[English below]
ລາຄາດັດຊະນີ ເປັນຂໍ້ມູນອ້າງອິງທີ່ສຳຄັນເມື່ອທ່ານລົງທຶນ ໂດຍເປັນລາຄາຕະຫຼາດສະເລ່ຍຂອງສະກຸນເງິນດິຈິຕອນໃນຕະຫຼາດແລກປ່ຽນຫຼັກ ນອກຈາກນີ້ຍັງເປັນອົງປະກອບຫຼັກຂອງລາຄາຕະຫຼາດອີກດ້ວຍ.
ລາຄາຕະຫຼາດທີ່ສະແດງເປັນລາຄາທີ່ໃຊ້ໃນການຄຳນວນກຳໄລສຸດທິຕາມລາຄາ ແລະ ການຊຳລະບັນຊີໃນແພລັດຟອມ ການຊຳລະບັນຊີບາງສ່ວນ ຫຼື ການຊື້/ຂາຍ ໃນຕະຫຼາດແບບບັງຄັບ ລາຄາທີ່ສະແດງເປັນລາຄາໄດ້ຮັບການອອກແບບມາໃຫ້ຍຸດຕິທຳ ແລະ ທົນຕໍ່ການຈັດການ.
ລາຄາດັດຊະນີ Futures ແບບຖາວອນ
ລາຄາດັດຊະນີ Futures ແບບຖາວອນຂອງ bitqik = ລາຄາກາງສະພາບຄ່ອງຂອງຕະຫຼາດ Spot ສະເລ່ຍຂອງຕະຫຼາດແລກປ່ຽນຫຼັກ.
- Spot Liquidity Mid Price = (Bid Price x Ask Size + Ask Price x Bid Size) / (Bid Size + Ask Size)
ຄ່າອ້າງອິງມາຈາກການແລກປ່ຽນຫຼາຍແຫຼ່ງ.
- ເພື່ອໃຫ້ໝັ້ນໃຈເຖິງສະຖຽນລະພາບຂອງລາຄາດັດຊະນີ ຄ່າສະເລ່ຍຈະຖືກຄຳນວນຫຼັງຈາກລົບຄ່າອ້າງອີງສູງສຸດ ແລະ ຕ່ຳສຸດອອກ.
- ຟີດອ້າງອິງທີ່ສອດຄອງກັບສະກຸນເງິນ ແລະ ສະກຸນອາດຈະແຕກຕ່າງກັນ.
*ເມື່ອມີຄ່າອ້າງອິງ 5 ຄ່າ ໃຫ້ລົບຄ່າສູງສຸດ ແລະ ຕ່ຳສຸດອອກ ຈາກນັ້ນຄຳນວນຄ່າສະເລ່ຍຂອງຄ່າທີ່ເຫຼືອ 3 ຄ່າ.
ລາຄາສັນຍາເທຣດ Futures ແບບຖາວອນ
ລາຄາສັນຍາເທຣດ Futures ແບບຖາວອນ = (Spot Liquidity Mid Price x 90% + bitqik Impact Mid Price x 10%)
- Spot Liquidity Mid Price = (Bid Price x Ask Size + Ask Price x Bid Size) / (Bid Size + Ask Size)
- bitqik Impact Mid Price = Average (Impact Bid Price, Impact Ask Price)
- Impact Bid Price: The average buy price of the first 10,000 highest bid orders in the Order Book
- Impact Ask Price: The average sell price of the first 10,000 lowest ask orders in the Order Book
ຕົວຢ່າງ:
In the following order book:
- Impact Bid Price = (6,584.5 x 10,000) / 10,000 = 6,584.5
- Impact Ask Price = (6,586 x 3,467 + 6,587 x 6,533) / 10,000 = 6,586.65
- Impact Mid Price = (6,586.65 + 6,584.5) / 2 = 6,585.58
ເງື່ອນໄຂທີ່ເອື້ອຕ່າການກຳນົດລາຄາຕະຫຼາດ Futures ແບບຖາວອນ:
- ສ່ວນຕ່າງລະຫວ່າງລາຄາຕະຫຼາດ ແລະ ລາຄາກາງສະພາບຄ່ອງຂອງ Futures ແບບຖາວອນຂອງ bitqik ບໍ່ສາມາດເກີນ 2%
- ເມື່ອສ່ວນຕ່າງ ≥ 2%, ລາຄາຕະຫຼາດ = ລາຄາດັດຊະນີ
ລາຄາດັດຊະນີ Futures ຕາມໄລຍະເວລາ
ລາຄາດັດຊະນີ Futures ຕາມໄລຍະເວລາຂອງ bitqik = Spot Liquidity Mid Price x (1 + Fair Basis)
- Spot Liquidity Mid Price = (Best Bid Price x Ask Size + Best Ask Price x Bid Size) / (Bid Size + Ask Size)
- Fair Basis = Average Time-based Futures Premium (or Discount) Percentage of major exchanges.
ເປີເຊັນເບ້ຍປະກັນໄພ (ຫຼືສ່ວນຫຼຸດ) ຂອງ Futures ຕາມໄລຍະເວລາ:
- ເມື່ອວັນທີໝົດອາຍຸຂອງ Futures ຕາມໄລຍະເວລາຂອງ bitqik ກົງກັບວັນອ້າງອີງ:
ຄຳນວນເປີເຊັນເບ້ຍປະກັນໄພ (ຫຼືສ່ວນຫຼຸດ) ສະເລ່ຍຂອງວັນອ້າງອີງ. - ເມື່ອວັນທີໝົດອາຍຸຂອງ Futures ຕາມໄລຍະເວລາຂອງ bitqik ແຕກຕ່າງຈາກວັນອ້າງອີງ:
ເລືອກແຫຼ່ງອ້າງອິງສອງແຫຼ່ງທີ່ມີວັນໝົດອາຍຸໃກ້ຄຽງທີ່ສຸດ ຈາກນັ້ນໃຊ້ການແຊກ (ຫຼືການປະມານຄ່າ) ເພື່ອໃຫ້ໄດ້ເປີເຊັນເບ້ຍປະກັນໄພ (ຫຼືສ່ວນຫຼຸດ).
ຕົວຢ່າງ:
ຫາກມື້ໝົດອາຍຸສັນຍາຂອງ bitqik ແລະ ແຫຼ່ງອ້າງອິງທີ່ໃກ້ຄຽງທີ່ສຸດຄື 03/05 ແລະ 03/20. ເນື່ອງຈາກ 03/15 ຢູ່ໃນລະຫວ່າງແຫຼ່ງອ້າງອິງ ເຮົາຈື່ງໃຊ້ການແຊກເພື່ອການຄຳນວນເປີເຊັນຂອງເບ້ຍປະກັນໄພ (ຫຼືສ່ວນຫຼຸດ)
ໃນທາງກົງກັນຂ້າມ ຫາກມື້ໝົດອາຍຸສັນຍາຄື 25/03 ແລະ ແຫຼ່ງອ້າງອິງທີ່ໃກ້ຄຽງທີ່ສຸດຄື 03/05 ແລະ 03/20.
ເນື່ອງຈາກ 03/25 ຢູ່ນອກແຫຼ່ງອ້າງອິງ ເຮົາຈຶ່ງໃຊ້ການປະມານຄ່າເພື່ອຄຳນວນເປີເຊັນເບ້ຍປະກັນໄພ (ຫຼືສ່ວນຫຼຸດ).
- ເງື່ອນໄຂທີ່ອະນຸຍາດໃຫ້ເປີເຊັນເບ້ຍປະກັນໄພ (ຫຼືສ່ວນຫຼຸດ):
- ເປີເຊັນເບ້ຍປະກັນ (ຫຼືສ່ວນຫຼຸດ) ອ້າງອິງຕ້ອງບໍ່ໝົດອາຍຸ
- ຫຼັງຈາກຖ່ວງເວລານ້ຳໜັກແລ້ວ ການແພຂອງດັດຊະນີບໍ່ຄວນເກີນ 0.5%
- ເມື່ອບໍ່ເປັນໄປຕາມເງື່ອນໄຂຂ້າງຕົ້ນ ເປີເຊັນເບ້ຍປະກັນໄພ (ຫຼືສ່ວນຫຼຸດ) = 0
ຄ່າອ້າງອິງນັ້ນມາຈາກການແລກປ່ຽນ 4 ແຫ່ງດັ່ງຕໍ່ໄປນີ້: Bitfinex, Binance, Houbi c]t Coinbase Pro.
- ເພື່ອໃຫ້ໝັ້ນໃຈເຖິງສະຖຽນລະພາບຂອງລາຄາດັດຊະນີ ຄ່າສະຈະຖືກຄຳນວນຫຼັງຈາກລົບຄ່າອ້າງອິງສູງສຸດ ແລະ ຕ່ຳສຸດອອກ.
-
ຟີດອ້າງອິງທີ່ສອດຄ້ອງກັບກັບສະກຸນເງິນແຕ່ລະສຸະກຸນອາດຈະແຕກຕ່າງ ສຳລັບລາຍລະອຽດເພີ່ມຕື່ມ ກະລຸນາເບິ່ງທີ່ນີ້.
* ເມື່ອມີຄ່າອ້າງອິງ 5 ຄ່າ ໃຫ້ລົບຄ່າສູງສຸດ ແລະ ຕ່ຳສຸດອອກ ຈາກນັ້ນຄຳນວນຄ່າສະເລ່ຍຂອງຄ່າທີ່ 3 ຄ່າ.
ລາຄາຕະຫຼາດ Futures ຕາມໄລຍະເວລາ
ລາຄາຕະຫຼາດ Futures ຕາມໄລຍະເວລາ ຂອງ bitqik Time-based Futures Mark Price = bitqik Time-based Futures Index Price x 90% + Liquidity Mid Price of bitqik Time-base Futures Market x 10%
- bitqik Time-based Futures Index Price: Please refer to the Time-based Futures Index Price section
- Liquidity Mid Price of bitqik Time-base Futures Market = (Bid Price x Ask Size + Ask Price x Bid Size) / (Bid Size + Ask Size)
ເງື່ອນໄຂການກຳນົດລາຄາ Futures ຕາມໄລຍະເວລາ:
- ສ່ວນຕ່າງລະຫວ່າງລາຄາຕະຫຼາດ ແລະ ລາຄາກາງສະພາບຄ່ອງ Futures ແບບອິງຕາມເວລາຂອງ bitqik ບໍ່ສາມາດເກີນ 2%
- ເມື່ອການແຜ່ ≥ 2% ລາຄາຕະຫຼາດ = ລາຄາດັດຊະນີ
* ຖ້າທ່ານຕ້ອງການຄວາມຊ່ວຍເຫຼືອເພີ່ມຕື່ມ, ກະລຸນາຕິດຕໍ່ພວກເຮົາທີ່ support@bitqik.com.
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Index Price is an important reference when you are investing. It's the average market price of cryptocurrencies on major exchanges. It’s also the primary component of the mark price.
Mark Price is the price used for mark-to-market PnL calculation and platform liquidation, partial liquidation, or forced market buy/sell; Mark Price is designed to be fair and manipulation resistant.
Perpetual Futures Index Price
bitqik Perpetual Futures Index Price = Average Spot Liquidity Mid Price of Major Exchanges.
- Spot Liquidity Mid Price = (Bid Price x Ask Size + Ask Price x Bid Size) / (Bid Size + Ask Size)
Reference values are sourced from multiple exchanges.
- In order to ensure the stability of the index price, the average value will be calculated after removing the highest and lowest reference values.
- The reference feeds corresponding to each currency may be different.
* When there are 5 reference values, remove the highest and lowest values, then calculate the average of the remaining 3 values.
Perpetual Futures Mark Price
bitqik Perpetual Futures Mark Price = (Spot Liquidity Mid Price x 90% + bitqik Impact Mid Price x 10%)
- Spot Liquidity Mid Price = (Bid Price x Ask Size + Ask Price x Bid Size) / (Bid Size + Ask Size)
- bitqik Impact Mid Price = Average (Impact Bid Price, Impact Ask Price)
- Impact Bid Price: The average buy price of the first 10,000 highest bid orders in the Order Book
- Impact Ask Price: The average sell price of the first 10,000 lowest ask orders in the Order Book
For example:
In the following order book:
- Impact Bid Price = (6,584.5 x 10,000) / 10,000 = 6,584.5
- Impact Ask Price = (6,586 x 3,467 + 6,587 x 6,533) / 10,000 = 6,586.65
- Impact Mid Price = (6,586.65 + 6,584.5) / 2 = 6,585.58
Perpetual futures mark price enabling conditions:
- The spread between mark price and bitqik perpetual futures liquidity mid price cannot exceed 2%
- When the spread ≥ 2%, Mark Price = Index Price
Time-Based Futures Index Price
bitqik Time-based Futures Index Price = Spot Liquidity Mid Price x (1 + Fair Basis)
- Spot Liquidity Mid Price = (Best Bid Price x Ask Size + Best Ask Price x Bid Size) / (Bid Size + Ask Size)
- Fair Basis = Average Time-based Futures Premium (or Discount) Percentage of major exchanges.
Time-based Futures Premium (or Discount) Percentage:
- When the expiration date of bitqik's time-based futures is the same as the reference exchanges:
Calculate the average premium (or discount) percentage of the reference exchanges. - When the expiration date of bitqik's time-based futures is different from the reference exchanges:
Take two reference sources with the closest expiration dates, then use interpolation (or extrapolation) to get the premium (or discount) percentage.
For example:
If a bitqik contract’s expiration date is 03/15, and the closest reference sources are 03/05 and 03/20.
Since 03/15 is in between the reference sources, we use interpolation to calculate the premium (or discount) percentage.
On the contrary, if the contract’s expiration date is 03/25, and the closest reference sources are 03/05 and 03/20.
Since 03/25 is outside of the reference sources, we use extrapolation to calculate the premium (or discount) percentage.
- Premium (or discount) percentage enabling conditions:
- The reference premium (or discount) percentage must not be stale
- After weighting, the index spread should not exceed 0.5%
- When the above conditions are not met, premium (or discount) percentage = 0
Reference values are provided by the following 4 exchanges: Bitfinex, Binance, Houbi and Coinbase Pro.
- In order to ensure the stability of the index price, the average value will be calculated after removing the highest and lowest reference values.
- The reference feeds corresponding to each currency may be different. For more details, please see here.
* When there are 5 reference values, remove the highest and lowest values, then calculate the average of the remaining 3 values.
Time-Based Futures Mark Price
bitqik Time-based Futures Mark Price = bitqik Time-based Futures Index Price x 90% + Liquidity Mid Price of bitqik Time-base Futures Market x 10%
- bitqik Time-based Futures Index Price: Please refer to the Time-based Futures Index Price section
- Liquidity Mid Price of bitqik Time-base Futures Market = (Bid Price x Ask Size + Ask Price x Bid Size) / (Bid Size + Ask Size)
Time-based futures mark price enabling conditions:
- The spread between mark price and bitqik time-based futures liquidity mid price cannot exceed 2%
- When the spread ≥ 2%, Mark Price = Index Price
* If you need further help, please reach out to us at support@bitqik.com.