{"id":107,"date":"2026-01-17T11:32:57","date_gmt":"2026-01-17T03:32:57","guid":{"rendered":"http:\/\/okx.biquan123.com\/blog\/?p=107"},"modified":"2026-01-17T11:36:34","modified_gmt":"2026-01-17T03:36:34","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%88-9-%e6%97%a5","status":"publish","type":"post","link":"http:\/\/okx.biquan123.com\/blog\/?p=107","title":{"rendered":"\u52a0\u5bc6\u8d27\u5e01\u884d\u751f\u54c1 2024 \u5e74 7 \u6708 9 \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-9th-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\">\u73b0\u8d27\u4ef7\u683c\u8fd1\u671f\u8dcc\u81f3\u533a\u95f4\u5e95\u90e8\uff0c\u5bfc\u81f4\u77ed\u671f\u671f\u9650\u6ce2\u52a8\u7387\u98d9\u5347\uff0c\u800c\u4ea4\u6613\u5458\u5219\u7eb7\u7eb7\u51fa\u624b\u89c4\u907f\u4ef7\u683c\u8fdb\u4e00\u6b65\u4e0b\u8dcc\u3002\u5c3d\u7ba1\u878d\u8d44\u5229\u7387\u4fdd\u6301\u7a33\u5b9a\u6b63\u503c\uff0c\u77ed\u671f\u671f\u9650\u672a\u6765\u9690\u542b\u6536\u76ca\u7387\u4e5f\u5df2\u6536\u590d\u90e8\u5206\u5931\u5730\uff0c\u4f46\u6ce2\u52a8\u7387\u5fae\u7b11\u4ecd\u7136\u504f\u5411\u4ef7\u5916\u770b\u8dcc\u671f\u6743\uff0c\u77ed\u671f\u671f\u9650\u6ce2\u52a8\u7387\u4e5f\u672a\u4ece\u957f\u671f\u671f\u9650\u56de\u843d\u3002ETH \u5728\u540c\u7b49\u671f\u9650\u4e0b\u4ecd\u6bd4 BTC \u6ce2\u52a8\u7387\u9ad8\u51fa 10 \u4e2a\u70b9\uff0c\u5176\u671f\u9650\u7ed3\u6784\u4ea4\u6613\u4ef7\u683c\u4e5f\u66f4\u52a0\u5e73\u7f13\uff0c\u5ef6\u7eed\u4e86\u6211\u4eec\u5728\u8fc7\u53bb\u4e00\u4e2a\u6708\u533a\u95f4\u6ce2\u52a8\u4ef7\u683c\u8d70\u52bf\u4e2d\u591a\u6b21\u770b\u5230\u7684\u8d8b\u52bf\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\/3GEzKXMSE1lMhm5C5KLZnC\/42ae42eed30f894f7caad4fe90e74d39\/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\/5NP0XsUt7hdjbH5IQQp7su\/980048ba26b50cff3633c95c6e3bd407\/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 btc senti 20240709\u6536\u76d8\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/6TVSN0dmf33743BeOzurwg\/b14ab2a6af8361973f233e64ffdc1cdc\/fig3_btc_senti_20240709_close.png?x-oss-process=image\/resize,w_1350,h_650\/format,webp\" alt=\"\u56fe3 btc senti 20240709\u6536\u76d8\" 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 eth senti 20240709 \u5173\u95ed\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/56Rn2moLy9mItRwiIjZvoS\/625b583cca9ae2e24de708db638aa94c\/fig4_eth_senti_20240709_close.png?x-oss-process=image\/resize,w_1350,h_650\/format,webp\" alt=\"\u56fe4 eth senti 20240709 \u5173\u95ed\" 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\/6b5vAW9h0qpnaYbhYVBdjU\/953886245b0ce9363124c4176f479860\/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\u4e0a\u6da8\uff0c\u4f46\u672a\u80fd\u6062\u590d\u73b0\u8d27\u629b\u552e\u524d\u7684\u6c34\u5e73<\/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\/2Y3rAJ7AwiOmWDAewzXODb\/61c1f836b2ab0d69b0ee114698e516fb\/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\">\u5728\u629b\u552e\u4e2d\u8fdb\u4e00\u6b65\u4e0b\u8dcc\u540e\uff0c\u6574\u4f53\u4ea4\u6613\u6c34\u5e73\u4e0e BTC \u76f8\u4f3c<\/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\/1cbqyY8GgWVqrLD1phS8Hp\/464b613a9869060853386b0c09b84f6f\/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\">\u6211\u4eec\u770b\u5230 BTC \u51fa\u73b0\u4e86\u4e00\u4e9b\u96f6\u661f\u7684\u8fc7\u5ea6\u591a\u5934\u9700\u6c42\uff0c\u4f46\u8fdc\u4e0d\u53ca 6 \u6708\u5e95\u7684\u6c34\u5e73<\/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\/hwYIqas34acyMnT6wYnh2\/ef8bd219a92362caae51a12ecd154f76\/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\">\u5c3d\u7ba1\u73b0\u8d27\u4ef7\u683c\u8ddf\u968f\u4e0a\u6da8\uff0c\u4f46\u5e76\u672a\u50cf BTC \u90a3\u6837\u8868\u73b0\u51fa\u770b\u6da8\u9700\u6c42<\/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\/VmQSN5dOGahlHJm3jCkSP\/259d6536d33cb274f36b83eea5cab037\/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\/7h7dXSomhGEYjwDUXKDQJv\/67563d57bb5525f81230e9b261463fec\/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\">\u77ed\u671f\u6ce2\u52a8\u7387\u6c34\u5e73\u5df2\u4e0a\u6da8\u8d85\u8fc7 10 \u4e2a\u70b9\uff0c\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=\"\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\/18At4MCxYBXPTvdhWDcmjL\/5e51f6b4ef5405934a9cafff612d7aa4\/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\">\u6ce2\u52a8\u7387\u7684\u4e0a\u6da8\u4e0e\u4ef7\u5916\u770b\u8dcc\u671f\u6743\u7684\u5f3a\u52b2\u8d70\u52bf\u76f8\u547c\u5e94\uff0c\u8fd9\u79cd\u8d8b\u52bf\u5728\u629b\u552e\u6f6e\u7206\u53d1\u540e\u7684\u51e0\u5929\u91cc\u4e00\u76f4\u6301\u7eed\u3002<\/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\/8L0Sn1M8nvP3tAIaPlsEB\/d64825384f504d9fcfb525dd0c7ca87f\/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 \u6ce2\u52a8\u7387\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\/2q4c8n3ekxzy43R2AWXlI\/6afd67e0fcfa8188f015ebfd4cd0ddc9\/fig13_ETH_SVI_Vol_term_structure.png?x-oss-process=image\/resize,w_1450,h_450\/format,webp\" alt=\"\u56fe 13 ETH SVI \u6ce2\u52a8\u7387\u671f\u9650\u7ed3\u6784\" 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 \u7684\u671f\u9650\u7ed3\u6784\u6bd4 BTC \u66f4\u52a0\u5e73\u5766\uff0c\u5e76\u4fdd\u6301 10 \u4e2a\u6ce2\u52a8\u70b9\u7684\u6ea2\u4ef7<\/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\/3KP3DqxsOxZQVorwGKJEG4\/fee9405d263ae2ee7a43fbff5a11e645\/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\">\u6da8\u5e45\u6bd4 BTC \u66f4\u5927\u3001\u66f4\u5feb\uff0c\u4f46\u5728\u6574\u4e2a\u671f\u9650\u7ed3\u6784\u4e2d\u4e0e BTC \u7684\u4e2d\u6027\u81f3\u770b\u8dcc\u5b9a\u4f4d\u76f8\u7b26<\/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\/1rmH7h6CuQfGQzctFWgKmc\/bcf99aa7cb432b4c566b04e6dabb1fb8\/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\/5d4uYRihn6DFaCI0osd7Ks\/d7f95d6924c3681b0b6e149d6efd0040\/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\/5dHlDxahrI0l0wTjYSFopj\/11468fec24cf1379a7ea747edc2d08c3\/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\/2ZKTy5khGXqzFU4NoIcC55\/9e4595ea652911158e40c49951e9c662\/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\/7eoiiCN1iB83Ed8CqXsNW9\/5283291c7d7af45996ae1ba321a735b1\/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\/ENOU96L1AbYLqN5rRLVQ9\/eec56a307d1e0e19256b5419d57944c9\/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\/32pFDCb5ysdM1AMxSZS4pf\/3c9934fd6a9ed5cb9b10f70b7d96f199\/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\/1oMNyNM1ox81Ct79ZdcQw3\/267bc55c57ff8f5af81863fff2cd8fc9\/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\/c0Ko6YkzqlMWXnBhQZIrD\/ee2106d7e87ad6949ddfdfccdc8ca738\/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\/5pwbHRfgq4JRUUnBXOAhVC\/d23c3e6c90674ae7a3b51c1b9aa06c4c\/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\/a61Ons8nr5NX8ZK1ul10T\/43d64c93cb5e55a5a9b468f6925989eb\/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\/Z1dt8CtMgAldEc1UBCjOP\/4dcb1351d66fae2c979843fe93f06261\/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\/5jUwATPYX4wIKyCrJwXY1\/c3f07c70dfab32db945fb2f1678307ca\/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 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\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=107\">\u7ee7\u7eed\u9605\u8bfb<span class=\"screen-reader-text\">\u52a0\u5bc6\u8d27\u5e01\u884d\u751f\u54c1 2024 \u5e74 7 \u6708 9 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