{"id":722065,"date":"2026-02-12T05:11:24","date_gmt":"2026-02-11T21:11:24","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=722065"},"modified":"2026-02-12T05:11:24","modified_gmt":"2026-02-11T21:11:24","slug":"%e6%b0%b8%e7%bb%ad%e5%90%88%e7%ba%a6%e7%9a%84%e7%9c%9f%e5%81%87%e7%b9%81%e8%8d%a3%ef%bc%9a%e4%bd%a0%e7%9c%8b%e7%a9%bf%e4%ba%86%e5%90%97%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=722065","title":{"rendered":"\u6c38\u7eed\u5408\u7ea6\u7684\u201c\u771f\u5047\u7e41\u8363\u201d\uff1a\u4f60\u770b\u7a7f\u4e86\u5417\uff1f"},"content":{"rendered":"<p>\u4f5c\u8005\uff1aPrathik Desai<\/p>\n<p>\u539f\u6807\u9898\uff1aReading Perps Beyond Volume<\/p>\n<p>\u7f16\u8bd1\u53ca\u6574\u7406\uff1aBitpushNews<\/p>\n<hr\/>\n<p>\u6b63\u5f53\u4f60\u89c9\u5f97\u91d1\u878d\u53d8\u5f97\u67af\u71e5\u4e4f\u5473\u65f6\uff0c\u5b83\u603b\u80fd\u7ed9\u4eba\u60ca\u559c\u3002\u8fd1\u6765\uff0c\u4f3c\u4e4e\u6240\u6709\u4eba\u90fd\u5728\u4ee5\u9c9c\u6709\u4eba\u9884\u89c1\u7684\u65b9\u5f0f\u91cd\u6784\u91d1\u878d\u4f53\u7cfb\uff0c\u751a\u81f3\u5305\u62ec\u90a3\u4e9b\u6765\u81ea\u5a31\u4e50\u548c<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%aa%92%e4%bd%93\" title=\"View all posts in \u5a92\u4f53\" target=\"_blank\" class=\"tag_link\">\u5a92\u4f53<\/a>\u884c\u4e1a\u7684\u4eba\u3002<\/p>\n<p>\u4ee5\u5409\u7c73\u00b7\u5510\u7eb3\u68ee\uff08Jimmy Donaldson\uff0c\u4e5f\u5c31\u662f YouTube \u4e0a\u7684 \u201cMrBeast\u201d\uff09\u4e3a\u4f8b\uff0c\u4ed6\u4e0d\u4ec5\u62e5\u6709\u4e00\u4e2a\u96f6\u98df\u5e1d\u56fd\uff0c\u8fd1\u671f\u8fd8<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%94%b6%e8%b4%ad\" title=\"View all posts in \u6536\u8d2d\" target=\"_blank\" class=\"tag_link\">\u6536\u8d2d<\/a>\u4e86\u4e00\u6b3e\u94f6\u884c\u5e94\u7528\uff0c\u65e8\u5728\u5411\u9752\u5c11\u5e74\u548c\u5e74\u8f7b\u4eba\u666e\u53ca\u91d1\u878d\u7d20\u517b\u548c\u8d44\u91d1\u7ba1\u7406\u3002\u4e3a\u4ec0\u4e48\uff1f\u6216\u8bb8\u6ca1\u6709\u4ec0\u4e48\u6bd4\u5229\u7528\u91d1\u878d\u4ea7\u54c1\u5c06 4.66 \u4ebf\u8ba2\u9605\u7528\u6237\u7fa4\u8fdb\u884c\u53d8\u73b0\u66f4\u76f4\u63a5\u7684\u4e86\u3002<\/p>\n<p>\u4eca\u5e74\u590f\u5929\uff0c\u5168\u7403\u6700\u5927\u7684\u884d\u751f\u54c1\u4ea4\u6613\u5e02\u573a\u829d\u5546\u6240\uff08<span data-slug=\"cme_ventures\">CME Group<\/span>\uff09 \u5c06\u63a8\u51fa \u4e2a\u80a1\u671f\u8d27\uff0c\u5141\u8bb8\u7528\u6237\u4ea4\u6613\u5305\u62ec Alphabet\u3001\u82f1\u4f1f\u8fbe\uff08NVIDIA\uff09\u3001\u7279\u65af\u62c9\uff08Tesla\uff09\u548c Meta \u5728\u5185\u7684 50 \u591a\u79cd\u9876\u7ea7\u7f8e\u80a1\u7684\u671f\u8d27\u3002<\/p>\n<p>\u8fd9\u4e9b\u91cd\u6784\u5411\u6211\u4eec\u5c55\u793a\u4e86\u4eba\u4eec\u53c2\u4e0e\u91d1\u878d\u65b9\u5f0f\u7684\u53d8\u5316\u3002\u800c\u8fc7\u53bb\u51e0\u5e74\u4e2d\uff0c\u6ca1\u6709\u4ec0\u4e48\u6bd4<a href=\"https:\/\/www.bitpush.news\/articles\/tag\/%e6%b0%b8%e7%bb%ad%e5%90%88%e7%ba%a6\" title=\"\u67e5\u770b\u6c38\u7eed\u5408\u7ea6\u4e2d\u7684\u5168\u90e8\u6587\u7ae0\" target=\"_blank\" rel=\"noopener\">\u6c38\u7eed\u5408\u7ea6<\/a>\uff08Perpetual Markets\uff09\u5e02\u573a\u7684\u7206\u53d1\u66f4\u80fd\u8bf4\u660e\u8fd9\u4e00\u70b9\u4e86\u3002<\/p>\n<p>\u6c38\u7eed\u671f\u8d27\uff08\u6216\u79f0 Perps\uff09\u662f\u4e00\u79cd\u91d1\u878d\u884d\u751f\u54c1<a href=\"https:\/\/www.bitpush.news\/articles\/tag\/%e5%90%88%e7%ba%a6\" title=\"\u67e5\u770b\u5408\u7ea6\u4e2d\u7684\u5168\u90e8\u6587\u7ae0\" target=\"_blank\" rel=\"noopener\">\u5408\u7ea6<\/a>\uff0c\u5141\u8bb8\u5e02\u573a\u53c2\u4e0e\u8005\u5728\u6ca1\u6709\u5230\u671f\u65e5\u7684\u60c5\u51b5\u4e0b\u5bf9\u8d44\u4ea7\u4ef7\u683c\u8fdb\u884c\u6295\u673a\u3002Perps \u8fd8\u8ba9\u4eba\u4eec\u80fd\u591f\u5feb\u901f\u4e14\u5ec9\u4ef7\u5730\u8868\u8fbe\u5bf9\u8d44\u4ea7\u7684\u770b\u6cd5\u3002\u5b83\u4eec\u6bd4\u4f20\u7edf\u5e02\u573a\u66f4\u8ff7\u4eba\uff0c\u56e0\u4e3a\u5b83\u4eec\u63d0\u4f9b\u5373\u65f6\u8bbf\u95ee\u548c\u6760\u6746\u3002\u4e0e\u4f20\u7edf\u5e02\u573a\u4e0d\u540c\uff0c\u5b83\u4eec\u4e0d\u9700\u8981\u7ecf\u7eaa\u5546\u5165\u9a7b\u6d41\u7a0b\uff0c\u6ca1\u6709\u7ba1\u8f96\u533a\u7684\u6587\u4e66\u5de5\u4f5c\uff0c\u4e5f\u4e0d\u9075\u5faa\u201c\u4f20\u7edf\u201d\u7684\u5e02\u573a\u8425\u4e1a\u65f6\u95f4\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u94fe\u4e0a\u6c38\u7eed\u5e02\u573a\u53ef\u4ee5\u8ba9\u4efb\u4f55\u8d44\u4ea7\uff08\u65e0\u8bba\u662f\u4f20\u7edf\u8d44\u4ea7\u8fd8\u662f\u52a0\u5bc6\u8d44\u4ea7\uff09\u4ee5\u65e0\u9700\u8bb8\u53ef\u3001\u9ad8\u6760\u6746\u7684\u65b9\u5f0f\u8fdb\u884c\u4ea4\u6613\u3002\u8fd9\u8ba9\u6295\u673a\u53d8\u5f97\u6709\u8da3\uff0c\u5c24\u5176\u662f\u5f53\u4eba\u7c7b\u65e0\u6cd5\u6297\u62d2\u5728\u4f20\u7edf\u4ea4\u6613\u65f6\u6bb5\u4e4b\u5916\uff0c\u5bf9\u6ce2\u52a8\u8d44\u4ea7\u7684\u8f68\u8ff9\u8fdb\u884c\u535a\u5f08\u65f6\u3002\u8fd9\u4f7f\u5f97<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e9%a3%8e%e9%99%a9\" title=\"View all posts in \u98ce\u9669\" target=\"_blank\" class=\"tag_link\">\u98ce\u9669<\/a>\u80fd\u591f\u88ab\u5b9e\u65f6\u5b9a\u4ef7\u3002<\/p>\n<p>\u60f3\u60f3\u4e24\u5468\u524d\u53d1\u751f\u4e86\u4ec0\u4e48\u3002\u5f53\u4f20\u7edf\u5e02\u573a\u548c\u52a0\u5bc6\u5e02\u573a\u540c\u65f6\u5d29\u76d8\u65f6\uff0c\u4ea4\u6613\u8005\u6d8c\u5411 <span data-slug=\"hyperliquid\"><a href=\"https:\/\/www.bitpush.news\/articles\/tag\/hyperliquid\" title=\"\u67e5\u770bHyperliquid\u4e2d\u7684\u5168\u90e8\u6587\u7ae0\" target=\"_blank\" rel=\"noopener\">Hyperliquid<\/a><\/span>\uff0c\u63a8\u52a8\u4e86\u6c38\u7eed<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e9%bb%84%e9%87%91\" title=\"View all posts in \u9ec4\u91d1\" target=\"_blank\" class=\"tag_link\">\u9ec4\u91d1<\/a>\u548c\u767d\u94f6\u4ea4\u6613\u8fdb\u5165\u72c2\u70ed\u72b6\u6001\u30021 \u6708 31 \u65e5\uff0c\u4ec5 Hyperliquid \u4e00\u5bb6\u5c31\u5728\u5176\u4e0a\u7ebf\u4e0d\u5230\u4e00\u4e2a\u6708\u7684\u767d\u94f6\uff08Silver\uff09\u6c38\u7eed\u5408\u7ea6\u5e02\u573a\u4e0a\uff0c\u5360\u636e\u4e86\u5168\u7403\u767d\u94f6\u65e5<a href=\"https:\/\/www.bitpush.news\/articles\/tag\/%e4%ba%a4%e6%98%93%e9%87%8f\" title=\"\u67e5\u770b\u4ea4\u6613\u91cf\u4e2d\u7684\u5168\u90e8\u6587\u7ae0\" target=\"_blank\" rel=\"noopener\">\u4ea4\u6613\u91cf<\/a>\u7684 2%\u3002<\/p>\n<p>\u8fd9\u5c31\u89e3\u91ca\u4e86\u4e3a\u4ec0\u4e48\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u91cf\u7684\u4eea\u8868\u76d8\u6b63\u65e5\u76ca\u4e3b\u5bfc\u52a0\u5bc6\u793e\u533a\u548c\u8bba\u575b\u3002\u4ea4\u6613\u91cf\u662f\u4e00\u4e2a\u7edd\u5bf9\u503c\u3002\u5b83\u770b\u8d77\u6765\u5f88\u5927\uff0c\u6bcf\u9694\u51e0\u5206\u949f\u5237\u65b0\u4e00\u6b21\uff0c\u975e\u5e38\u9002\u5408\u505a\u6392\u884c\u699c\u3002\u4f46\u5b83\u9519\u8fc7\u4e86\u4e00\u4e2a\u5173\u952e\u7684\u7ec6\u5fae\u5dee\u522b\uff1a\u4ea4\u6613\u91cf\u53ef\u80fd\u53cd\u6620\u7684\u662f\u4e00\u79cd\u7f3a\u4e4f\u610f\u4e49\u7684\u8fd0\u52a8\u3002\u4e00\u4e2a\u5e02\u573a\u7684\u4ea4\u6613\u91cf\u5927\uff0c\u53ef\u80fd\u662f\u56e0\u4e3a<a href=\"https:\/\/www.bitpush.news\/articles\/tag\/%e6%b7%b1%e5%ba%a6\" title=\"\u67e5\u770b\u6df1\u5ea6\u4e2d\u7684\u5168\u90e8\u6587\u7ae0\" target=\"_blank\" rel=\"noopener\">\u6df1\u5ea6<\/a>\u591f\uff0c\u4f46\u4e5f\u53ef\u80fd\u662f\u56e0\u4e3a\u5956\u52b1\u548c\u6fc0\u52b1\u63aa\u65bd\u9f13\u52b1\u4e86\u66f4\u9ad8\u9891\u7387\u7684\u6d3b\u52a8\u3002\u8fd9\u79cd\u6d3b\u52a8\u901a\u5e38\u662f\u9012\u5f52\u7684\uff0c\u610f\u4e49\u4e0d\u5927\u3002<\/p>\n<p>\u672c\u5468\uff0c\u6211\u6df1\u5165\u7814\u7a76\u4e86\u6c38\u7eed\u4ea4\u6613\u5e02\u573a\u7684\u5176\u4ed6\u6307\u6807\u3002\u5f53\u8fd9\u4e9b\u6307\u6807\u4e0e\u4ea4\u6613\u91cf\u914d\u5408\u4f7f\u7528\u65f6\uff0c\u80fd\u589e\u52a0\u66f4\u591a\u7684\u7ef4\u5ea6\uff0c\u5e76\u8bb2\u8ff0\u4e0e\u5355\u7eaf\u4ea4\u6613\u91cf\u5b8c\u5168\u4e0d\u540c\u7684\u6545\u4e8b\u3002<\/p>\n<p>\u8ba9\u6211\u4eec\u5f00\u59cb\u5427\u3002<\/p>\n<h3>\u51e0\u4e2a\u6570\u636e\u70b9<\/h3>\n<p>\u6c38\u7eed\u5e02\u573a\u53cb\u597d\u7684\u7528\u6237\u754c\u9762\u4f7f\u5176\u6210\u4e3a\u8de8\u5404\u79cd\u5e02\u573a\u548c\u5168\u7403\u8d44\u4ea7\u8868\u8fbe<a href=\"https:\/\/www.bitpush.news\/articles\/tag\/%e8%a7%82%e7%82%b9\" title=\"\u67e5\u770b\u89c2\u70b9\u4e2d\u7684\u5168\u90e8\u6587\u7ae0\" target=\"_blank\" rel=\"noopener\">\u89c2\u70b9<\/a>\u7684\u4f4e\u95e8\u69db\u3001\u9ed8\u8ba4\u754c\u9762\u3002\u5728\u5355\u4e00\u5e73\u53f0\u4e0a\u5bf9\u4f20\u7edf\u548c\u52a0\u5bc6\u8d44\u4ea7\u8fdb\u884c\u9ad8\u6760\u6746\u884d\u751f\u54c1\u4ea4\u6613\u7684\u5e7f\u6cdb\u9009\u62e9\uff0c\u5df2\u5bfc\u81f4\u6c38\u7eed\u5408\u7ea6\u7684\u4ea4\u6613\u91cf\u8d85\u8d8a\u4e86\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u7684\u73b0\u8d27\u4ea4\u6613\u91cf\u3002\u4ece 2025 \u5e74 2 \u6708\u7684 44%\uff0c\u6c38\u7eed\u5408\u7ea6\u7684\u4ea4\u6613\u91cf\u5360\u6bd4\u5df2\u98d9\u5347\u81f3\u4eca\u5929\u7684 75% \u5de6\u53f3\uff08\u76f8\u5bf9\u4e8e\u73b0\u8d27\u4ea4\u6613\u91cf\uff09\u3002<\/p>\n<p>\u8fd9\u79cd\u589e\u957f\u5728\u8fc7\u53bb\u51e0\u4e2a\u6708\u4e2d\u5c24\u4e3a\u663e\u8457\uff1a<\/p>\n<ul>\n<li>\n<p>\u622a\u81f3 2025 \u5e74 7 \u6708 31 \u65e5\u7684\u56db\u5e74\u95f4\uff0c\u5168\u5e73\u53f0\u7d2f\u8ba1\u6c38\u7eed\u4ea4\u6613\u603b\u91cf\u4e3a 6.91 \u4e07\u4ebf\u7f8e\u5143\u3002<\/p>\n<\/li>\n<li>\n<p>\u800c\u4ec5\u5728\u8fc7\u53bb\u7684\u516d\u4e2a\u6708\u91cc\uff0c\u8fd9\u4e00\u4ea4\u6613\u91cf\u5c31\u7ffb\u4e86\u4e00\u756a\uff0c\u8fbe\u5230\u4e86 14 \u4e07\u4ebf\u7f8e\u5143\u3002<\/p>\n<\/li>\n<\/ul>\n<p><img src=\"https:\/\/images.bitpush.news\/cn\/20260212\/177083767278250738.png\" title=\"1770837208522993.png\" alt=\"\u6c38\u7eed\u5408\u7ea6\u7684\u201c\u771f\u5047\u7e41\u8363\u201d\uff1a\u4f60\u770b\u7a7f\u4e86\u5417\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto;\"\/><\/p>\n<p>\u6240\u6709\u8fd9\u4e9b\u589e\u957f\u90fd\u662f\u5728<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%8a%a0%e5%af%86%e8%b4%a7%e5%b8%81\" title=\"View all posts in \u52a0\u5bc6\u8d27\u5e01\" target=\"_blank\" class=\"tag_link\">\u52a0\u5bc6\u8d27\u5e01<\/a>\u603b\u5e02\u503c\u5728 2025 \u5e74 8 \u6708 1 \u65e5\u81f3 2026 \u5e74 2 \u6708 9 \u65e5\u671f\u95f4\u7f29\u6c34\u8fd1 40% \u7684\u80cc\u666f\u4e0b\u5b9e\u73b0\u7684\u3002\u8fd9\u4e00\u6d3b\u8dc3\u5ea6\u8868\u660e\uff0c\u4ea4\u6613\u8005\u8d8a\u6765\u8d8a\u503e\u5411\u4e8e\u884d\u751f\u54c1\u4ea4\u6613\u3001\u5957\u671f\u4fdd\u503c\u548c\u77ed\u671f\u5b9a\u4f4d\uff0c\u5c24\u5176\u662f\u5728\u73b0\u8d27\u5e02\u573a\u53d8\u5f97\u5267\u70c8\u6ce2\u52a8\u4e14\u770b\u8dcc\u65f6\u3002<\/p>\n<p><img src=\"https:\/\/images.bitpush.news\/cn\/20260212\/177083767238000816.png\" title=\"1770837226755695.png\" alt=\"\u6c38\u7eed\u5408\u7ea6\u7684\u201c\u771f\u5047\u7e41\u8363\u201d\uff1a\u4f60\u770b\u7a7f\u4e86\u5417\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto;\"\/><\/p>\n<p>\u4f46\u8fd9\u91cc\u6709\u4e00\u4e2a\u9677\u9631\u3002\u5728\u5982\u6b64\u5e9e\u5927\u7684\u6d3b\u52a8\u4e2d\uff0c\u5f88\u5bb9\u6613\u8bef\u8bfb\u4ea4\u6613\u91cf\u6307\u6807\u3002\u5c24\u5176\u662f\u56e0\u4e3a\u6c38\u7eed\u4ea4\u6613\u4e0d\u4ec5\u4ec5\u662f\u4e70\u5165\u8d44\u4ea7\u5e76\u957f\u671f\u6301\u6709\uff0c\u5b83\u8fd8\u5305\u62ec\u5728\u66f4\u77ed\u7684\u65f6\u95f4\u6846\u67b6\u5185\uff0c\u5229\u7528\u6760\u6746\u53cd\u590d\u8c03\u6574\u6295\u6ce8\u89c4\u6a21\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u5f53\u5e02\u573a\u6362\u624b\u7387\u5feb\u901f\u63d0\u5347\u65f6\uff0c\u6211\u8111\u6d77\u4e2d\u4e0d\u53ef\u907f\u514d\u5730\u6d6e\u73b0\u51fa\u4e00\u4e2a\u95ee\u9898\uff1a\u7834\u7eaa\u5f55\u7684\u4ea4\u6613\u91cf\u53cd\u6620\u7684\u662f\u66f4\u591a\u7684<a href=\"https:\/\/www.bitpush.news\/articles\/tag\/%e8%b5%84%e6%9c%ac\" title=\"\u67e5\u770b\u8d44\u672c\u4e2d\u7684\u5168\u90e8\u6587\u7ae0\" target=\"_blank\" rel=\"noopener\">\u8d44\u672c<\/a>\u6d41\u5165\uff0c\u8fd8\u662f\u540c\u6837\u7684\u8d44\u672c\u5728\u4ee5\u66f4\u5feb\u7684\u901f\u5ea6\u5faa\u73af\uff1f<\/p>\n<p>\u8fd9\u5c31\u662f\u89c2\u5bdf \u6301\u4ed3\u91cf\uff08Open Interest\uff0c\u7b80\u79f0 <a href=\"https:\/\/www.bitpush.news\/articles\/tag\/oi\" title=\"\u67e5\u770bOI\u4e2d\u7684\u5168\u90e8\u6587\u7ae0\" target=\"_blank\" rel=\"noopener\">OI<\/a>\uff09 \u7684\u610f\u4e49\u6240\u5728\u3002\u5982\u679c\u8bf4\u4ea4\u6613\u91cf\u53cd\u6620\u7684\u662f\u8d44\u672c\u6d41\u52a8\uff0c\u90a3\u4e48 OI \u8861\u91cf\u7684\u662f\u672a\u5e73\u4ed3\u7684\u98ce\u9669\u655e\u53e3\u3002\u5728\u6c38\u7eed\u4ea4\u6613\u6240\uff0cOI \u6307\u7684\u662f\u4ea4\u6613\u8005\u6301\u6709\u7684\u6d3b\u8dc3\u4e14\u672a\u7ed3\u7b97\u7684\u591a\u5934\u548c\u7a7a\u5934\u5408\u7ea6\u7684\u603b\u7f8e\u5143\u4ef7\u503c\u3002<\/p>\n<p><img src=\"https:\/\/images.bitpush.news\/cn\/20260212\/177083767255437072.png\" title=\"1770837274481221.png\" alt=\"\u6c38\u7eed\u5408\u7ea6\u7684\u201c\u771f\u5047\u7e41\u8363\u201d\uff1a\u4f60\u770b\u7a7f\u4e86\u5417\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto;\"\/><\/p>\n<p>\u5982\u679c\u6c38\u7eed\u4ea4\u6613\u88ab\u5927\u4f17\u5e02\u573a\u63a5\u53d7\uff0c\u6211\u4eec\u4e0d\u4ec5\u5e0c\u671b\u770b\u5230\u66f4\u5927\u7684\u8d44\u672c\u6d41\uff0c\u8fd8\u5e0c\u671b\u770b\u5230\u6210\u6bd4\u4f8b\u589e\u957f\u7684\u672a\u5e73\u4ed3\u655e\u53e3\u3002<\/p>\n<ul>\n<li>\n<p>\u53bb\u5e74 2 \u6708\uff0cOI \u5e73\u5747\u7ea6\u4e3a 40 \u4ebf\u7f8e\u5143\uff1b<\/p>\n<\/li>\n<li>\n<p>\u73b0\u5728\u8fd9\u4e00\u6570\u5b57\u5df2\u7ffb\u4e86\u4e09\u500d\u591a\uff0c\u8fbe\u5230\u7ea6 130 \u4ebf\u7f8e\u5143\u3002\u5b9e\u9645\u4e0a\uff0c\u6574\u4e2a 1 \u6708\u4efd\u7684\u5e73\u5747\u503c\u66fe\u8fbe\u5230\u7ea6 180 \u4ebf\u7f8e\u5143\uff0c\u968f\u540e\u5728 2 \u6708\u4efd\u7b2c\u4e00\u5468\u4e0b\u964d\u4e86\u7ea6 30%\u3002<\/p>\n<\/li>\n<\/ul>\n<p>\u867d\u7136\u6c38\u7eed\u4ea4\u6613\u91cf\u5728\u8fc7\u53bb\u4e94\u4e2a\u6708\u7ffb\u4e86\u4e00\u756a\uff0c\u4f46 OI \u589e\u957f\u4e86\u7ea6 50%\uff08\u4ece 130 \u4ebf\u7f8e\u5143\u589e\u81f3\u7ea6 180 \u4ebf\u7f8e\u5143\uff0c\u968f\u540e\u56de\u843d\u81f3 130 \u4ebf\u7f8e\u5143\uff09\u3002\u4e3a\u4e86\u66f4\u597d\u5730\u7406\u89e3\u8fd9\u4e00\u70b9\uff0c\u6211\u89c2\u5bdf\u4e86<strong>\u8d44\u672c\u6548\u7387\uff08\u5373 OI \u5360\u65e5\u4ea4\u6613\u91cf\u7684\u767e\u5206\u6bd4\uff09<\/strong>\u5728\u8fc7\u53bb\u4e00\u5e74\u7684\u8d70\u52bf\u3002<\/p>\n<p><img src=\"https:\/\/images.bitpush.news\/cn\/20260212\/177083767223838686.png\" title=\"1770837319837810.png\" alt=\"\u6c38\u7eed\u5408\u7ea6\u7684\u201c\u771f\u5047\u7e41\u8363\u201d\uff1a\u4f60\u770b\u7a7f\u4e86\u5417\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto;\"\/><\/p>\n<p>OI\/\u4ea4\u6613\u91cf\u6bd4\u7387\u4ece\u53bb\u5e74\u7684 0.33x \u8df3\u5347\u4e86 50%\uff0c\u8fbe\u5230\u4eca\u5929\u7684 0.49x\u3002\u4f46\u8fd9\u4e00\u8fdb\u5c55\u5e76\u975e\u4e00\u5e06\u98ce\u987a\uff0c\u5728\u8be5\u6bd4\u7387 50 \u4e2a\u57fa\u70b9\u7684\u589e\u957f\u8fc7\u7a0b\u4e2d\uff0c\u7ecf\u5386\u4e86\u591a\u4e2a\u6ce2\u5cf0\u548c\u6ce2\u8c37\uff1a<\/p>\n<ol>\n<li>\n<p>\u7b2c\u4e00\u9636\u6bb5\uff082025\u5e742\u6708-5\u6708\uff09\uff1a \u6c89\u5bc2\u671f\u3002OI\/\u4ea4\u6613\u91cf\u6bd4\u7387\u5e73\u5747\u7ea6\u4e3a 0.46x\uff0c\u5e73\u5747 OI \u7ea6\u4e3a 48 \u4ebf\u7f8e\u5143\uff0c\u5e73\u5747\u65e5\u4ea4\u6613\u91cf\u7ea6\u4e3a 115 \u4ebf\u7f8e\u5143\u3002<\/p>\n<\/li>\n<li>\n<p>\u7b2c\u4e8c\u9636\u6bb5\uff086\u6708-10\u6708\u4e2d\u65ec\uff09\uff1a \u98de\u8dc3\u671f\u3002\u6bd4\u7387\u5e73\u5747\u8fbe\u5230\u7ea6 0.72x\u3002\u5728\u6b64\u671f\u95f4\uff0c\u5e73\u5747 OI \u5347\u81f3 148 \u4ebf\u7f8e\u5143\uff0c\u65e5\u5747\u4ea4\u6613\u91cf\u4e3a 230 \u4ebf\u7f8e\u5143\u3002\u8fd9\u4e0d\u4ec5\u6807\u5fd7\u7740\u4ea4\u6613\u91cf\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4e5f\u610f\u5473\u7740\u98ce\u9669\u655e\u53e3\u7684\u589e\u52a0\u548c\u5bf9\u8fd9\u4e9b\u884d\u751f\u54c1\u66f4\u5927\u7684\u8d44\u672c\u6295\u5165\u3002<\/p>\n<\/li>\n<li>\n<p>\u7b2c\u4e09\u9636\u6bb5\uff1a \u5e02\u573a\u53cd\u8f6c\u3002\u8fd9\u4e00\u9636\u6bb5\u7684\u5f00\u59cb\u6070\u9022 10 \u6708 10 \u65e5\u7684\u5927\u89c4\u6a21\u7206\u4ed3\uff0c24 \u5c0f\u65f6\u5185\u62b9\u53bb\u4e86\u8d85\u8fc7 190 \u4ebf\u7f8e\u5143\u7684\u6760\u6746\u5934\u5bf8\u3002\u4ece 10 \u6708\u4e2d\u65ec\u5230 12 \u6708\u4e0b\u65ec\uff0cOI\/\u4ea4\u6613\u91cf\u6bd4\u7387\u4e0b\u964d\u81f3 ~0.38x\uff0c\u4e3b\u8981\u662f\u7531\u4ea4\u6613\u91cf\u589e\u957f\u9a71\u52a8\uff0c\u800c\u6301\u4ed3\u91cf\u57fa\u672c\u505c\u6ede\u300210\u6708\u300111\u6708\u548c12\u6708\u521b\u4e0b\u4e86 2025 \u5e74\u6700\u9ad8\u7684\u4e09\u4e2a\u6708\u4ea4\u6613\u91cf\uff0c\u5e73\u5747\u6bcf\u6708\u8d85\u8fc7 1.2 \u4e07\u4ebf\u7f8e\u5143\u3002\u540c\u671f\uff0cOI \u5e73\u5747\u7ea6\u4e3a 150 \u4ebf\u7f8e\u5143\uff0c\u7565\u4f4e\u4e8e\u524d\u4e09\u4e2a\u6708\u7684\u5e73\u5747\u6c34\u5e73\u3002<\/p>\n<\/li>\n<\/ol>\n<h3>\u534f\u8bae\u5c42\u9762<\/h3>\n<p>\u5728\u8fd9\u91cc\uff0c\u6211\u5e0c\u671b\u5728\u534f\u8bae\u5c42\u9762\u4e3a\u6c38\u7eed\u5e02\u573a\u589e\u52a0\u66f4\u591a\u7ef4\u5ea6\u3002\u8fd9\u6709\u52a9\u4e8e\u6211\u4eec\u7406\u89e3\u6c38\u7eed\u4ea4\u6613\u6240\u5c06\u4ea4\u6613\u6d3b\u52a8\u8f6c\u5316\u4e3a\u201c\u7c98\u6027\u8d44\u672c\u201d\u548c\u6536\u5165\u7684\u6548\u7387\u5982\u4f55\u3002<\/p>\n<p><img src=\"https:\/\/images.bitpush.news\/cn\/20260212\/177083767340858027.png\" title=\"1770837347220755.png\" alt=\"\u6c38\u7eed\u5408\u7ea6\u7684\u201c\u771f\u5047\u7e41\u8363\u201d\uff1a\u4f60\u770b\u7a7f\u4e86\u5417\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto;\"\/><\/p>\n<p>\u622a\u81f3 2 \u6708 10 \u65e5\uff0c\u4ee5\u4e0b\u662f 24 \u5c0f\u65f6\u4ea4\u6613\u91cf\u6392\u540d\u524d\u4e94\u7684\u6c38\u7eed\u4ea4\u6613\u6240\u8868\u73b0\uff1a<\/p>\n<ul>\n<li>\n<p>Hyperliquid\uff1a \u5176 OI \u4e0e 7 \u65e5\u5e73\u5747\u65e5\u4ea4\u6613\u91cf\u7684\u6bd4\u4f8b\u8d85\u8fc7 45%\uff0c\u80fd\u591f\u5c06\u5f88\u5927\u4efd\u989d\u7684\u4ea4\u6613\u91cf\u8f6c\u5316\u4e3a\u6301\u4e45\u5934\u5bf8\u3002\u8fd9\u8868\u660e\u5728\u8be5\u5e73\u53f0\u4e0a\u6bcf\u4ea4\u6613 10 \u7f8e\u5143\uff0c\u5c31\u6709 4.5 \u7f8e\u5143\u6295\u5165\u5230\u4e86\u6d3b\u8dc3\u5934\u5bf8\u4e2d\u3002\u8fd9\u5f88\u91cd\u8981\uff0c\u56e0\u4e3a\u9ad8 OI \u7387\u4f1a\u5e26\u6765\u66f4\u7a84\u7684\u70b9\u5dee\u3001\u66f4\u6df1\u7684\u6d41\u52a8\u6027\uff0c\u4ee5\u53ca\u5728\u6ca1\u6709\u6ed1\u70b9\u7684\u60c5\u51b5\u4e0b\u6269\u5927\u4ea4\u6613\u89c4\u6a21\u7684\u4fe1\u5fc3\u3002<\/p>\n<\/li>\n<ul>\n<li>\n<p>Hyperliquid \u7684\u624b\u7eed\u8d39\u6536\u5165\u5f3a\u5316\u4e86\u8fd9\u4e2a\u6545\u4e8b\u3002\u5176\u53d8\u73b0\u7387\uff08Take Rate\uff09\u7ea6\u4e3a 3.2 \u4e2a\u57fa\u70b9\uff0c\u6b63\u5c06\u6700\u5927\u4efd\u989d\u7684 24 \u5c0f\u65f6\u4ea4\u6613\u91cf\u8f6c\u5316\u4e3a\u624b\u7eed\u8d39\u6536\u5165\u3002<\/p>\n<\/li>\n<\/ul>\n<li>\n<p>Aster\uff1a \u76ee\u524d\u6392\u540d\u7b2c\u4e8c\uff0c\u5c3d\u7ba1\u4ea4\u6613\u91cf\u51e0\u4e4e\u53ea\u6709 Hyperliquid \u7684\u4e00\u534a\uff0c\u4f46\u4ecd\u62e5\u6709 34% \u7684\u4e0d\u9519\u8d44\u672c\u6548\u7387\uff08OI\/Vol\uff09\u3002\u7136\u800c\uff0c\u5176\u53d8\u73b0\u80fd\u529b\u5f15\u4eba\u5173\u6ce8\u2014\u2014\u7531\u4e8e\u53d8\u73b0\u7387\u8f83\u4f4e\uff08\u7ea6 1.6 bps\uff09\uff0cAster \u663e\u7136\u4f18\u5148\u8003\u8651\u5176\u5e73\u53f0\u4e0a\u7684\u8d44\u672c\u7559\u5b58\uff0c\u800c\u975e\u624b\u7eed\u8d39\u6700\u5927\u5316\u3002<\/p>\n<p><img src=\"https:\/\/images.bitpush.news\/cn\/20260212\/177083767361173884.png\" title=\"1770837400203563.png\" alt=\"\u6c38\u7eed\u5408\u7ea6\u7684\u201c\u771f\u5047\u7e41\u8363\u201d\uff1a\u4f60\u770b\u7a7f\u4e86\u5417\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto;\"\/><\/p>\n<\/li>\n<li>\n<p>edgeX \u4e0e Lighter\uff1a \u4e24\u8005\u5728\u8d44\u672c\u6548\u7387\u9636\u68af\u4e0a\u8868\u73b0\u76f8\u4f3c\uff0cOI\/Vol \u5747\u4e3a 21%\u3002\u7136\u800c\uff0cedgeX \u5728\u624b\u7eed\u8d39\u53d8\u73b0\u65b9\u9762\u4e0e Hyperliquid \u76f8\u5f53\uff0c\u4e3a 2.8 bps\u3002<\/p>\n<\/li>\n<\/ul>\n<h3>\u603b\u7ed3<\/h3>\n<p>\u4ee4\u4eba\u77a9\u76ee\u7684\u662f\uff0c\u5982\u4eca\u7684\u6c38\u7eed\u5408\u7ea6\u5e02\u573a\u4e0d\u518d\u662f\u4e00\u4e2a\u7b80\u5355\u7684\u589e\u957f\u6545\u4e8b\uff0c\u5b83\u9700\u8981\u5bf9\u591a\u4e2a\u6307\u6807\u8fdb\u884c\u7ec6\u817b\u7684\u89e3\u8bfb\u3002\u5728\u5b8f\u89c2\u5c42\u9762\uff0c\u4ea4\u6613\u91cf\u5448\u7206\u70b8\u5f0f\u589e\u957f\uff1a\u516d\u4e2a\u6708\u5185\u7684\u7d2f\u8ba1\u6c38\u7eed\u4ea4\u6613\u91cf\u589e\u957f\u91cf\u8d85\u8fc7\u4e86\u6b64\u524d\u56db\u5e74\u7684\u603b\u548c\u3002\u4f46\u53ea\u6709\u5f53 OI \u548c\u4ea4\u6613\u91cf\u7ed3\u5408\u5728\u4e00\u8d77\u9605\u8bfb\u65f6\uff0c\u56fe\u666f\u624d\u4f1a\u53d8\u5f97\u6e05\u6670\u3002<\/p>\n<p>\u66f4\u660e\u786e\u7684\u80dc\u5229\u5728\u4e8e OI\/\u4ea4\u6613\u91cf\u6bd4\u7387\u7684\u589e\u957f\u3002\u8fd9\u662f\u4e00\u4e2a\u76f4\u63a5\u4fe1\u53f7\uff0c\u8868\u660e\u6709\u201c\u8010\u5fc3\u8d44\u672c\u201d\u613f\u610f\u4fe1\u4efb\u5e76\u62bc\u6ce8\u4e8e\u6c38\u7eed\u4ea4\u6613\u4ea4\u6613\u6240\u4e2d\u51fa\u73b0\u7684\u5404\u79cd\u4ea7\u54c1\u548c\u5e02\u573a\u3002<\/p>\n<p>\u672a\u6765\u66f4\u503c\u5f97\u5173\u6ce8\u7684\u662f\uff0c\u4e2a\u4f53\u73a9\u5bb6\u5c06\u5982\u4f55\u4ece\u8fd9\u91cc\u6f14\u8fdb\uff0c\u4ee5\u53ca\u4ed6\u4eec\u9009\u62e9\u4f18\u5316\u4ec0\u4e48\u3002\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\uff0c\u90a3\u4e9b\u80fd\u591f\u4f18\u5316\u201c\u4ea4\u6613\u4fe1\u5fc3\uff08Conviction\uff09\u201d\u5e76\u5b9e\u73b0\u53ef\u6301\u7eed\u53d8\u73b0\u7684\u4ea4\u6613\u6240\uff0c\u5c06\u6bd4\u90a3\u4e9b\u4ec5\u4ec5\u4f9d\u9760\u5956\u52b1\u548c\u6fc0\u52b1\u624b\u6bb5\u5728\u4ea4\u6613\u91cf\u6392\u884c\u699c\u4e0a\u9738\u699c\u7684\u5e73\u53f0\u91cd\u8981\u5f97\u591a\u3002<\/p>\n<hr\/>\n<p>Twitter\uff1a<a 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[&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[327],"tags":[271,164,353,173,142,280,241,103,367,281,144,34,192,51],"views":62,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/722065"}],"collection":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=722065"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/722065\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=722065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=722065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=722065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}