永续市场中 DEX 的崛起：Zeta Markets 的 Tristan Yver 分享他的见解

DEX 在永续合约市场中迅速占据一席之地，目前占据近 10% 的市场份额，而今年早些时候仅为 3-4%。这种增长在基于 Solana 的平台上尤其明显，自 2023 年底以来，永续合约交易量激增了 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 正在迅速占领永续市场的更大份额，目前占据近 10% 的市场份额，而今年早些时候仅为 3-4%。这种增长在基于 Solana 的平台上尤其明显，自 2023 年底以来，永续合约交易量激增了 50% 以上。仅2024年7月，DEX与CEX期货交易量占比就达到13.9%，凸显了链上交易的吸引力日益增强。

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.

这些趋势表明，在透明度、低成本以及去中心化平台上纳入现实世界资产（RWA）等新资产的推动下，人们对 DeFi 解决方案的信心不断增强。

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.

我们与 Tristan 讨论了永续合约交易不断从 CEX 转向 DEX 背后的关键驱动因素，以及 DEX 如何解决流动性挑战以吸引更多交易者。

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.

他还为我们提供了关于 DEX 交易策略的新视角，例如套利和资金费率利用，以及它们如何吸引经验丰富的交易者。

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

您认为永续市场从中心化交易所（CEX）向去中心化交易所（DEX）不断转变的主要驱动力是什么？

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.

永续市场从中心化交易所向去中心化交易所的转变主要是由于透明度提高、交易对手风险降低以及对资产的控制增强。去中心化交易所在链上运行，确保用户可以实时审核交易、头寸和抵押品，从而建立信任。此外，最近对中心化交易所的监管压力使去中心化平台更具吸引力，提供了一个抗审查和更无需许可的环境。 Zeta Markets 观察到，交易者越来越被这些优势所吸引。随着用户体验和执行速度的改进，Zeta X 等 DEX 正在缩小与 CEX 的差距，进一步加速这一转变。

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，基于 Solana 的平台永续合约交易量大幅增长。与其他区块链相比，Solana 对于此类交易活动有哪些独特优势？

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 独特的高吞吐量和低延迟交易组合使其成为永续合约交易的理想区块链。凭借每秒处理数千笔交易和亚秒级最终确定的能力，Solana 使 Zeta Markets 等平台上的交易者能够体验近乎即时的订单匹配和执行，这对于高频和算法交易策略至关重要。与以太坊不同，Solana 的低交易费用允许交易者积极频繁地进行交易，而无需担心过高的 Gas 成本，这使其特别适合推动永续交易等高吞吐量应用程序的使用。

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

Zeta Markets 如何解决传统上阻碍 DEX 吸引更多交易者的流动性挑战？

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 通过与 Solana 生态系统本地的主要流动性提供商建立合作伙伴关系，解决了流动性挑战。这使得 Zeta X 能够快速高效地与流动性提供商集成并加入流动性提供商。此外，Zeta Markets 还在构建 Bullet，这是一种专门为高频交易而构建的 L2 解决方案，它将进一步提高吞吐量，同时保持高性能的订单簿结构。这将使做市变得更具成本效益和效率，最终吸引并留住流动性提供者。

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?

您能否详细说明一下 DEX 上出现的一些新交易策略，例如套利和资金费率利用，以及这些策略如何吸引更成熟的交易者进入 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.

由于链上交易所的透明度和粒度，交易者可以更多地访问数据，这为套利和融资利率交易等策略打开了大门，这些策略在 Zeta Markets 等 DEX 上越来越受欢迎。

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 永续合约市场与其他交易场所之间的合约价格差异产生了套利机会，使得经验丰富的交易者可以通过跨不同平台进行交易来利用这些价格差异。

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.

资金利率交易使交易者能够赚取收益。当做多和做空的交易者不平衡时，就会自然产生这种收益率——为了解决不平衡的问题而支付的资金费率。资金利率交易者将寻求赚取资金利率，同时使用其他工具来对冲风险。 Zeta X 的增强平台将整合这些策略，使整个用户群更容易使用这些策略。