三月份加密货币现货衍生品交易飙升至历史新高

3 月份，加密货币现货衍生品交易量创下历史新高，超过了 2021 年 5 月的峰值。现货交易量攀升 108% 至 2.94 万亿美元，超过衍生品的涨幅，后者也大幅增长 89.7% 至 2.91 美元兆。交易活动的激增凸显了加密货币衍生品的日益普及和需求，像币安这样的中心化交易所见证了显着增长。

Crypto Spot Derivatives Trading Skyrockets to All-Time High in March

三月份加密货币现货衍生品交易飙升至历史新高

In a testament to the burgeoning crypto market, spot derivatives trading has surged to unprecedented levels, reaching a colossal $2.94 trillion in March. This staggering figure represents a remarkable 108% increase compared to the previous month, surpassing the previous record high set in May 2021. The relentless rise in trading activity has outpaced the gains observed in other areas of the crypto derivatives market.

现货衍生品交易已飙升至前所未有的水平，3 月份达到 2.94 万亿美元的巨额，这证明了加密货币市场的蓬勃发展。这一惊人的数字与上个月相比增长了 108%，超过了 2021 年 5 月创下的历史新高。交易活动的持续增长超过了加密货币衍生品市场其他领域的涨幅。

Spot Trading Volume Explodes

现货交易量爆炸式增长

According to data compiled by CCData, the total volume of cryptocurrency spot and derivatives trading executed on centralized exchanges skyrocketed to an astonishing $9.1 trillion in March. This represents a near-doubling of the previous month's volume, underscoring the exponential growth of the crypto ecosystem.

根据 CCData 编制的数据，3 月份中心化交易所执行的加密货币现货和衍生品交易总量飙升至惊人的 9.1 万亿美元。这意味着上个月的交易量几乎翻了一番，凸显了加密货币生态系统的指数增长。

Central to this surge was the explosive growth in spot trade volume, which surged by 108% to $2.94 trillion. This marks the highest monthly spot trading volume since May 2021 and surpasses the gains made in derivatives trading during the same period. Binance, the world's largest crypto exchange, witnessed a surge in its spot trade volume, reaching levels not seen since May 2021.

这一激增的核心是现货贸易量的爆炸性增长，飙升 108% 至 2.94 万亿美元。这标志着自 2021 年 5 月以来最高的月度现货交易量，并超过了同期衍生品交易的涨幅。全球最大的加密货币交易所币安的现货交易量激增，达到 2021 年 5 月以来的最高水平。

Derivatives Trading Gains Momentum

衍生品交易势头强劲

While spot trading soared to new heights, derivatives trading also experienced significant growth. The total volume of derivatives contracts traded on centralized exchanges increased by 89.7% to $2.91 trillion. Binance and CME Group were among the major beneficiaries of this growth, accounting for a substantial portion of the overall derivatives trading volume.

在现货交易飙升至新高的同时，衍生品交易也出现了显着增长。中心化交易所衍生品合约交易总量增长89.7%，达到2.91万亿美元。币安和芝商所是这一增长的主要受益者，占整个衍生品交易量的很大一部分。

Non-US Markets Fuel Centralized Derivatives Boom

非美国市场推动中心化衍生品繁荣

Analysis by EY reveals a distinct pattern in the crypto derivatives market: centralized derivatives trading is primarily dominated by non-US markets. These markets account for the bulk of the trading volume, while CME Group maintains a commanding presence in the US market, controlling over 60% of the monthly derivative trading volume as of September 2023.

安永的分析揭示了加密货币衍生品市场的一个独特模式：中心化衍生品交易主要由非美国市场主导。这些市场占交易量的大部分，而芝商所集团在美国市场保持着主导地位，截至 2023 年 9 月控制着每月衍生品交易量的 60% 以上。

Decentralized Derivatives Market Gains Traction

去中心化衍生品市场受到关注

Despite its smaller size compared to centralized derivatives markets, the decentralized derivatives market is rapidly gaining popularity due to its inherent security and transparency. dYdX, a leading protocol in the decentralized finance (DeFi) ecosystem, plays a pivotal role in the growth of this market.

尽管与中心化衍生品市场相比规模较小，但去中心化衍生品市场由于其固有的安全性和透明度而迅速受到欢迎。 dYdX 是去中心化金融 (DeFi) 生态系统中的领先协议，在该市场的增长中发挥着关键作用。

Risks Associated with Crypto Spot Derivatives

与加密货币现货衍生品相关的风险

Engaging in cryptocurrency derivatives trading entails a multitude of significant risks that must be carefully considered. These risks include market risk, counterparty credit risk, liquidity risk, operational risk, legal risk, and compliance risk. Given the complexities associated with crypto derivatives trading, it is imperative to employ robust risk models and calculations, such as value at risk (VaR) and funding valuation adjustment (FVA).

参与加密货币衍生品交易会带来许多重大风险，必须仔细考虑。这些风险包括市场风险、交易对手信用风险、流动性风险、操作风险、法律风险和合规风险。鉴于与加密货币衍生品交易相关的复杂性，必须采用强大的风险模型和计算，例如风险价值（VaR）和融资估值调整（FVA）。

Importance of Risk Management

风险管理的重要性

The unique characteristics of crypto derivatives, including the high volatility of underlying crypto assets, continuous trading, legal enforceability challenges, management of crypto collateral, regulatory concerns, and market concentration, pose unique challenges for risk modeling. Consequently, it is paramount to implement robust controls and a comprehensive risk management strategy to navigate the treacherous waters of crypto derivatives trading.

加密衍生品的独特特征，包括基础加密资产的高波动性、持续交易、法律可执行性挑战、加密抵押品管理、监管问题和市场集中度，给风险建模带来了独特的挑战。因此，实施强有力的控制和全面的风险管理策略以驾驭加密货币衍生品交易的危险水域至关重要。