市场
加密货币期货：资金费率、未平仓合约和期权
使用杠杆的交易者在比特币、以太坊、Solana 和 XRP 上的动向：谁在支付资金费率、未平仓规模有多大、看跌与看涨比例、预期波动率以及市场情绪。
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免费电子书 · PDF · 6 页，另有 1 本
The Gold Field Guide
Read 30 min ago.
Crypto Fear & Greed Index
50 of 100: Neutral: neither side leads. yesterday 54, a week ago 59, a month ago 74. Reading of 2026-10-26. Source: Crypto Fear & Greed Index by Alternative.me.
Perpetual futures
Bitcoin funding now: +12.3% a year (Kraken Futures and Deribit, averaged): buyers are paying sellers: more traders are long with borrowed money.
- Solana Kraken Futures+26.3%
- Ether Kraken Futures+19.8%
- Bitcoin Kraken Futures+18.6%
- XRP Kraken Futures+15.9%
- Bitcoin Deribit+5.9%
- Ether Deribit+1.0%
| 市场 | 交易所 | 价格 | Funding (8 hours) | A year at this rate | 未平仓合约量 |
|---|---|---|---|---|---|
| Bitcoin PF_XBTUSD | Kraken Futures | $79,834.96 | +0.0170% | +18.6% | $209.80 m |
| Ether PF_ETHUSD | Kraken Futures | $2,313.88 | +0.0181% | +19.8% | $74.19 m |
| Solana PF_SOLUSD | Kraken Futures | $100.28 | +0.0241% | +26.3% | $22.36 m |
| XRP PF_XRPUSD | Kraken Futures | $1.2916 | +0.0146% | +15.9% | $22.76 m |
| Bitcoin BTC-PERPETUAL | Deribit | $79,847.33 | +0.0054% | +5.9% | $1.50 bn |
| Ether ETH-PERPETUAL | Deribit | $2,314.09 | +0.0009% | +1.0% | $419.30 m |
Deribit: open interest of all its Bitcoin or Ether futures. Kraken: the perpetual only. Kraken pays funding every hour; its 8-hour figure is the hourly rate times 8.
Options (Deribit)
| Coin | Puts per call (open) | Options open | DVOL now | 与过去一年相比 | 120 天 |
|---|---|---|---|---|---|
| 比特币 | 0.60 | $31.66 bn | 38.5 ±2.0% a day | 29 (year low 34, high 83) | |
| 以太币 | 0.50 | $3.56 bn | 52.8 ±2.8% a day | 28 (year low 46, high 96) |
Options open interest by strike (Deribit)
For the expiry shown: how many options are still open at each strike, in coins. Big stacks at one strike are levels traders watch into expiry. Max pain is the strike where option holders as a group would be paid least. A map of positioning, not a forecast.
比特币
Expires 30 October 2026. Max pain $78,000.
| Strike | Calls open | Puts open | Calls and puts |
|---|---|---|---|
| 65,000 | 302 | 2,466 | |
| 69,000 | 583 | 2,346 | |
| 70,000 | 3,726 | 4,377 | |
| 71,000 | 939 | 2,579 | |
| 72,000 | 639 | 2,652 | |
| 75,000 | 1,214 | 2,993 | |
| 80,000 | 1,456 | 1,546 | |
| 82,000 | 2,050 | 1,064 | |
| 84,000 | 2,099 | 953 | |
| 85,000 | 3,296 | 838 | |
| 88,000 | 2,017 | 925 | |
| 90,000 | 10,717 | 45 | |
| 95,000 | 19,951 | 201 | |
| 100,000 | 11,284 | 1 |
以太币
Expires 30 October 2026. Max pain $2,500.
| Strike | Calls open | Puts open | Calls and puts |
|---|---|---|---|
| 2,000 | 799 | 7,554 | |
| 2,200 | 1,469 | 7,689 | |
| 2,250 | 643 | 8,461 | |
| 2,300 | 1,261 | 25,609 | |
| 2,400 | 6,713 | 14,892 | |
| 2,500 | 15,518 | 4,801 | |
| 2,550 | 5,715 | 3,521 | |
| 2,600 | 37,476 | 2,775 | |
| 2,650 | 5,181 | 6,739 | |
| 2,700 | 7,171 | 3,684 | |
| 2,800 | 8,164 | 617 | |
| 3,000 | 14,145 | 158 | |
| 3,200 | 15,228 | 98 | |
| 3,600 | 9,598 | 161 |
如何阅读
- 资金费率是永续合约的一方为了让合约价格贴近币价而付给另一方的费用。为正：买方付给卖方，说明更多交易者在用借来的资金做多。连续几天的高费率意味着多头拥挤；负费率则意味着空头拥挤。
- 按此费率计一年是把资金费率折算成年化成本，这样每小时结算一次和每 8 小时结算一次的交易所就可以比较。它一直在变化；这是一个读数，不是承诺的成本。
- 未平仓合约量是所有仍未平仓的仓位的总价值。随价格上升：有新资金推动这轮走势。急剧下降：仓位正在被平掉或被强制平仓。
- 看跌期权与看涨期权：高于 1 时，价格下跌会让更多未平仓期权获利（市场持有保护）；低于 1 时，价格上涨会让更多期权获利。
- DVOL 是 Deribit 的指数，反映期权交易者预计该币种在未来 30 天内的波动幅度，以年化百分比表示。50 约等于正常一天的 ±2.6%。
- Fear & Greed 把波动率、成交量、社交媒体和比特币的市场占比合成一个数字。极端读数说明人群已经行动，并不是择时信号。
Sources: Kraken Futures and Deribit public market data (no account); Crypto Fear & Greed Index by Alternative.me. Read every 30 minutes.
免费电子书 · PDF · 6 页，另有 1 本
The Gold Field Guide
逐小时看黄金的一天，价格背后的六种力量，以及值得放进您日历的数据发布。
仅供数据与教育用途，不是投资建议，也不是交易信号。公开数据来源可能延迟或出错，使用某个数字前请先核对。过去的价格不能预测市场的走向。风险提示 · 本页用语解释