{"id":81,"date":"2026-01-14T16:38:52","date_gmt":"2026-01-14T08:38:52","guid":{"rendered":"http:\/\/okx.biquan123.com\/blog\/?p=81"},"modified":"2026-01-14T17:24:47","modified_gmt":"2026-01-14T09:24:47","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%b4-5-%e6%9c%88-21-%e6%97%a5","status":"publish","type":"post","link":"http:\/\/okx.biquan123.com\/blog\/?p=81","title":{"rendered":"\u52a0\u5bc6\u8d27\u5e01\u884d\u751f\u54c1 2024 \u5e74 5 \u6708 21 \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-21st-may-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\">\u6574\u4e2a\u671f\u9650\u7ed3\u6784\u7684\u6ce2\u52a8\u7387\u6301\u7eed\u9010\u6e10\u4e0a\u5347\uff0c\u5728\u4ee5\u592a\u574a\u73b0\u8d27 ETF \u83b7\u6279\u6982\u7387\u4e0a\u8c03\u540e\uff0cETH \u5728\u8fc7\u53bb\u4e00\u5929\u6240\u6709\u671f\u9650\u7684\u4ef7\u683c\u5747\u51fa\u73b0\u98d9\u5347\u3002\u7531\u4e8e\u9690\u542b\u6ce2\u52a8\u7387\u5728\u524d\u7aef\u5c24\u5176\u98d9\u5347\uff0c\u671f\u9650\u7ed3\u6784\u5df2\u53d1\u751f\u5012\u7f6e\u3002ETH \u671f\u6743\u7684\u9690\u542b\u6ce2\u52a8\u7387\u76ee\u524d\u5904\u4e8e 4 \u6708\u4ee5\u6765\u7684\u6700\u9ad8\u6c34\u5e73\u3002\u8fc7\u53bb\u4e00\u5468\uff0c\u6ce2\u52a8\u7387\u5fae\u7b11\u504f\u5dee\u4e5f\u5411\u770b\u6da8\u671f\u6743\u65b9\u5411\u56de\u5347\uff0c\u4f46\u6b64\u540e\u5728\u524d\u7aef\u51fa\u73b0\u629b\u552e\uff0c\u56e0\u4e3a\u5728\u73b0\u8d27\u4ef7\u683c\u8fbe\u5230 7.1 \u4e07\u7f8e\u5143\u548c 3.7 \u4e07\u7f8e\u5143\u7684\u533a\u95f4\u9ad8\u70b9\u65f6\uff0c\u6295\u8d44\u8005\u4e89\u76f8\u8d2d\u4e70\u4ef7\u5916\u770b\u8dcc\u671f\u6743\u4ee5\u83b7\u5f97\u4e0b\u884c\u4fdd\u62a4\u3002\u671f\u8d27\u5e02\u573a\u7684\u6760\u6746\u7387\u6709\u6240\u4e0a\u5347\uff0c\u5c24\u5176\u662f\u77ed\u671f\u671f\u9650\u7684\u6760\u6746\u7387\u5df2\u8d85\u8fc7\u957f\u671f\u671f\u9650\uff0c\u8fd9\u8868\u660e\u5bf9 ETH \u7684\u6760\u6746\u591a\u5934\u655e\u53e3\u7684\u9700\u6c42\u66f4\u4e3a\u5f3a\u52b2\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u671f\u8d27\u9690\u542b\u6536\u76ca\u7387\uff0c1\u4e2a\u6708\u671f\u9650<\/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=\"\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\/55bd7RBoKLq48CfJARoBvC\/26881acff81d12a8cd111864878cf0f1\/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<h3><span dir=\"auto\">ATM \u9690\u542b\u6ce2\u52a8\u7387\uff0c1 \u4e2a\u6708\u671f\u9650<\/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=\"\u56fe2 \u8d27\u5e01\u7ec4\u5408 ATM \u4ea4\u6613\u91cf\u56fe\u8868\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/2GE4Z90V6CgPuFcaYZh23a\/7e441c63252e9c048efdbc0518b6baad\/fig2_Currency-combined_atm_vol_chart.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe2 \u8d27\u5e01\u7ec4\u5408 ATM \u4ea4\u6613\u91cf\u56fe\u8868\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<h2 id=\"1\"><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=\"\u56fe3 \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\/4ByFKL0334f10hkTg3D27C\/98f959c7de8e44ebf9501eba1b789980\/fig3_Futures_term_structure.png?x-oss-process=image\/resize,w_1450,h_450\/format,webp\" alt=\"\u56fe3 \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\">\u968f\u7740 BTC \u63a5\u8fd1\u533a\u95f4\u9ad8\u70b9\uff0c\u8fc7\u53bb\u4e00\u5468 1 \u4e2a\u6708\u53ca\u4ee5\u4e0a\u671f\u9650\u7684\u6536\u76ca\u7387\u7a33\u6b65\u4e0a\u5347\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=\"\u56fe4 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\/3ygxDlVBZEnCV82MWRMgW9\/7382f1539a57300d2f69f27281e2f1ed\/fig4_BTC_Spot_Yields.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe4 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\">\u968f\u7740 ETH ETF \u6982\u7387\u7684\u589e\u52a0\uff0c\u77ed\u671f\u671f\u9650\u7684\u6536\u76ca\u7387\u8d85\u8fc7\u4e86\u957f\u671f\u671f\u9650\u7684\u6536\u76ca\u7387\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=\"\u56fe5 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\/1CL4b7TQQkqEKGtfWbPylc\/22b6e899638854bd34f6a9cfab2aa2a8\/fig5_ETH_Spot_Yields.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe5 ETH\u73b0\u8d27\u6536\u76ca\u7387\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<h2 id=\"2\"><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\">\u8fc7\u53bb\u4e00\u5468\u4ea4\u6613\u5448\u79ef\u6781\u6001\u52bf\uff0c\u4f46\u5b58\u5728\u4e00\u5b9a\u6ce2\u52a8\uff0c\u8868\u660e\u5bf9\u6760\u6746\u591a\u5934\u655e\u53e3\u7684\u9700\u6c42\u589e\u52a0\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=\"\u56fe6 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\/3CPvmPCCn0icZJH67fl4hr\/0f2fa3c8d81828a28c34807fc3e58e22\/fig6_BTC_USDC_Perpetual.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe6 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\">\u7531\u4e8e\u5206\u6790\u5e08\u63d0\u9ad8\u4e86 ETH ETF \u4eca\u5e74\u83b7\u6279\u7684\u53ef\u80fd\u6027\uff0c\u8fd1\u671f\u8be5\u4ef7\u683c\u98d9\u5347\u81f3 4 \u6708\u4efd\u4ee5\u6765\u7684\u6700\u9ad8\u6c34\u5e73\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=\"\u56fe7 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\/7ij2AfYen0TyY6r8ky6N4H\/bae9fc5a7db925da2633da7af05f9d1e\/fig7_ETH_USDC_Perpetual.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe7 ETH USDC \u6c38\u7eed\u5408\u7ea6\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<h2 id=\"3\"><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=\"\u56fe8 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\/68mqHNUWM2yTxAef9BK2hO\/1407052dd8a10217b3e924e73e56fc53\/fig8_BTC_SVI_Vol_term_structure.png?x-oss-process=image\/resize,w_1450,h_450\/format,webp\" alt=\"\u56fe8 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\">\u6574\u4e2a\u671f\u9650\u7ed3\u6784\u7684\u6ce2\u52a8\u7387\u90fd\u6709\u6240\u589e\u52a0\uff0c\u5176\u4e2d\u540e\u7aef\u7684\u6ce2\u52a8\u7387\u589e\u957f\u66f4\u4e3a\u7a33\u5b9a\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 9 BTC-SVI atm \u4ea4\u6613\u91cf\u65f6\u95f4\u5e8f\u5217\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/56yQX5Hwc37hf3vGUbogej\/b434cf1897c0137d75dd2f8c9415409e\/fig9_BTC-SVI_atm_vol_timeseries.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe 9 BTC-SVI atm \u4ea4\u6613\u91cf\u65f6\u95f4\u5e8f\u5217\" 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\">\u4ecd\u7136\u504f\u5411\u4e8e 1 \u4e2a\u6708\u53ca\u4ee5\u4e0a\u671f\u9650\u7684\u770b\u6da8\u671f\u6743\uff0c\u4f46\u968f\u7740\u4ef7\u5916\u770b\u8dcc\u671f\u6743\u7684\u9690\u542b\u6ce2\u52a8\u7387\u4e0a\u5347\uff0c\u77ed\u671f\u671f\u9650\u7684\u770b\u6da8\u671f\u6743\u5df2\u964d\u81f3\u66f4\u4e2d\u6027\u7684\u6c34\u5e73\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 10 BTC-SVI 25delta \u503e\u659c\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/6Ap0Q0BTVA8ajk3sSSf57I\/a8a7f2426efc48af622770285ece0f3b\/fig10_BTC-SVI_25delta_skew.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe 10 BTC-SVI 25delta \u503e\u659c\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<h2 id=\"4\"><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 11 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\/3eLeTCeBi0KIf0rYbhQlSF\/13741336f4a05a7d0e126444b3a942c0\/fig11_ETH_SVI_Vol_term_structure.png?x-oss-process=image\/resize,w_1450,h_450\/format,webp\" alt=\"\u56fe 11 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\">\u8fc7\u53bb\u4e00\u5468\u9010\u6e10\u4e0a\u6da8\uff0c\u6700\u8fd1\u7531\u4e8e\u524d\u7aef\u9690\u542b\u6ce2\u52a8\u7387\u98d9\u5347\u800c\u51fa\u73b0\u4e25\u91cd\u5012\u6302\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 ETH-SVI atm \u4ea4\u6613\u91cf\u65f6\u95f4\u5e8f\u5217\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/ZTjwz05AAr2BTsxjVUea6\/458ead8b5d258d0bf3ae8bd6f236ec06\/fig12_ETH-SVI_atm_vol_timeseries.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe 12 ETH-SVI atm \u4ea4\u6613\u91cf\u65f6\u95f4\u5e8f\u5217\" 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\">\u7531\u4e8e OTM \u770b\u8dcc\u671f\u6743\u7684\u9690\u542b\u6ce2\u52a8\u7387\u6da8\u5e45\u8d85\u8fc7 OTM \u770b\u6da8\u671f\u6743\uff0c\u8fd1\u671f\u4ef7\u683c\u5927\u5e45\u4e0b\u8dcc\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 13 ETH-SVI 25delta \u503e\u659c\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/9dFtRnGDesNULheuC8UAS\/d6090822b7fa790c4dddfe7221e04f05\/fig13_ETH-SVI_25delta_skew.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe 13 ETH-SVI 25delta \u503e\u659c\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<h2 id=\"5\"><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 14 \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\/6zcw6QPxqaDhY2Bh3jrdxV\/5ba16a2e55c0594a3855477c21807434\/fig14_Exchange_comparison_BTC_ATM_Vol.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe 14 \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 15 \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\/4l8HsClasZYVJr2OrweOll\/32e55e05031eb35de3eb77fdba5c84a3\/fig15_Exchange_comparison_ETH_ATM_Vol.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe 15 \u4ea4\u6613\u6240\u6bd4\u8f83 ETH ATM \u4ea4\u6613\u91cf\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<h2 id=\"6\"><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 16 \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\/4rENBjRyueblyhHWQbPMju\/09fb5a329caa759fd65431c850a4aa38\/fig16_Put-Call_Skew_BTC.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe 16 \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 17 \u770b\u8dcc\u671f\u6743-\u770b\u6da8\u671f\u6743\u503e\u659c ETH\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/27bWQNXIGtWEkvzHZzVlUp\/f79c612172366342f0fd132c44ad9450\/fig17_Put-Call_Skew_ETH.png?x-oss-process=image\/resize,w_1450,h_650\/format,webp\" alt=\"\u56fe 17 \u770b\u8dcc\u671f\u6743-\u770b\u6da8\u671f\u6743\u503e\u659c ETH\" width=\"1450\" height=\"650\" \/><\/button><\/div>\n<h2 id=\"7\"><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=\"fig18 v2composite snap 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\/5ybMY1fzKyjZoIZSDQrH9O\/374966971c80e16353796ffe8902a676\/fig18_v2composite_snap_BTC_SMILES.moneyness.png?x-oss-process=image\/resize,w_1000,h_700\/format,webp\" alt=\"fig18 v2composite snap 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=\"fig19 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\/3k1awft9HisJBic7Zjapfw\/3c6284cf7d95ae51763e45c642230537\/fig19_v2composite_snap_ETH_SMILES.moneyness.png?x-oss-process=image\/resize,w_1000,h_700\/format,webp\" alt=\"fig19 v2composite snap ETH SMILES.moneyness\" width=\"1000\" height=\"700\" \/><\/button><\/div>\n<h2 id=\"8\"><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=\"fig20 BTC BTC-31MAY24 \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\/7AipFshpW3U4v1PNrAyQXh\/8034f61fe800903c5ddad9cac987ecee\/fig20_BTC_BTC-31MAY24_Listed_Expiry.png?x-oss-process=image\/resize,w_1000,h_700\/format,webp\" alt=\"fig20 BTC BTC-31MAY24 \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=\"fig21 ETH ETH-31MAY24 \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\/5RhU7jSOCQHaum3lChtsEH\/23dfbb54ef1c8e196b5bcdea3232d346\/fig21_ETH_ETH-31MAY24_Listed_Expiry.png?x-oss-process=image\/resize,w_1000,h_700\/format,webp\" alt=\"fig21 ETH ETH-31MAY24 \u4e0a\u5e02\u5230\u671f\" width=\"1000\" height=\"700\" \/><\/button><\/div>\n<h2 id=\"9\"><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=\"\u56fe22 \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\/QeqsyXfy3XcNoE3SMfwOQ\/efa1a68952c4476e58e1346b0e0f9a66\/fig22_Exchange_comparison_BTC_SMILES.moneyness.png?x-oss-process=image\/resize,w_1000,h_700\/format,webp\" alt=\"\u56fe22 \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=\"\u56fe23 \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\/cWBqelDzZ97w0nwpzXMwB\/fe16e285b6f50407348a6bdec4a763a3\/fig23_Exchange_comparison_ETH_SMILES.moneyness.png?x-oss-process=image\/resize,w_1000,h_700\/format,webp\" alt=\"\u56fe23 \u4ea4\u6613\u6240\u6bd4\u8f83 ETH SMILES.moneyness\" width=\"1000\" height=\"700\" \/><\/button><\/div>\n<h2 id=\"10\"><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=\"\u56fe24 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\/21dn9bxVx4K0vLp3B67A0T\/dc7a63672f8afbde814f540628de754c\/fig24_BTC-SVI_Constant_Maturity.png?x-oss-process=image\/resize,w_1000,h_700\/format,webp\" alt=\"\u56fe24 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=\"\u56fe25 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\/1efkMcj7PT2UGHaCRWyRPP\/d4aabb232025bc5976a87387f2fd80f0\/fig25_ETH-SVI_Constant_Maturity.png?x-oss-process=image\/resize,w_1000,h_700\/format,webp\" alt=\"\u56fe25 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=81\">\u7ee7\u7eed\u9605\u8bfb<span class=\"screen-reader-text\">\u52a0\u5bc6\u8d27\u5e01\u884d\u751f\u54c1 2024 \u5e74 5 \u6708 21 \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-81","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\/81","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=81"}],"version-history":[{"count":2,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/81\/revisions"}],"predecessor-version":[{"id":3122,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/81\/revisions\/3122"}],"wp:attachment":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=81"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=81"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=81"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}