eba\u770b\u6de1\u540e\u5e02\u884c\u60c5\uff0c\u5bf9\u6f5c\u5728\u4e0b\u8dcc\u7684\u907f\u9669\u9700\u6c42\u4e5f\u66f4\u5f3a\u3002<\/p>\n

\u4ee5\u592a\u5e01\u5356\u6743\u6bd4\u4e70\u6743\u8d85\u51fa\u903e 10%<\/p>\n

Derive \u7814\u7a76\u4e3b\u7ba1 Sean Dawson \u8868\u793a\uff0c8 \u6708 29 \u65e5\u5230\u671f\u7684\u4ee5\u592a\u5e01\u9009\u62e9\u6743\u5f53\u4e2d\uff0c\u770b\u8dcc\u90e8\u4f4d\u6bd4\u4e70\u6743\u591a\u51fa\u903e 10%\uff0c\u5176\u4e2d\u6700\u70ed\u95e8\u7684\u5356\u6743\u5c65\u7ea6\u4ef7\u96c6\u4e2d\u5728 3,200 \u7f8e\u5143\u3001 3,000 \u7f8e\u5143\u4e0e 2,200 \u7f8e\u5143\uff0c\u53cd\u6620\u51fa\u5e02\u573a\u9884\u671f\uff0c\u4ee5\u592a\u5e01\u5c06\u9762\u4e34\u4e00\u5b9a\u5e45\u5ea6\u7684\u4fee\u6b63\uff0c\u751a\u81f3\u4e0d\u6392\u9664\u4f1a\u51fa\u73b0\u66f4\u6df1\u7684\u56de\u8c03\u3002<\/p>\n

\u6839\u636e CoinGecko \u884c\u60c5\u62a5\u4ef7\uff0c\u4ee5\u592a\u5e01\u76ee\u524d\u7684\u4ea4\u6613\u4ef7\u683c\u4e3a 3,654.65 \u7f8e\u5143\uff0c\u8fc7\u53bb\u4e00\u5468\u8dcc\u5e45\u7ea6 5.4% \u3002<\/p>\n

\u6bd4\u7279\u5e01\u5356\u538b\u66f4\u91cd\u3001\u8fd1\u534a\u6570\u5356\u6743\u96c6\u4e2d 95,000 \u7f8e\u5143\u4ef7\u4f4d<\/p>\n

\u76f8\u8f83\u4e4b\u4e0b\uff0c\u6bd4\u7279\u5e01\u7684\u9009\u62e9\u6743\u5e02\u573a\u5219\u5448\u73b0\u66f4\u5f3a\u70c8\u7684\u7a7a\u5934\u6c1b\u56f4\u3002 Sean Dawson \u6307\u51fa\uff0c\u6bd4\u7279\u5e01\u5356\u6743\u90e8\u4f4d\u662f\u4e70\u6743\u7684 5 \u500d\u4ee5\u4e0a\uff0c\u5176\u4e2d\u8fd1\u534a\u96c6\u4e2d\u5728 95,000 \u7f8e\u5143\u5c65\u7ea6\u4ef7\uff0c\u53e6\u5916\u8fd8\u6709\u5927\u91cf\u90e8\u4f4d\u843d\u5728 80,000 \u7f8e\u5143\u81f3 100,000 \u7f8e\u5143\u533a\u95f4\u3002<\/p>\n

\u4ed6\u8868\u793a\uff0c\u8fd9\u6837\u7684\u5206\u5e03\u663e\u793a\uff0c\u6709\u76f8\u5f53\u6bd4\u4f8b\u7684\u4ea4\u6613\u5458\u300c\u6b63\u91cd\u62bc\u6bd4\u7279\u5e01\u5728\u6708\u5e95\u524d\u4f1a\u8dcc\u7834 10 \u4e07\u7f8e\u5143\u300d\u3002<\/p>\n

\u622a\u81f3\u5199\u7a3f\u65f6\uff0c\u6bd4\u7279\u5e01\u62a5 114,484 \u7f8e\u5143\uff0c\u8fc7\u53bb 7 \u5929\u4e0b\u8dcc 3.4% \u3002<\/p>\n

\u9690\u542b\u6ce2\u52a8\u7387\u5dee\u8ddd\u62c9\u5927 \u4ee5\u592a\u5e01\u4ea4\u6613\u8def\u5f84\u6050\u66f4\u98a0\u7c38<\/p>\n

\u4e0e\u6b64\u540c\u65f6\uff0c\u8861\u91cf\u5356\u6743\u3001\u4e70\u6743\u9700\u6c42\u5dee\u5f02\u7684\u300c\u504f\u659c\u6307\u6807\uff08Skew\uff09\u300d\u4e5f\u51fa\u73b0\u8f6c\u53d8\u3002 Derive \u6307\u51fa\uff0c\u6bd4\u7279\u5e01 30 \u65e5\u9009\u62e9\u6743\u659c\u7387\u5df2\u4ece\u4e0a\u4e2a\u6708\u7684\u300c+2%\u300d\u56de\u843d\u81f3\u7ea6\u300c-2%\u300d\uff1b\u4ee5\u592a\u5e01 30 \u65e5\u9009\u62e9\u6743\u659c\u7387\u4e5f\u4ece\u300c+6%\u300d\u964d\u81f3\u300c-2%\u300d\u5de6\u53f3\u3002<\/p>\n

Derive \u8865\u5145\uff0c\u76ee\u524d\u6bd4\u7279\u5e01 30 \u65e5\u9690\u542b\u6ce2\u52a8\u7387\uff08Implied Volatility\uff09\u7ea6\u4e3a 35%\uff1b\u4ee5\u592a\u5e01\u5219\u9ad8\u8fbe 65% \u3002\u4e24\u8005\u4e4b\u95f4\u7684\u6ce2\u52a8\u7387\u5dee\u8ddd\u5df2\u4ece 6 \u6708\u521d\u7684 24 \u4e2a\u767e\u5206\u70b9\u6269\u5927\u81f3\u8fd1 30 \u4e2a\u767e\u5206\u70b9\uff0c\u663e\u793a\u4ee5\u592a\u5e01\u77ed\u671f\u5185\u9762\u4e34\u7684\u4ef7\u683c\u6ce2\u52a8\u98ce\u9669\u66f4\u4e3a\u5267\u70c8\u3002<\/p>\n

\u5c3d\u7ba1\u907f\u9669\u90e8\u4f4d\u4e0a\u5347\uff0cDerive \u7684\u4ef7\u683c\u673a\u7387\u6a21\u578b\u663e\u793a\uff0c\u5e02\u573a\u60c5\u7eea\u4ecd\u4e0d\u5168\u7136\u60b2\u89c2\u3002\u4ee5\u592a\u5e01\u6709 25% \u673a\u7387\u5728 8 \u6708\u5e95\u524d\u8dcc\u7834 3,000 \u7f8e\u5143\uff0c\u4f46\u540c\u65f6\u4e5f\u6709 30% \u673a\u7387\u7ad9\u4e0a $4,000\uff08\u4e0a\u5468\u4ec5 15%\uff09\u3002<\/p>\n

\u81f3\u4e8e\u6bd4\u7279\u5e01\uff0cSean Dawson \u5219\u9884\u4f30\uff0c\u6709 18% \u7684\u673a\u7387\u4f1a\u518d\u5ea6\u56de\u6d4b 100,000 \u7f8e\u5143\u5173\u5361\u3002<\/p>\n

\u9009\u62e9\u6743\u5e02\u573a\u56e0\u4f55\u8f6c\u8d8b\u8c28\u614e\uff1f\u00a0<\/p>\n

\u8fd9\u6ce2\u4fdd\u5b88\u5e03\u5c40\u7684\u80cc\u666f\uff0c\u4e0e 7 \u6708\u5e95\u8054\u51c6\u4f1a\uff08Fed\uff09\u5bf9\u5229\u7387\u51b3\u7b56\u7684\u6700\u65b0\u4f1a\u8bae\u5bc6\u5207\u76f8\u5173\u3002\u4f1a\u4e2d\u5982\u5e02\u573a\u666e\u904d\u9884\u671f\uff0cFed \u7ef4\u6301\u539f\u6709\u5229\u7387\u4e0d\u53d8\uff0c\u5e76\u6307\u51fa\u901a\u81a8\u4e0e\u7ecf\u6d4e\u524d\u666f\u4ecd\u5b58\u5728\u9ad8\u5ea6\u4e0d\u786e\u5b9a\u6027\u3002<\/p>\n

\u4f46\u4f1a\u8bae\u7ed3\u679c\u4e5f\u5e76\u975e\u5168\u65e0\u610f\u5916\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0cFed \u4e24\u4f4d\u7406\u4e8b Christopher Waller \u3001 Michelle Bowman \u7f55\u89c1\u6295\u7968\u652f\u6301\u964d\u606f\uff0c\u8fd9\u662f\u8fd1 30 \u5e74\u6765\u9996\u6b21\u6709\u4e24\u4f4d\u5b98\u5458\u5728\u540c\u573a\u51b3\u7b56\u4e2d\u8868\u8fbe\u53cd\u5bf9\u610f\u89c1\u3002<\/p>\n

\u8fd9\u4e5f\u6fc0\u52b1\u5e02\u573a\u5bf9\u300c\u8f6c\u5411\u5bbd\u677e\u653f\u7b56\u300d\u7684\u60f3\u50cf\u3002\u6839\u636e\u829d\u5546\u6240 FedWatch \u5de5\u5177\uff0c\u5e02\u573a\u9884\u671f Fed \u5728 9 \u6708\u51b3\u8bae\u964d\u606f\u7684\u673a\u7387\u9ad8\u8fbe 85.5% \u3002<\/p>\n

\"\"<\/p>\n

\n","protected":false},"excerpt":{"rendered":"

\u7ecf\u5386\u4e0a\u4e2a\u6708\u7684\u98d9\u6da8\u884c\u60c5\u540e\uff0c\u52a0\u5bc6\u8d27\u5e01\u4ef7\u683c\u8fd1\u671f\u8868\u73b0\u75b2\u8f6f\uff0c\u5e02\u573a\u6c1b\u56f4\u4e5f\u51fa\u73b0\u660e\u663e\u8f6c\u53d8\u3002\u6839\u636e\u884d\u751f\u54c1\u4ea4\u6613\u5e73\u53f0 Derive.x…<\/p>\n","protected":false},"author":3,"featured_media":5985,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-6464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts\/6464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6464"}],"version-history":[{"count":1,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts\/6464\/revisions"}],"predecessor-version":[{"id":9036,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts\/6464\/revisions\/9036"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/media\/5985"}],"wp:attachment":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}