Memecoins的聲譽不佳，但它們非常適合期貨交易

由於其易於創造，加密貨幣的聲譽不佳，通常與泵和傾倒騙局和地毯拉力相關。

Cryptocurrencies have gained a notorious reputation for their ease of creation, often associated with pump and dump scams and rug pulls for quick enrichment. This is one of the main reasons why Bitcoin, which is reliant on its mining infrastructure capex, gained so much traction instead. Bitcoin’s proof-of-work layer serves as a confidence-boosting bulwark against duplication despite being digital as the rest of cryptocurrencies.

加密貨幣因其易於創造而聞名，通常與泵和傾倒騙局和地毯拉力相關，以快速濃縮。這是依賴於其採礦基礎設施資本支出的比特幣的主要原因之一。比特幣的工作驗證層是一種增強信心的堡壘，儘管是數字化的加密貨幣，但仍是重複的。

Within the crypto sector, memecoins are especially perceived as ephemeral and highly speculative. Not only are there 1,371 of them, which itself brings capital dilution pressure, but meme-related narratives can be redirected into other directions, as what happened with the Official Trump (TRUMP) memecoin.

在加密貨幣部門中，紀念因素特別被認為是短暫的和高度投機的。其中不僅有1,371個，這本身會帶來資本稀釋壓力，而且與紀念相關的敘述可以重定向到其他方向，就像官方特朗普（特朗普）紀念物發生的那樣。

Yet, there are good reasons to think of memecoins as suitable financial instruments for futures trading. In turn, this has the potential to sustainably grow the crypto ecosystem. Let’s examine how and why.

但是，有充分的理由將Memecoin視為適合期貨交易的合適金融工具。反過來，這有可能可持續發展加密生態系統。讓我們檢查如何和原因。

Crypto Volatility – Dangerous but Fruitful

加密波動 - 危險但富有成果

By now, everyone understands that memecoins are highly volatile. Pick the wrong one based on the initial FOMO and you may end up holding a worthless token bag. However, over the years, it has also been shown that certain coins have consistently high trading volumes. Dog coins still dominate the memecoin pack, with Dogecoin (DOGE) and Shiba Inu (SHIB) side by side.

到目前為止，每個人都知道，模因非常動盪。根據最初的FOMO選擇錯誤的一個，您最終可能會拿著一個毫無價值的象徵包。但是，多年來，還顯示某些硬幣的交易量始終如一。狗硬幣仍然主導著Memecoin包，並排用Dogecoin（Doge）和Shiba Inu（Shib）。

Top 10 memecoins by market cap as of January 30th. Expectedly, TRUMP coin took the memetic reins over the last month, but other coins had productive bottoms and peaks as well. Image credit: Messari

截至1月30日，截至1月30日，由市值排名前10位。預計，特朗普硬幣在上個月拿走了模因ins繩，但其他硬幣也具有生產力的底部和峰值。圖片來源：Messari

What is immediately noticeable is that all of the listed coins, except for TRUMP and MAGA, are priced extremely cheap. It has been known for a long time that cheap assets, such as penny stocks, attract trading by lowering the barrier to entry. At the same time, they offer a much greater potential for higher returns.

立即引人注目的是，除特朗普和瑪格（Maga）外，所有列出的硬幣都非常便宜。很長一段時間以來，便宜的資產（例如便士股票）通過降低進入障礙來吸引交易。同時，它們為更高的回報提供了更大的潛力。

“An even more important implication of the study is that low-priced stocks offer a higher opportunity from recovery than higher-priced stocks and that if an investor can identify the periods of “bull” and “bear” markets, then low-priced stocks could offer attractive profit-making opportunities.”

“這項研究的一個更重要的含義是，低價股票比高價股票提供了更高的恢復機會，並且如果投資者可以識別“牛”和“熊”市場的時期，那麼低價股票就可以提供有吸引力的利潤機會。”

Excerpt from Penny Stock IPOs as Investments by Daniel K. Konku

Penny Stock IPO作為Daniel K. Konku的投資摘錄

Typically, memecoins are not only cheaper than penny stocks, but are more easily accessible via both centralized crypto exchanges and self-custodial wallets on decentralized exchanges (DEXes) like Raydium, Orca, Uniswap and Curve.

通常，模因不僅比一分錢股票便宜，而且可以通過分散的交換（DEXES）（例如Raydium，orca，orca，uniswap and Curve）上的集中式加密交易所和自我定制錢包更容易獲得。

On top of the cheapness that drastically lowers the barrier of entry and boosts participation, memecoin volatility, retail-driven by social media, enhances the underlying principle of futures trading by amplifying both opportunities and risks. Let’s see how exactly.

除了廉價之外，由社交媒體驅動的零售驅動的零售業的進入和提高了參與的障礙，還可以通過擴大機會和風險來增強期貨交易的基本原則。讓我們看看如何確切。

Cryptos and Futures Trading: Peas in a Speculative Pod

加密和期貨交易：投機豆莢中的豌豆

Since the ancient days of trading grain, olive oil, and livestock, futures-like agreements have played a key role in commerce. The concept is straightforward: parties either seek to hedge against potential losses or speculate for profit.

自從交易穀物，橄欖油和牲畜的遠古時代以來，期貨般的協議在商業中起著關鍵作用。這個概念很簡單：當事方試圖對沖潛在的損失，要么猜測盈利。

They do this by locking in the price of an asset for a future date, which is why these agreements are called futures contracts. The seller agrees to deliver the asset at that price, while the buyer commits to purchasing it. These contracts are often traded on exchanges until their expiration date, though some are settled over the counter (OTC).

他們通過鎖定未來日期的資產價格來做到這一點，這就是為什麼這些協議稱為期貨合約的原因。賣方同意以該價格交付資產，而買方承諾購買該資產。這些合同通常在交易所進行交易，直到到期日期，儘管有些合同已在櫃檯上定居（OTC）。

For instance, an ancient farmer might have wanted to lock in a grain price ahead of harvest to avoid the risk of a price drop due to unpredictable factors. In modern times, the same principle applies, but with a much broader range of assets — including cryptocurrencies. In the case of memecoins, their high volatility opens opportunities for both significant gains and losses over short periods.

例如，一個古老的農民可能想在收穫之前鎖定穀物價格，以避免由於無法預測的因素而降低價格的風險。在現代，相同的原則適用，但具有更廣泛的資產 - 包括加密貨幣。就成年人而言，它們的高波動性在短時間內為巨大損失帶來了機會。

Typical depth chart for futures contracts, reflecting the pools of buyers and sellers at coin’s different price points. Nearly all futures are settled in USDT stablecoin. Image credit: KuCoin.

期貨合約的典型深度圖表，以不同的價格以不同的價格反映了買賣雙方的池。幾乎所有期貨都定居在USDT Stablecoin中。圖片來源：Kucoin。

Traders can also use leverage to amplify their potential profits (and risks). Many crypto exchanges, such as Kraken, offer multi-asset collateral options for maintaining long positions. A notable innovation in this space is perpetual futures, which do not have expiration dates. Before you engage in any trades, though, make sure you prepare the data properly and run a numbers-based analysis.

交易者還可以利用槓桿來擴大其潛在利潤（和風險）。許多加密交易所（Kraken）等加密交易所（Kraken）提供了多項資產抵押選擇，可維持長位置。這個領域的一個顯著創新是永久未來，沒有到期日期。但是，在進行任何交易之前，請確保正確準備數據並運行基於數字的分析。

Unlike traditional futures that require rolling over to a new contract – often incurring transaction fees and potential costs from contango or backwardation – perpetuals use a funding rate mechanism to keep their price aligned with the spot market. If the funding is maintained during the coin’s price swings, perpetuals offer more flexibility, as there is no need to roll contracts over periodically.

與傳統的期貨不同，這些期貨需要付諸實踐新合同（通常會產生交易費用和contango或落後的潛在成本），永久性使用資金率機制來保持其價格與現貨市場保持一致。如果在硬幣的價格波動期間維持資金，永久性提供了更大的靈活性，因為無需定期簽訂合同。

In the above chart, the funding rate of SHIB perpetual is +0.0147%.

在上圖表中，永久性濕度的資金率為 +0.0147％。

This means that long futures traders, ones holding buy positions, must pay a fee of 0.0147% of their position size to short traders, who are holding sell positions. If the funding fee

這意味著，長期的期貨交易者，擔任買入頭寸的人必須向擔任賣出頭寸的短交易者支付其頭寸規模的0.0147％。如果資金費