{"id":101,"date":"2026-01-16T21:20:41","date_gmt":"2026-01-16T13:20:41","guid":{"rendered":"http:\/\/okx.biquan123.com\/blog\/?p=101"},"modified":"2026-01-16T22:11:13","modified_gmt":"2026-01-16T14:11:13","slug":"%e5%8a%a0%e5%af%86%e8%b4%a7%e5%b8%81%e8%a1%8d%e7%94%9f%e5%93%81-2024-%e5%b9%b4-7-%e6%9c%88-2-%e6%97%a5","status":"publish","type":"post","link":"http:\/\/okx.biquan123.com\/blog\/?p=101","title":{"rendered":"\u52a0\u5bc6\u8d27\u5e01\u884d\u751f\u54c1 2024 \u5e74 7 \u6708 2 \u65e5"},"content":{"rendered":"<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u5e03\u6d1b\u514b\u00b7\u65af\u79d1\u5c14\u65af-Bl\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/6xKZWOPnNSfGYeWHU4k940\/0a72e6694fa4cf1a4668bd15a3394d14\/Institutional_Research_Partner_-_Block_Scholes.png?x-oss-process=image\/resize,w_1600,h_844\/format,webp\" alt=\"\u5e03\u6d1b\u514b\u00b7\u65af\u79d1\u5c14\u65af-Bl\" width=\"1600\" height=\"844\" \/><\/button><\/div>\n<p><i><span dir=\"auto\">\u5f53\u6211\u4eec\u5206\u4eab\u6765\u81ea\u673a\u6784\u7814\u7a76\u5408\u4f5c\u4f19\u4f34\u7684\u89c1\u89e3\u65f6\uff0c\u8bf7\u5173\u6ce8\u6700\u65b0\u7684\u52a0\u5bc6\u5e02\u573a\u8bc4\u8bba\u3002<\/span><\/i><\/p>\n<p><i><span dir=\"auto\">\u5728\u672c\u671f\u4e2d\uff0c\u6211\u4eec\u6bcf\u5468\u5206\u4eab\u6765\u81ea<\/span><\/i><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.blockscholes.com\/research\/crypto-derivatives-2nd-july-24\" target=\"_blank\" rel=\"noopener noreferrer\"><i><span dir=\"auto\">Block Scholes \u7684<\/span><\/i><\/a><i><span dir=\"auto\">\u6700\u65b0\u52a0\u5bc6\u884d\u751f\u54c1\u3002<\/span><\/i><\/p>\n<p><span dir=\"auto\">\u968f\u7740\u73b0\u8d27\u4ef7\u683c\u8dcc\u81f35\u6708\u521d\u4ee5\u6765\u7684\u6700\u4f4e\u6c34\u5e73\uff0c\u6211\u4eec\u770b\u5230BTC\u548cETH\u671f\u6743\u5e02\u573a\u53cd\u6620\u7684\u5e02\u573a\u60c5\u7eea\u51fa\u73b0\u4e86\u660e\u663e\u5206\u5316\u3002ETH\u5728\u6574\u4e2a\u671f\u9650\u7ed3\u6784\u4e2d\u7ee7\u7eed\u4ee510-15\u7684\u6ce2\u52a8\u7387\u6ea2\u4ef7\u8fdb\u884c\u4ea4\u6613\uff0c\u800c\u8fd1\u671f\u73b0\u8d27\u4ef7\u683c\u7684\u4e0b\u8dcc\u5bfc\u81f4BTC\u6ce2\u52a8\u7387\u7684\u5fae\u7b11\u503e\u659c\u5728\u77ed\u671f\u671f\u9650\u5185\u660e\u663e\u8f6c\u4e3a\u770b\u8dcc\uff0c\u800cETH\u7684\u5fae\u7b11\u503e\u659c\u5728\u6240\u6709\u671f\u9650\u5185\u90fd\u5448\u73b0\u4e2d\u6027\u6216\u770b\u6da8\u3002\u867d\u7136\u672a\u6765\u9690\u542b\u6536\u76ca\u7387\u7684\u8dcc\u5e45\u5df2\u6062\u590d\u81f3\u4e0a\u5468\u6c34\u5e73\uff0c\u4f46\u81ea6\u67089\u65e5\u4ee5\u6765\uff0c\u4e24\u79cd\u4e3b\u8981\u8d27\u5e01\u7684\u878d\u8d44\u5229\u7387\u53cd\u590d\u5bf9\u7a7a\u5934\u5934\u5bf8\u65bd\u52a0\u538b\u529b\u2014\u2014\u6211\u4eec\u5728\u6c38\u7eed\u5408\u7ea6\u5e02\u573a\u4e2d\u89c2\u5bdf\u5230\u4e86\u8fd9\u79cd\u73b0\u8c61\u3002<\/span><\/p>\n<h2 id=\"1\"><span dir=\"auto\">\u671f\u8d27\u9690\u542b\u6536\u76ca\u7387\uff0c1\u4e2a\u6708\u671f\u9650<\/span><\/h2>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe1 \u8d27\u5e01\u7efc\u5408\u73b0\u8d27\u6536\u76ca\u7387\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/1KajuCdS82rEb0yijzcCVs\/bfb1fd6fb5e3bee2d4ce932b34e22c03\/fig1_Currency-Combined-Spot-Yields.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe1 \u8d27\u5e01\u7efc\u5408\u73b0\u8d27\u6536\u76ca\u7387\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<h2 id=\"2\"><span dir=\"auto\">ATM \u9690\u542b\u6ce2\u52a8\u7387\uff0c1 \u4e2a\u6708\u671f\u9650<\/span><\/h2>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe2 \u8d27\u5e01-\u5408\u5e76-1M-ATM-\u4ea4\u6613\u91cf-ETH\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/6YrGwh2Qi9qRUe2LuN7i40\/804fcd6d6412273ad1133d972837604f\/fig2_Currency-Combined-1M-ATM-VOL-ETH.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe2 \u8d27\u5e01-\u5408\u5e76-1M-ATM-\u4ea4\u6613\u91cf-ETH\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<h2 id=\"3\"><span dir=\"auto\">\u52a0\u5bc6\u8d27\u5e01\u60c5\u7eea\u6307\u6570<\/span><\/h2>\n<h3><span dir=\"auto\">BTC\u60c5\u7eea<\/span><\/h3>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe3 20240702 btc senti\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/7C9Zh4HcgXaTwui50xx0Bi\/67990d60bc95256fa954d27839ae89d0\/fig3_20240702_btc_senti.png?x-oss-process=image\/resize,w_1350,h_650\/format,webp\" alt=\"\u56fe3 20240702 btc senti\" width=\"1350\" height=\"650\" \/><\/button><\/div>\n<h3><span dir=\"auto\">ETH \u60c5\u7eea<\/span><\/h3>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe4 20240702 eth senti\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/5M0zHuCXRgbOAvBZtSXwrt\/afeaa019b2b381e6f996ab3260f27c6d\/fig4_20240702_eth_senti.png?x-oss-process=image\/resize,w_1350,h_650\/format,webp\" alt=\"\u56fe4 20240702 eth senti\" width=\"1350\" height=\"650\" \/><\/button><\/div>\n<h2 id=\"4\"><span dir=\"auto\">\u671f\u8d27<\/span><\/h2>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe5 \u671f\u8d27\u671f\u9650\u7ed3\u6784\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/2l7jh2CmbBSTLfGlH0EGWP\/a86049b401d8dd0bd7f9c3469471ec57\/fig5_Futures_term_structure.png?x-oss-process=image\/resize,w_1450,h_450\/format,webp\" alt=\"\u56fe5 \u671f\u8d27\u671f\u9650\u7ed3\u6784\" width=\"1450\" height=\"450\" \/><\/button><\/div>\n<p><span dir=\"auto\">BTC\u5e74\u5316\u6536\u76ca\u7387<\/span><\/p>\n<blockquote><p><span dir=\"auto\">\u77ed\u671f\u503a\u5238\u6536\u76ca\u7387\u5df2\u56de\u5347\u81f3\u957f\u671f\u503a\u5238\u6536\u76ca\u7387\u6c34\u5e73\uff0c\u4ece\u800c\u538b\u7f29\u4e86\u671f\u9650\u7ed3\u6784<\/span><\/p><\/blockquote>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe6 BTC\u73b0\u8d27\u6536\u76ca\u7387\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/1ziM0ExFF0ldSNpE8UPKQl\/b6d5a55dbedeffaf4cbd204a49544bb4\/fig6_BTC-Spot-Yields.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe6 BTC\u73b0\u8d27\u6536\u76ca\u7387\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<p><span dir=\"auto\">ETH\u5e74\u5316\u6536\u76ca\u7387<\/span><\/p>\n<blockquote><p><span dir=\"auto\">\u6536\u76ca\u7387\u8ddf\u968f\u6bd4\u7279\u5e01\u4e0a\u6da8\uff0c\u5728\u4e24\u4e2a\u5e02\u573a\u7684\u671f\u9650\u7ed3\u6784\u4e2d\u7a84\u5e45\u6ce2\u52a8<\/span><\/p><\/blockquote>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe 7 ETH \u73b0\u8d27\u6536\u76ca\u7387\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/4zNKxqkPVGvCZFPkJVQ67J\/ef2ff7bcd8356c3efb0d7e8fe73a62a7\/fig7_ETH-Spot-Yields.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe 7 ETH \u73b0\u8d27\u6536\u76ca\u7387\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<h2 id=\"5\"><span dir=\"auto\">\u6c38\u7eed\u6389\u671f\u878d\u8d44\u5229\u7387<\/span><\/h2>\n<p><span dir=\"auto\">BTC\u8d44\u91d1\u8d39\u7387<\/span><\/p>\n<blockquote><p><span dir=\"auto\">\u5e02\u573a\u60c5\u7eea\u590d\u82cf\u5bfc\u81f4\u591a\u5934\u4ed3\u4f4d\u901a\u8fc7\u5408\u7ea6\u652f\u4ed8\u7684\u6760\u6746\u7387\u6301\u7eed\u4e0a\u5347<\/span><\/p><\/blockquote>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe8 BTC USDC \u6c38\u7eed\u5408\u7ea6\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/1XFgow7Kv1iSC5KqXCj6AO\/14aa0cdf4a92a629fb63012e4d0fcc9f\/fig8_BTC_USDC_Perpetual.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe8 BTC USDC \u6c38\u7eed\u5408\u7ea6\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<p><span dir=\"auto\">ETH\u8d44\u91d1\u8d39\u7387<\/span><\/p>\n<blockquote><p><span dir=\"auto\">ETH \u7684\u878d\u8d44\u5229\u7387\u6301\u7eed\u9ad8\u4e8e BTC\uff0c\u8fd9\u662f\u7531\u4e8e\u81ea 5 \u6708\u4efd ETF \u6279\u51c6\u673a\u4f1a\u6062\u590d\u4ee5\u6765\uff0c\u6211\u4eec\u770b\u5230\u4e86\u8fc7\u5ea6\u7684\u770b\u6da8\u60c5\u7eea<\/span><\/p><\/blockquote>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe9 ETH USDC \u6c38\u7eed\u5408\u7ea6\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/4J5SHbwr1BToZ1jZP1Rw1l\/1f5ac3b98bbdea7bb9092fab82e82b45\/fig9_ETH_USDC_Perpetual.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe9 ETH USDC \u6c38\u7eed\u5408\u7ea6\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<h2 id=\"6\"><span dir=\"auto\">BTC\u671f\u6743<\/span><\/h2>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe10 BTC SVI \u6210\u4ea4\u91cf\u671f\u9650\u7ed3\u6784\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/5FPpyQVvoHTJjbZMjDUO1J\/8d1956eda9375e82480689e9830a2bb5\/fig10_BTC_SVI_Vol_term_structure.png?x-oss-process=image\/resize,w_1450,h_450\/format,webp\" alt=\"\u56fe10 BTC SVI \u6210\u4ea4\u91cf\u671f\u9650\u7ed3\u6784\" width=\"1450\" height=\"450\" \/><\/button><\/div>\n<p><span dir=\"auto\">BTC SVI ATM\u9690\u542b\u6ce2\u52a8\u7387<\/span><\/p>\n<blockquote><p><span dir=\"auto\">\u6ce2\u52a8\u7387\u6c34\u5e73\u7ee7\u7eed\u4fdd\u6301\u5927\u81f4\u76f8\u540c\u7684\u6708\u5ea6\u6ce2\u52a8\u8303\u56f4\uff0c\u77ed\u671f\u6ce2\u52a8\u7387\u5728\u8fc7\u53bb 24 \u5c0f\u65f6\u5185\u6709\u6240\u4e0b\u964d<\/span><\/p><\/blockquote>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe 11 \u7efc\u5408 BTC SVI ATM \u6ce2\u52a8\u7387\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/2X9OfuFawhinwvHVftQ6R6\/f91fcbba26c23f5adf198d621c36f80f\/fig11_Composite_BTC_SVI_ATM_volatility.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe 11 \u7efc\u5408 BTC SVI ATM \u6ce2\u52a8\u7387\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<p><span dir=\"auto\">BTC 25 Delta \u98ce\u9669\u9006\u8f6c<\/span><\/p>\n<blockquote><p><span dir=\"auto\">\u6211\u4eec\u770b\u5230\uff0c\u77ed\u4fc3\u7684\u5fae\u7b11\u5448\u73b0\u51fa\u660e\u663e\u7684\u4e0a\u5347\u8d8b\u52bf\uff0c\u5e76\u56de\u5f52\u5230\u4e2d\u6027\u503e\u5411<\/span><\/p><\/blockquote>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe 12 \u5355\u4ef7\u4f4d\u590d\u5408 BTC SVI PC \u503e\u659c\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/4WugHhDajVaKVpNqe3latN\/cf1af88d779f857a0152c05c9fad5d23\/fig12_Single_Tenor_Composite_BTC_SVI_PC_skew.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe 12 \u5355\u4ef7\u4f4d\u590d\u5408 BTC SVI PC \u503e\u659c\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<h2 id=\"7\"><span dir=\"auto\">ETH\u671f\u6743<\/span><\/h2>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe 13 ETH SVI \u4ea4\u6613\u91cf\u671f\u9650\u7ed3\u6784.png\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/Zub8xEgwO6VfUPDU6pePh\/04ff34a765d7ce323b611f6de77e1a38\/fig13_ETH_SVI_Vol_term_structure.png.png?x-oss-process=image\/resize,w_1450,h_450\/format,webp\" alt=\"\u56fe 13 ETH SVI \u4ea4\u6613\u91cf\u671f\u9650\u7ed3\u6784.png\" width=\"1450\" height=\"450\" \/><\/button><\/div>\n<p><span dir=\"auto\">ETH SVI ATM \u9690\u542b\u6ce2\u52a8\u7387<\/span><\/p>\n<blockquote><p><span dir=\"auto\">ETH \u4e5f\u51fa\u73b0\u540c\u6837\u7684\u533a\u95f4\u6ce2\u52a8\uff0c\u4e14\u6bd4 BTC \u7684\u6c34\u5e73\u9ad8\u51fa 10-15 \u4e2a\u70b9<\/span><\/p><\/blockquote>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe 14 \u7efc\u5408 ETH SVI ATM \u6ce2\u52a8\u7387\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/6A7LY46FpGcpUBIrtFvMbQ\/8f8f3eab552729eb94bb129efdec4495\/fig14_Composite_ETH_SVI_ATM_volatility.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe 14 \u7efc\u5408 ETH SVI ATM \u6ce2\u52a8\u7387\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<p><span dir=\"auto\">ETH 25-Delta \u98ce\u9669\u9006\u8f6c<\/span><\/p>\n<blockquote><p><span dir=\"auto\">BTC \u7684\u4e0a\u6da8\u8d8b\u52bf\u5728\u77ed\u671f ETH \u5e02\u573a\u4e2d\u5f97\u5230\u590d\u5236\uff0c\u8fdb\u4e00\u6b65\u63a8\u5411\u957f\u671f\u770b\u6da8\u671f\u6743\u7684\u503e\u659c<\/span><\/p><\/blockquote>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe 15 \u5355 Tenor \u590d\u5408 SVI PC \u503e\u659c\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/56rW2wrLey5en18MUElio0\/723ff132c60753e4ab0c68ed9fec48b0\/fig15_Single_Tenor_Composite_SVI_PC_skew.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe 15 \u5355 Tenor \u590d\u5408 SVI PC \u503e\u659c\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<h2 id=\"8\"><span dir=\"auto\">\u4ea4\u6613\u6240\u6ce2\u52a8\u7387<\/span><\/h2>\n<p><span dir=\"auto\">BTC\u30011\u4e2a\u6708\u671f\u9650\u3001SVI\u6821\u51c6<\/span><\/p>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe 16 \u4ea4\u6613\u6240\u6bd4\u8f83 BTC ATM \u4ea4\u6613\u91cf\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/1W6BU2JIrMrgbc6lBrF6cy\/9fb15e69704231effc43c254c85ee9cb\/fig16_Exchange_comparison_BTC_ATM_Vol.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe 16 \u4ea4\u6613\u6240\u6bd4\u8f83 BTC ATM \u4ea4\u6613\u91cf\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<p><span dir=\"auto\">ETH\uff0c1\u4e2a\u6708\u671f\u9650\uff0cSVI\u6821\u51c6<\/span><\/p>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe 17 \u4ea4\u6613\u6240\u6bd4\u8f83 ETH ATM \u4ea4\u6613\u91cf\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/1Arse3uOBRQDxL58jZ0VAo\/c04d761b686e679ac05f1f9bdafb4632\/fig17_Exchange_comparison_ETH_ATM_Vol.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe 17 \u4ea4\u6613\u6240\u6bd4\u8f83 ETH ATM \u4ea4\u6613\u91cf\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<h2 id=\"9\"><span dir=\"auto\">\u4ea4\u6613\u6240\u770b\u8dcc\u671f\u6743-\u770b\u6da8\u671f\u6743\u503e\u659c\u5ea6<\/span><\/h2>\n<p><span dir=\"auto\">BTC\uff0c1\u4e2a\u6708\u671f\u9650\uff0c25-Delta SVI\u6821\u51c6<\/span><\/p>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe 18 \u4ea4\u6613\u6240\u6bd4\u8f83\u770b\u8dcc\u671f\u6743-\u770b\u6da8\u671f\u6743\u503e\u659c BTC\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/2SxW4wAuTIA90p1iUShRFB\/40b97592ef55fe0195fa73cb73984228\/fig18_Exchange_Comparison_Put-Call_Skew_BTC.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe 18 \u4ea4\u6613\u6240\u6bd4\u8f83\u770b\u8dcc\u671f\u6743-\u770b\u6da8\u671f\u6743\u503e\u659c BTC\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<p><span dir=\"auto\">ETH\uff0c1\u4e2a\u6708\u671f\u9650\uff0c25-Delta SVI \u6821\u51c6<\/span><\/p>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe 19 \u4ea4\u6613\u6240\u6bd4\u8f83\u770b\u8dcc\u671f\u6743\u4e0e\u770b\u6da8\u671f\u6743\u7684\u503e\u659c\u5ea6 ETH\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/735GhnknTj7v9kn1XqPeNK\/47f393f3c7a859c50b957259979ef830\/fig19_Exchange_Comparison_Put-Call_Skew_ETH.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe 19 \u4ea4\u6613\u6240\u6bd4\u8f83\u770b\u8dcc\u671f\u6743\u4e0e\u770b\u6da8\u671f\u6743\u7684\u503e\u659c\u5ea6 ETH\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<h2 id=\"10\"><span dir=\"auto\">\u5e02\u573a\u7efc\u5408\u6ce2\u52a8\u66f2\u9762<\/span><\/h2>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"fig20 v2\u590d\u5408\u5feb\u7167 BTC SMILES.moneyness\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/6pYJPs6U71GuRLr98D9SCW\/2cd28330e2bd8618fe02bccc5bdc03d6\/fig20_v2composite_snap_BTC_SMILES.moneyness.png?x-oss-process=image\/resize,w_1000,h_700\/format,webp\" alt=\"fig20 v2\u590d\u5408\u5feb\u7167 BTC SMILES.moneyness\" width=\"1000\" height=\"700\" \/><\/button><\/div>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"fig21 v2composite snap ETH SMILES.moneyness\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/BSQvFb1kSuODGCccPAZoR\/d0a7b6573741915d09a661c01eeffef3\/fig21_v2composite_snap_ETH_SMILES.moneyness.png?x-oss-process=image\/resize,w_1000,h_700\/format,webp\" alt=\"fig21 v2composite snap ETH SMILES.moneyness\" width=\"1000\" height=\"700\" \/><\/button><\/div>\n<h2 id=\"11\"><span dir=\"auto\">\u4e0a\u5e02\u5230\u671f\u6ce2\u52a8\u7387\u5fae\u7b11<\/span><\/h2>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"fig22 BTC BTC-26JUL24 \u4e0a\u5e02\u5230\u671f\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/6AtwKTJ8tdGVJf9RlgNJrh\/7c85bf5aa5c508a41a3b1eaf0772d9e9\/fig22_BTC_BTC-26JUL24_Listed_Expiry.png?x-oss-process=image\/resize,w_1000,h_700\/format,webp\" alt=\"fig22 BTC BTC-26JUL24 \u4e0a\u5e02\u5230\u671f\" width=\"1000\" height=\"700\" \/><\/button><\/div>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"fig23 ETH ETH-26JUL24 \u4e0a\u5e02\u5230\u671f\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/1tP12WELlE1XHslo1aaZDY\/34f6278e03e3d41cd963db4d5c1e9b81\/fig23_ETH_ETH-26JUL24_Listed_Expiry.png?x-oss-process=image\/resize,w_1000,h_700\/format,webp\" alt=\"fig23 ETH ETH-26JUL24 \u4e0a\u5e02\u5230\u671f\" width=\"1000\" height=\"700\" \/><\/button><\/div>\n<h2 id=\"12\"><span dir=\"auto\">\u8de8\u4ea4\u6613\u6240\u6ce2\u52a8\u7387\u5fae\u7b11<\/span><\/h2>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe24 \u4ea4\u6613\u6240\u6bd4\u8f83 BTC SMILES.moneyness\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/pcmyls1nYpUzhB5rcGYmj\/8d7d54a33bd73e7374c1a37fb1974700\/fig24_Exchange_comparison_BTC_SMILES.moneyness.png?x-oss-process=image\/resize,w_1000,h_700\/format,webp\" alt=\"\u56fe24 \u4ea4\u6613\u6240\u6bd4\u8f83 BTC SMILES.moneyness\" width=\"1000\" height=\"700\" \/><\/button><\/div>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe25 \u4ea4\u6613\u6240\u6bd4\u8f83 ETH SMILES.moneyness\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/4LpYWzBjozleb5em6u9Hze\/8729673e37f3ec64321974489f39b143\/fig25_Exchange_comparison_ETH_SMILES.moneyness.png?x-oss-process=image\/resize,w_1000,h_700\/format,webp\" alt=\"\u56fe25 \u4ea4\u6613\u6240\u6bd4\u8f83 ETH SMILES.moneyness\" width=\"1000\" height=\"700\" \/><\/button><\/div>\n<h2 id=\"13\"><span dir=\"auto\">\u6052\u5b9a\u5230\u671f\u6ce2\u52a8\u7387\u5fae\u7b11<\/span><\/h2>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe26 BTC-SVI \u6052\u5b9a\u5230\u671f\u65e5\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/1GvzSQt4klRKpvMnNFCCh5\/0235ad53dbc8f6ef01ead630bf8ebea4\/fig26_BTC-SVI_Constant_Maturity.png?x-oss-process=image\/resize,w_1000,h_700\/format,webp\" alt=\"\u56fe26 BTC-SVI \u6052\u5b9a\u5230\u671f\u65e5\" width=\"1000\" height=\"700\" \/><\/button><\/div>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe27 ETH-SVI \u6052\u5b9a\u5230\u671f\u65e5\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/50iKRGHMmLDIYl0X0ubNY\/7ac60a3bcad86f3136058e2d1b03e858\/fig27_ETH-SVI_Constant_Maturity.png?x-oss-process=image\/resize,w_1000,h_700\/format,webp\" alt=\"\u56fe27 ETH-SVI \u6052\u5b9a\u5230\u671f\u65e5\" width=\"1000\" height=\"700\" \/><\/button><\/div>\n<p><i><span dir=\"auto\">Block Scholes Ltd \u5728\u672c\u6587\u4ef6\u4e2d\u63d0\u4f9b\u7684\u4fe1\u606f\u4ec5\u4f9b\u53c2\u8003\uff0c\u5e76\u4e0d\u4e00\u5b9a\u4ee3\u8868 OKX \u7684\u89c2\u70b9\u3002\u8fd9\u4e9b\u7b2c\u4e09\u65b9\u53d1\u5e03\u7684\u4efb\u4f55\u5176\u4ed6\u514d\u8d23\u58f0\u660e\u4e5f\u9002\u7528\uff0c\u5e76\u5e94\u89c6\u4e3a\u672c\u6587\u4ef6\u7684\u4e00\u90e8\u5206\u3002<\/span><\/i><\/p>\n<p><i><span dir=\"auto\">\u672c\u62a5\u544a\u5e76\u975e\u8d22\u52a1\u5efa\u8bae\u3001\u6295\u8d44\u63a8\u8350\u6216\u5bf9\u7279\u5b9a\u4ea4\u6613\u7b56\u7565\u7684\u8ba4\u53ef\u3002\u672c\u62a5\u544a\u7684\u5185\u5bb9\uff08\u5305\u62ec\u4f46\u4e0d\u9650\u4e8e\u4efb\u4f55\u56fe\u8868\u3001\u56fe\u8868\u548c\u6570\u503c\u6570\u636e\uff09\u5747\u6309\u201c\u539f\u6837\u201d\u63d0\u4f9b\uff0c\u4e0d\u9644\u5e26\u4efb\u4f55\u660e\u793a\u6216\u6697\u793a\u7684\u4fdd\u8bc1\u3002\u514d\u8d23\u58f0\u660e\u5305\u62ec\u4f46\u4e0d\u9650\u4e8e\u6027\u80fd\u3001\u9002\u9500\u6027\u3001\u7279\u5b9a\u7528\u9014\u7684\u9002\u7528\u6027\u3001\u51c6\u786e\u6027\u3001\u9057\u6f0f\u3001\u5b8c\u6574\u6027\u3001\u65f6\u6548\u6027\u548c\u5ef6\u8fdf\u6027\u3002<\/span><\/i><\/p>\n<p><i><span dir=\"auto\">\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u6ce2\u52a8\u5267\u70c8\u4e14\u96be\u4ee5\u9884\u6d4b\uff0c\u5b58\u5728\u5de8\u5927\u7684\u5e02\u573a\u98ce\u9669\uff0c\u5305\u62ec\u4ef7\u683c\u5927\u5e45\u6ce2\u52a8\u3002\u672c\u62a5\u544a\u6240\u542b\u7b56\u7565\u3001\u89c2\u70b9\u548c\u5206\u6790\u5747\u57fa\u4e8e\u64b0\u5199\u65f6\u53ef\u7528\u7684\u4fe1\u606f\uff0c\u5982\u6709\u53d8\u66f4\uff0c\u6055\u4e0d\u53e6\u884c\u901a\u77e5\u3002\u6b64\u5916\uff0c\u672c\u62a5\u544a\u8fd8\u57fa\u4e8e\u67d0\u4e9b\u5047\u8bbe\u548c\u5386\u53f2\u6570\u636e\uff0c\u8fd9\u4e9b\u6570\u636e\u5728\u672a\u6765\u53ef\u80fd\u4e0d\u518d\u51c6\u786e\u6216\u9002\u7528\u3002\u56e0\u6b64\uff0c\u4f9d\u8d56\u672c\u62a5\u544a\u8fdb\u884c\u6295\u8d44\u51b3\u7b56\u7684\u98ce\u9669\u7531\u60a8\u81ea\u884c\u627f\u62c5\u3002<\/span><\/i><\/p>\n<p><i><span dir=\"auto\">\u8fc7\u5f80\u8868\u73b0\u5e76\u4e0d\u4ee3\u8868\u672a\u6765\u4e1a\u7ee9\u3002\u5c3d\u7ba1\u6211\u4eec\u529b\u6c42\u63d0\u4f9b\u51c6\u786e\u53ca\u65f6\u7684\u4fe1\u606f\uff0c\u4f46\u6211\u4eec\u65e0\u6cd5\u4fdd\u8bc1\u672c\u62a5\u544a\u6240\u542b\u4efb\u4f55\u6570\u636e\u6216\u4fe1\u606f\u7684\u51c6\u786e\u6027\u6216\u5b8c\u6574\u6027\u3002\u5bf9\u4e8e\u56e0\u4f7f\u7528\u672c\u62a5\u544a\u800c\u9020\u6210\u7684\u4efb\u4f55\u635f\u5931\u6216\u635f\u5bb3\uff0c\u5305\u62ec\u4f46\u4e0d\u9650\u4e8e\u5229\u6da6\u635f\u5931\u6216\u6295\u8d44\u635f\u5931\uff0c\u6211\u4eec\u6982\u4e0d\u8d1f\u8d23\u3002<\/span><\/i><\/p>\n<p><i><span dir=\"auto\">\u6295\u8d44\u8005\u5728\u505a\u51fa\u4efb\u4f55\u6295\u8d44\u51b3\u7b56\u524d\uff0c\u5e94\u81ea\u884c\u7814\u7a76\u5e76\u54a8\u8be2\u5408\u683c\u7684\u8d22\u52a1\u987e\u95ee\u3002OKX \u7eb3\u5165\u7684\u4efb\u4f55\u7279\u5b9a\u52a0\u5bc6\u8d27\u5e01\u6216\u4ea4\u6613\u7b56\u7565\u5e76\u4e0d\u6784\u6210 OKX \u7684\u8ba4\u53ef\u6216\u63a8\u8350\u3002<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5f53\u6211\u4eec\u5206\u4eab\u6765\u81ea\u673a\u6784\u7814\u7a76\u5408\u4f5c\u4f19\u4f34\u7684\u89c1\u89e3\u65f6\uff0c\u8bf7\u5173\u6ce8\u6700\u65b0\u7684\u52a0\u5bc6\u5e02\u573a\u8bc4\u8bba\u3002 \u5728\u672c\u671f\u4e2d\uff0c\u6211\u4eec\u6bcf\u5468\u5206\u4eab\u6765\u81eaBlock Sc&hellip; <a class=\"more-link\" href=\"http:\/\/okx.biquan123.com\/blog\/?p=101\">\u7ee7\u7eed\u9605\u8bfb<span class=\"screen-reader-text\">\u52a0\u5bc6\u8d27\u5e01\u884d\u751f\u54c1 2024 \u5e74 7 \u6708 2 \u65e5<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-101","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"_links":{"self":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=101"}],"version-history":[{"count":2,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/101\/revisions"}],"predecessor-version":[{"id":3132,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/101\/revisions\/3132"}],"wp:attachment":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=101"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}