{"id":370,"date":"2026-02-11T10:09:48","date_gmt":"2026-02-11T02:09:48","guid":{"rendered":"http:\/\/okx.biquan123.com\/blog\/?p=370"},"modified":"2026-02-11T10:14:12","modified_gmt":"2026-02-11T02:14:12","slug":"%e6%97%b6%e9%97%b4%e5%8a%a0%e6%9d%83%e5%b9%b3%e5%9d%87%e4%bb%b7%e6%a0%bc%ef%bc%88twap%ef%bc%89%e7%ad%96%e7%95%a5%ef%bc%9a%e7%bb%bc%e5%90%88%e6%8c%87%e5%8d%97","status":"publish","type":"post","link":"http:\/\/okx.biquan123.com\/blog\/?p=370","title":{"rendered":"\u65f6\u95f4\u52a0\u6743\u5e73\u5747\u4ef7\u683c\uff08TWAP\uff09\u7b56\u7565\uff1a\u7efc\u5408\u6307\u5357"},"content":{"rendered":"<p><span dir=\"auto\">TWAP\uff08\u65f6\u95f4\u52a0\u6743\u5e73\u5747\u4ef7\u683c\uff09\u662f\u4e00\u79cd\u6d41\u884c\u7684\u4ea4\u6613\u7b56\u7565\uff0c\u4ea4\u6613\u8005\u548c\u6295\u8d44\u8005\u4f7f\u7528\u5b83\u6765\u6700\u5927\u9650\u5ea6\u5730\u51cf\u5c11\u5e02\u573a\u5f71\u54cd\uff0c\u5e76\u5728\u7279\u5b9a\u65f6\u95f4\u6bb5\u5185\u83b7\u5f97\u66f4\u51c6\u786e\u7684\u4ea4\u6613\u5de5\u5177\u5e73\u5747\u4ef7\u683c\u3002TWAP\u7b56\u7565\u7684\u76ee\u6807\u662f\u5c06\u8ba2\u5355\u5206\u89e3\u6210\u66f4\u5c0f\u7684\u90e8\u5206\uff0c\u5e76\u5b9a\u671f\u4ea4\u6613\u8fd9\u4e9b\u90e8\u5206\u6765\u6267\u884c\u8ba2\u5355\u3002\u5728\u672c\u6587\u4e2d\uff0c\u6211\u4eec\u5c06\u6df1\u5165\u63a2\u8ba8TWAP\u7b56\u7565\u3001\u5176\u4f18\u52bf\u4ee5\u53ca\u5982\u4f55\u4f7f\u7528\u5b83\u6765\u5e2e\u52a9\u7ba1\u7406\u6267\u884c\u98ce\u9669\u5e76\u6700\u5927\u9650\u5ea6\u5730\u964d\u4f4e\u5e02\u573a\u5f71\u54cd\u3002<\/span><\/p>\n<h2 id=\"1\"><span dir=\"auto\">\u4ec0\u4e48\u662f\u65f6\u95f4\u52a0\u6743\u5e73\u5747\u4ef7\u683c\uff08TWAP\uff09\uff1f<\/span><\/h2>\n<p><span dir=\"auto\">\u65f6\u95f4\u52a0\u6743\u5e73\u4ef7 (TWAP) \u662f\u4e00\u79cd\u4ea4\u6613\u7b56\u7565\uff0c\u5c06\u4e00\u7b14\u8f83\u5927\u7684\u4ea4\u6613\u62c6\u5206\u6210\u82e5\u5e72\u4e2a\u5c0f\u4ea4\u6613\uff0c\u5e76\u5b9a\u671f\u6267\u884c\u3002\u8be5\u7b56\u7565\u65e8\u5728\u901a\u8fc7\u5c06\u8ba2\u5355\u5206\u6563\u5230\u6307\u5b9a\u7684\u65f6\u95f4\u6bb5\u5185\uff0c\u6700\u5927\u9650\u5ea6\u5730\u964d\u4f4e\u5927\u989d\u4ea4\u6613\u5bf9\u5e02\u573a\u7684\u5f71\u54cd\u3002\u8fd9\u6709\u52a9\u4e8e\u964d\u4f4e\u77ed\u65f6\u95f4\u5185\u6267\u884c\u5927\u989d\u4ea4\u6613\u53ef\u80fd\u9020\u6210\u7684\u4ef7\u683c\u6ce2\u52a8\uff0c\u5e76\u786e\u4fdd\u66f4\u51c6\u786e\u5730\u53cd\u6620\u8be5\u5de5\u5177\u7684\u5e73\u5747\u4ef7\u683c\u3002<\/span><\/p>\n<h2 id=\"2\"><span dir=\"auto\">TWAP \u7684\u4f18\u52bf<\/span><\/h2>\n<p><span dir=\"auto\">\u4f7f\u7528 TWAP \u7b56\u7565\u6709\u51e0\u4e2a\u4e3b\u8981\u597d\u5904\uff0c\u5305\u62ec\uff1a<\/span><\/p>\n<ul>\n<li><strong><span dir=\"auto\">\u6700\u5927\u9650\u5ea6\u5730\u964d\u4f4e\u5e02\u573a\u5f71\u54cd\uff1a<\/span><\/strong><span dir=\"auto\">\u65f6\u95f4\u52a0\u6743\u5e73\u5747\u4ef7 (TWAP) \u901a\u8fc7\u5c06\u8ba2\u5355\u5206\u6563\u5230\u6307\u5b9a\u7684\u65f6\u95f4\u6bb5\uff0c\u6709\u52a9\u4e8e\u964d\u4f4e\u5927\u989d\u4ea4\u6613\u5bf9\u5e02\u573a\u7684\u5f71\u54cd\u3002\u8fd9\u6709\u52a9\u4e8e\u964d\u4f4e\u77ed\u65f6\u95f4\u5185\u6267\u884c\u5927\u989d\u4ea4\u6613\u53ef\u80fd\u4ea7\u751f\u7684\u6ce2\u52a8\u6027\uff0c\u5e76\u786e\u4fdd\u66f4\u51c6\u786e\u5730\u53cd\u6620\u5de5\u5177\u7684\u5e73\u5747\u4ef7\u683c\u3002<\/span><\/li>\n<li><strong><span dir=\"auto\">\u63d0\u9ad8\u4ef7\u683c\u51c6\u786e\u6027\uff1a<\/span><\/strong><span dir=\"auto\">\u901a\u8fc7\u5728\u6307\u5b9a\u65f6\u95f4\u6bb5\u5185\u6267\u884c\u4ea4\u6613\uff0c\u65f6\u95f4\u52a0\u6743\u5e73\u5747\u4ef7\u683c (TWAP) \u7b56\u7565\u6709\u52a9\u4e8e\u66f4\u51c6\u786e\u5730\u53cd\u6620\u5de5\u5177\u7684\u5e73\u5747\u4ef7\u683c\u3002\u8fd9\u662f\u56e0\u4e3a\u5de5\u5177\u7684\u4ef7\u683c\u662f\u5728\u66f4\u957f\u7684\u65f6\u95f4\u6bb5\u5185\u8861\u91cf\u7684\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u5728\u4ea4\u6613\u6267\u884c\u7684\u90a3\u4e00\u523b\u3002<\/span><\/li>\n<li><strong><span dir=\"auto\">\u66f4\u9ad8\u7684\u7075\u6d3b\u6027\uff1a<\/span><\/strong><span dir=\"auto\">\u65f6\u95f4\u52a0\u6743\u5e73\u5747\u4ef7 (TWAP) \u7b56\u7565\u5141\u8bb8\u4ea4\u6613\u8005\u548c\u6295\u8d44\u8005\u6307\u5b9a\u6267\u884c\u4ea4\u6613\u7684\u65f6\u95f4\u6bb5\u3002\u8fd9\u63d0\u9ad8\u4e86\u5bf9\u4ea4\u6613\u6267\u884c\u7684\u63a7\u5236\u529b\uff0c\u5e76\u5141\u8bb8\u4ea4\u6613\u8005\u548c\u6295\u8d44\u8005\u6839\u636e\u4e0d\u65ad\u53d8\u5316\u7684\u5e02\u573a\u72b6\u51b5\u8c03\u6574\u7b56\u7565\u3002<\/span><\/li>\n<\/ul>\n<h3 id=\"example-1-twap-for-a-1000-btc-order\"><span dir=\"auto\">\u793a\u4f8b 1\uff1a1000 BTC \u8ba2\u5355\u7684 TWAP<\/span><\/h3>\n<p><span dir=\"auto\">\u6211\u4eec\u6765\u770b\u4e00\u4e2a\u4f7f\u7528 TWAP \u7b56\u7565\u4e70\u5165 1000 BTC \u7684\u793a\u4f8b\u3002\u8be5\u4ea4\u6613\u7684\u8ba2\u5355\u7c3f\u5982\u4e0b\u8868\u6240\u793a\uff1a<\/span><\/p>\n<table>\n<thead>\n<tr>\n<th><span dir=\"auto\">\u5207\u7247\u8ba2\u5355\u5927\u5c0f<\/span><\/th>\n<th><span dir=\"auto\">\u5207\u7247\u8ba2\u5355\u4ef7\u683c<\/span><\/th>\n<th><span dir=\"auto\">\u8ba2\u5355\u603b\u989d<\/span><\/th>\n<th><span dir=\"auto\">\u8ba2\u5355\u603b\u4ef7<\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span dir=\"auto\">13.3 \u6bd4\u7279\u5e01<\/span><\/td>\n<td><span dir=\"auto\">18,914.19 \u7f8e\u5143<\/span><\/td>\n<td><span dir=\"auto\">13.3 \u6bd4\u7279\u5e01<\/span><\/td>\n<td><span dir=\"auto\">18,914.19 \u7f8e\u5143<\/span><\/td>\n<\/tr>\n<tr>\n<td><span dir=\"auto\">13.3 \u6bd4\u7279\u5e01<\/span><\/td>\n<td><span dir=\"auto\">18,914.19 \u7f8e\u5143<\/span><\/td>\n<td><span dir=\"auto\">26.6 \u6bd4\u7279\u5e01<\/span><\/td>\n<td><span dir=\"auto\">37,828.38 \u7f8e\u5143<\/span><\/td>\n<\/tr>\n<tr>\n<td><span dir=\"auto\">13.3 \u6bd4\u7279\u5e01<\/span><\/td>\n<td><span dir=\"auto\">18,914.19 \u7f8e\u5143<\/span><\/td>\n<td><span dir=\"auto\">39.9 \u6bd4\u7279\u5e01<\/span><\/td>\n<td><span dir=\"auto\">56,742.57 \u7f8e\u5143<\/span><\/td>\n<\/tr>\n<tr>\n<td><span dir=\"auto\">&#8230;<\/span><\/td>\n<td><span dir=\"auto\">&#8230;<\/span><\/td>\n<td><span dir=\"auto\">&#8230;<\/span><\/td>\n<td><span dir=\"auto\">&#8230;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span dir=\"auto\">13.3 \u6bd4\u7279\u5e01<\/span><\/td>\n<td><span dir=\"auto\">18,914.19 \u7f8e\u5143<\/span><\/td>\n<td><span dir=\"auto\">1000\u6bd4\u7279\u5e01<\/span><\/td>\n<td><span dir=\"auto\">18,914,190\u7f8e\u5143<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span dir=\"auto\">\u4e0a\u8868\u5047\u8bbe\u8ba2\u5355\u4ee5 13.3 BTC \u4e3a\u5355\u4f4d\uff0c\u6309\u7167\u7528\u6237\u6307\u5b9a\u7684\u65f6\u95f4\u95f4\u9694\u8fdb\u884c\u5206\u7247\u6267\u884c\u3002\u5206\u7247\u540e\u7684\u8ba2\u5355\u4ef7\u683c\u57fa\u4e8e\u5f53\u524d\u5e02\u573a\u4ef7\u683c\u548c\u7528\u6237\u8bbe\u5b9a\u7684\u6700\u9ad8\u4e70\u5165\u9650\u4ef7\uff08\u672c\u4f8b\u4e2d\u4e3a 18,914.19 \u7f8e\u5143\uff09\u3002\u8ba2\u5355\u603b\u89c4\u6a21\u548c\u8ba2\u5355\u603b\u4ef7\u683c\u5747\u4e3a\u7d2f\u8ba1\u503c\uff0c\u5e76\u968f\u8ba2\u5355\u7684\u6bcf\u4e2a\u5206\u7247\u66f4\u65b0\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u7528\u6237\u5c06\u4ef7\u683c\u6ce2\u52a8\u8bbe\u7f6e\u4e3a 1%\uff0c\u6700\u9ad8\u4e70\u5165\u9650\u4ef7\u8bbe\u7f6e\u4e3a 18,726.93 \u7f8e\u5143 * (1 + 1.00%) = 18,914.19 \u7f8e\u5143\u3002\u7cfb\u7edf\u4f1a\u8ba1\u7b97\u8ba2\u5355\u7c3f\u4e2d\u5f53\u524d\u4ef7\u683c\u4f4e\u4e8e 18,914.19 \u7f8e\u5143\u7684\u5356\u51fa\u8ba2\u5355\u603b\u91cf\uff08\u5373 156 + 100 + 8 + 1 + 1 = 266\uff09\u3002\u7136\u540e\uff0c\u7cfb\u7edf\u4f1a\u4f7f\u7528\u7528\u6237\u81ea\u5b9a\u4e49\u7684\u5272\u4ef7\u6bd4\u4f8b\u6765\u786e\u5b9a\u5206\u5272\u540e\u7684\u8ba2\u5355\u89c4\u6a21\uff0c\u5728\u672c\u4f8b\u4e2d\u4e3a 13.3 BTC\uff08266 * 5%\uff09\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u5206\u5272\u540e\u7684\u9650\u4ef7\u4e70\u5355\u5c06\u4ee5 18,914.19 \u7f8e\u5143\u7684\u4ef7\u683c\u6302\u5355\uff0c\u6302\u5355\u6570\u91cf\u4e3a 13.3 BTC\u3002\u4efb\u4f55\u672a\u6210\u4ea4\u7684\u8ba2\u5355\u6570\u91cf\u5c06\u4e0d\u4f1a\u88ab\u8ba1\u5165\u5f85\u5904\u7406\u8ba2\u5355\uff0c\u800c\u662f\u4f1a\u88ab\u53d6\u6d88\u3002\u4e4b\u540e\uff0c\u8be5\u8ba2\u5355\u5c06\u6309\u7167\u7528\u6237\u5b9a\u4e49\u7684\u65f6\u95f4\u95f4\u9694\u91cd\u65b0\u53d1\u9001\uff0c\u5e76\u66f4\u65b0\u4ef7\u683c\u548c\u6570\u91cf\u3002<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TWAP\uff08\u65f6\u95f4\u52a0\u6743\u5e73\u5747\u4ef7\u683c\uff09\u662f\u4e00\u79cd\u6d41\u884c\u7684\u4ea4\u6613\u7b56\u7565\uff0c\u4ea4\u6613\u8005\u548c\u6295\u8d44\u8005\u4f7f\u7528\u5b83\u6765\u6700\u5927\u9650\u5ea6\u5730\u51cf\u5c11\u5e02\u573a\u5f71\u54cd\uff0c\u5e76\u5728\u7279\u5b9a\u65f6\u95f4\u6bb5&hellip; <a class=\"more-link\" href=\"http:\/\/okx.biquan123.com\/blog\/?p=370\">\u7ee7\u7eed\u9605\u8bfb<span class=\"screen-reader-text\">\u65f6\u95f4\u52a0\u6743\u5e73\u5747\u4ef7\u683c\uff08TWAP\uff09\u7b56\u7565\uff1a\u7efc\u5408\u6307\u5357<\/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-370","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\/370","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=370"}],"version-history":[{"count":1,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/370\/revisions"}],"predecessor-version":[{"id":371,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/370\/revisions\/371"}],"wp:attachment":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=370"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}