永續市場中 DEX 的崛起：Zeta Markets 的 Tristan Yver 分享他的見解

DEX 在永續合約市場中迅速佔有一席之地，目前佔有近 10% 的市場份額，而今年稍早僅為 3-4%。這種成長在基於 Solana 的平台上尤其明顯，自 2023 年底以來，永續合約交易量激增了 50% 以上。

DEXs are quickly capturing a larger share of the perpetuals market, now holding nearly 10% of the market, up from just 3-4% earlier this year. This growth is particularly evident on Solana-based platforms, where perpetual trading volumes have surged by over 50% since late-2023. In July 2024 alone, the DEX-to-CEX futures trade volume ratio reached 13.9%, highlighting the increasing appeal of on-chain trading.

DEX 正在迅速佔領永續市場的更大份額，目前佔據近 10% 的市場份額，而今年稍早僅為 3-4%。這種成長在基於 Solana 的平台上尤其明顯，自 2023 年底以來，永續合約交易量激增了 50% 以上。光是2024年7月，DEX與CEX期貨交易量佔比就達到13.9%，凸顯了鏈上交易的吸引力日益增強。

These trends indicate growing confidence in DeFi solutions, driven by transparency, lower costs, and the inclusion of new assets like real-world assets (RWAs) on decentralized platforms.

這些趨勢表明，在透明度、低成本以及去中心化平台上納入現實世界資產（RWA）等新資產的推動下，人們對 DeFi 解決方案的信心不斷增強。

With Tristan we discussed the key drivers behind the increasing shift from CEXs to DEXs in perpetuals trading and how DEXs are solving liquidity challenges to attract more traders.

我們與 Tristan 討論了永續合約交易不斷從 CEX 轉向 DEX 背後的關鍵驅動因素，以及 DEX 如何解決流動性挑戰以吸引更多交易者。

Also he gave us a new perspective on trading strategies on DEXs, such as arbitrage and funding rate exploitation, and how they are attracting sophisticated traders.

他還為我們提供了關於 DEX 交易策略的新視角，例如套利和資金費率利用，以及它們如何吸引經驗豐富的交易者。

What do you see as the primary drivers behind the growing shift from centralized exchanges (CEXs) to decentralized exchanges (DEXs) in the perpetuals market?

您認為永續市場從中心化交易所（CEX）轉向去中心化交易所（DEX）不斷轉變的主要驅動力是什麼？

The shift from CEXs to DEXs in the perpetuals market is primarily driven by greater transparency, reduced counterparty risk, and enhanced control over assets. Decentralized exchanges operate on-chain, ensuring that users can audit transactions, positions, and collateral in real time, which builds trust. Moreover, recent regulatory pressures on centralized exchanges have made decentralized platforms more appealing, offering a censorship-resistant and more permissionless environment. Zeta Markets has observed that traders are increasingly drawn to these advantages. Together with improvements in the user experience and execution speeds, DEXs like Zeta X are closing the gap with CEXs, further accelerating this shift.

永續市場從中心化交易所轉向去中心化交易所的轉變主要是由於透明度提高、交易對手風險降低以及對資產的控制增強。去中心化交易所在鏈上運行，確保用戶可以即時審核交易、部位和抵押品，從而建立信任。此外，最近對中心化交易所的監管壓力使去中心化平台更具吸引力，提供了一個抗審查和更無需許可的環境。 Zeta Markets 觀察到，交易者越來越被這些優勢所吸引。隨著使用者體驗和執行速度的改進，Zeta X 等 DEX 正在縮小與 CEX 的差距，進一步加速這一轉變。

Solana-based platforms have seen a significant surge in perpetuals trading volumes recently. What unique advantages does Solana offer for these kinds of trading activities compared to other blockchains?

最近，基於 Solana 的平台永續合約交易量大幅成長。與其他區塊鏈相比，Solana 對於此類交易活動有哪些獨特優勢？

Solana’s unique combination of high throughput and low-latency transactions makes it an ideal blockchain for perpetuals trading. With its ability to process thousands of transactions per second and sub-second finality, Solana enables traders on platforms like Zeta Markets to experience near-instant order matching and execution, critical for high-frequency and algorithmic trading strategies. Unlike Ethereum, Solana’s low transaction fees allow traders to trade actively and frequently without worrying about prohibitive gas costs, making it particularly well-suited for driving usage in high throughput applications like perpetuals trading.

Solana 獨特的高吞吐量和低延遲交易組合使其成為永續合約交易的理想區塊鏈。憑藉每秒處理數千筆交易和亞秒級最終確定的能力，Solana 使 Zeta Markets 等平台上的交易者能夠體驗近乎即時的訂單匹配和執行，這對於高頻和演算法交易策略至關重要。與以太坊不同，Solana 的低交易費用允許交易者積極頻繁地進行交易，而無需擔心過高的 Gas 成本，這使其特別適合推動永續交易等高吞吐量應用程式的使用。

How has Zeta Markets managed to tackle the liquidity challenges that have traditionally been a barrier for DEXs in attracting more traders?

Zeta Markets 如何解決傳統上阻礙 DEX 吸引更多交易者的流動性挑戰？

Zeta Markets has addressed liquidity challenges by leveraging partnerships with key liquidity providers who are native to the Solana ecosystem. This enables Zeta X to integrate with and onboard liquidity providers quickly and efficiently. Additionally, Zeta Markets is also building Bullet, a purpose-built L2 solution for high-frequency trading, which will further enhance throughput while maintaining a high-performance order book structure. This will make market making more cost effective and efficient, ultimately attracting and retaining liquidity providers.

Zeta Markets 透過與 Solana 生態系統本地的主要流動性提供者建立合作夥伴關係，解決了流動性挑戰。這使得 Zeta X 能夠快速且有效率地與流動性提供者整合並加入流動性提供者。此外，Zeta Markets 還在建造 Bullet，這是一種專門為高頻交易而構建的 L2 解決方案，它將進一步提高吞吐量，同時保持高性能的訂單簿結構。這將使做市變得更具成本效益和效率，最終吸引並留住流動性提供者。

Can you elaborate on some of the new trading strategies, such as arbitrage and funding rate exploitation, that are emerging on DEXs, and how these strategies are attracting more sophisticated traders to Zeta Markets?

您能否詳細說明 DEX 上出現的一些新交易策略，例如套利和資金費率利用，以及這些策略如何吸引更成熟的交易者進入 Zeta Markets？

Due to the transparency and granularity of on-chain exchanges traders have more access to data, this opens the door for strategies like arbitrage and funding rate trades which are gaining traction on DEXs like Zeta Markets.

由於鏈上交易所的透明度和粒度，交易者可以更多地存取數據，這為套利和融資利率交易等策略打開了大門，這些策略在 Zeta Markets 等 DEX 上越來越受歡迎。

Arbitrage opportunities arise from divergences in prices of contracts between Zeta’s perpetuals markets and other trading venues, allowing sophisticated traders to capitalize on these price discrepancies by trading across different platforms.

Zeta 永續合約市場與其他交易場所之間的合約價格差異產生了套利機會，使得經驗豐富的交易者可以透過跨不同平台進行交易來利用這些價格差異。

Funding rate trades enable traders to earn yield. This yield is naturally created when there is an imbalance of traders who are going long and short – to address the imbalance funding rates are paid. Funding rate traders will look to earn the funding rate while using other instruments to hedge their risk. Zeta X’s enhanced platform will package up these strategies making these more accessible to the entire user base.

資金利率交易使交易者能夠賺取收益。當做多和做空的交易者不平衡時，就會自然產生這種收益率——為了解決不平衡的問題而支付的資金費率。資金利率交易者將尋求賺取資金利率，同時使用其他工具來對沖風險。 Zeta X 的增強平台將整合這些策略，讓整個用戶群更容易使用這些策略。