March 2022
Intermediate to advanced
293 pages
5h 31m
Chinese
Content preview from 精通区块链
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市场基础设施 ｜ 151
使用保证金要非常小心。它可能不会在交易中提供太多的杠杆，而且它被证
明是在加密货币市场上被完全清算的一个快速途径。
6.3
加密货币市场结构
总体而言，加密货币市场缺乏市场深度和传统市场所能看到的吸收大订单的
能力。这有几个原因。一是与其他市场相比，交易者数量相对较少。另一个
是围绕加密货币的监管问题，使其很难与法定货币进行交易。
6.3.1
套利
如前所述，套利是指以一个价格在一个市场上购买资产，然后以更高的价格
在另一市场上出售同一资产的行为，从而利用了市场之间的价格差异。这在
加密货币交易中很常见。
套利者在交易界中起着重要的作用。它们有助于消除价格差异并增加流动性
或活动量，从而减少生态系统的动荡。例如，假设在一百个交易所中，比特
币的价格从
9800~10000$
不等。如何知道比特币的实际价格是多少？套利者
有助于减少价格差异。
套利通常是一种有吸引力的交易策略，因为其风险相对较低。在套利中，未
来的加密货币价格不会造成任何风险。交易者只根据现在的价格来采取行动。
套利的最大缺点是进入门槛相当低。如果存在机会，你会发现与许多其他交
易者竞争，这可能会降低利润率。
本章后面将稍微更详细地讨论套利交易。
6.3.2
交易对手风险
套利要求将大量资本留在一个或多个交易所。从套利获得的收入规模越大，
所需的资本就越多。套利的最大风险之一就是将您的资金委托给维持保管这
152 ｜ 第 6 章
些资金的交易所。引用由早期加密货币支持者和《精通比特币》的作者安德
烈亚斯
·
安东诺普洛斯（
Andreas Antonopoulos ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.