Memecoins的声誉不佳，但它们非常适合期货交易

由于其易于创造，加密货币的声誉不佳，通常与泵和倾倒骗局和地毯拉力相关。

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.

加密货币因其易于创造而闻名，通常与泵和倾倒骗局和地毯拉力相关，以快速浓缩。这是依赖于其采矿基础设施资本支出的比特币的主要原因之一。比特币的工作验证层是一种增强信心的堡垒，尽管是数字化的加密货币，但仍是重复的。

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.

在加密货币部门中，纪念因素特别被认为是短暂的和高度投机的。其中不仅有1,371个，这本身会带来资本稀释压力，而且与纪念相关的叙述可以重定向到其他方向，就像官方特朗普（特朗普）纪念物发生的那样。

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，有充分的理由将Memecoin视为适合期货交易的合适金融工具。反过来，这有可能可持续发展加密生态系统。让我们检查如何和原因。

Crypto Volatility – Dangerous but Fruitful

加密波动 - 危险但富有成果

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.

到目前为止，每个人都知道，模因非常动荡。根据最初的FOMO选择错误的一个，您最终可能会拿着一个毫无价值的象征包。但是，多年来，还显示某些硬币的交易量始终如一。狗硬币仍然主导着Memecoin包，并排用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。预计，特朗普硬币在上个月拿走了模因ins绳，但其他硬币也具有生产力的底部和峰值。图片来源：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，除特朗普和玛格（Maga）外，所有列出的硬币都非常便宜。很长一段时间以来，便宜的资产（例如便士股票）通过降低进入障碍来吸引交易。同时，它们为更高的回报提供了更大的潜力。

“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.”

“这项研究的一个更重要的含义是，低价股票比高价股票提供了更高的恢复机会，并且如果投资者可以识别“牛”和“熊”市场的时期，那么低价股票就可以提供有吸引力的利润机会。”

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

Penny Stock IPO作为Daniel K. Konku的投资摘录

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，模因不仅比一分钱股票便宜，而且可以通过分散的交换（DEXES）（例如Raydium，orca，orca，uniswap and Curve）上的集中式加密交易所和自我定制钱包更容易获得。

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.

除了廉价之外，由社交媒体驱动的零售驱动的零售业的进入和提高了参与的障碍，还可以通过扩大机会和风险来增强期货交易的基本原则。让我们看看如何确切。

Cryptos and Futures Trading: Peas in a Speculative Pod

加密和期货交易：投机豆荚中的豌豆

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.

自从交易谷物，橄榄油和牲畜的远古时代以来，期货般的协议在商业中起着关键作用。这个概念很简单：当事方试图对冲潜在的损失，要么猜测盈利。

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).

他们通过锁定未来日期的资产价格来做到这一点，这就是为什么这些协议称为期货合约的原因。卖方同意以该价格交付资产，而买方承诺购买该资产。这些合同通常在交易所进行交易，直到到期日期，尽管有些合同已在柜台上定居（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，一个古老的农民可能想在收获之前锁定谷物价格，以避免由于无法预测的因素而降低价格的风险。在现代，相同的原则适用，但具有更广泛的资产 - 包括加密货币。就成年人而言，它们的高波动性在短时间内为巨大损失带来了机会。

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.

期货合约的典型深度图表，以不同的价格以不同的价格反映了买卖双方的池。几乎所有期货都定居在USDT Stablecoin中。图片来源：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.

交易者还可以利用杠杆来扩大其潜在利润（和风险）。许多加密交易所（Kraken）等加密交易所（Kraken）提供了多项资产抵押选择，可维持长位置。这个领域的一个显着创新是永久未来，没有到期日期。但是，在进行任何交易之前，请确保正确准备数据并运行基于数字的分析。

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.

与传统的期货不同，这些期货需要付诸实践新合同（通常会产生交易费用和contango或落后的潜在成本），永久性使用资金率机制来保持其价格与现货市场保持一致。如果在硬币的价格波动期间维持资金，永久性提供了更大的灵活性，因为无需定期签订合同。

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

在上图表中，永久性湿度的资金率为 +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

这意味着，长期的期货交易者，担任买入头寸的人必须向担任卖出头寸的短交易者支付其头寸规模的0.0147％。如果资金费