原创： 凯尔 蜂巢财经News
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文|凯尔 编辑|文刀5月17日，BTC价格直线跳水，半小时内跌达1000美元左右，这导致了合约多头的灾难，当天单BitMex一个平台就爆仓了2万枚比特币。
On 17 May, BTC jumped at a price of about $1,000 in half an hour, leading to a multi-contractual disaster in which 20,000 bits of bitcoins were stored on a single platform in BitMex.
这轮“插针”行情，让“多军”元气大伤。事后，有人列出了BitMex、OKEx、火币三家合约平台在17日的BTC合约最低价，三者分别为6380美元（永续）、7025美元（季度）、6791美元（季度）。
After that, the BTC contract of 17 days was listed at a minimum price of $6380 (perpetuating), $7025 (quarterly) and $6791 (quarterly).
显然，永续合约主场BitMex，“多军”最惨。火币季度合约价低于OKEx。
Apparently, BitMex, the home of the permanent contract, is the worst. The price of the gun is lower than the price of the contract in the quarter.
“插针”行情里，稳定的合约价格能够帮助投资者降低爆仓风险，火币、BitMex的合约产品因此遭到了用户批评。
Stable contract prices can help investors to reduce the risk of explosion, in the context of the “dingle” scenario, as a result of which the currency and BitMex contractual products have been criticized by users.
在合约市场，火币是后来者，去年12月才正式上线合约产品。与前人一样，火币合约也在发展中遭遇阵痛。用户反馈，火币合约出现了极端行情下无法平仓、交易页面卡顿、交易深度不足等情况。
In the contract market, it was later, only last December, when it was officially on the line. Like its predecessors, it suffered from development.
火币合约用户李信（化名）告诉蜂巢财经，他分别于今年2月24日、4月4日，两次在火币合约被强制平仓，“当时都是行情剧烈波动，我想平仓却一直提示失败，直至爆仓。”不少用户在火币合约官方群中反映了类似的情况。
Li Xin, the subscriber of the tender contract, told the beehive that on 24 February and 4 April of this year, he was forced to level up twice at the tender contract, “when it was highly volatile, I wanted to level it up, but it failed until it exploded.” Many users reflected a similar situation in the official collection of the tender contract.
李信想要寻求法律手段来追回损失，用户“小顽石”告诉蜂巢财经准备去火币合约办公地维权，也有人失望表示“不会再用火币合约”。
Li Xin wanted to seek legal means to recover his losses, and the user “Small Rock” told the beehives that they were ready to go to the office to claim their rights under the tender contract, and some were disappointed that “no more bells will be used”.
先行者在合约市场踏过的坑，火币一个也躲不开。在这块利润高地中分食，火币道阻且长。
The pioneers set foot in a pit in the contract market, and there is no way to hide any of the coins. They eat in this profit high, and it is blocked and long.
BTC暴跌 火币合约“深插针”
BTC crashes.
5月17日上午10点左右，BTC价格如瀑布一般急坠，火币合约用户刘凯（化名）慌了。几个小时前，他在火币合约开了BTC多单，这种行情下，凶多吉少。
On May 17th, at about 10 a.m., BTC prices fell like waterfalls, and Liu Qi, the subscriber of the tender contract, panicked.
他匆忙打开火币合约的网页，页面却一直卡顿，多次刷新后才显示出来。此时，刘凯的持仓数据已经消失，他爆仓了。
He was in a hurry to open the web page of the tender contract, but the page was kept in Carton, and it was updated several times before it showed up. At that time, Liu Kai's warehouse data was gone and he blew it up.
看着“大饼”仍在下跌，刘凯只能自认倒霉，“这种行情下，多军肯定全军覆没了。”
Looking at the Big Bread is still falling, Liu Xi can only feel bad for himself, "In this situation, the army must be gone."
一小时后，BTC价格逐渐反弹。暴风雨后，恐慌渐散，但各家平台当时的合约价差扎了刘凯的心。
An hour later, BTC prices rebounded. After the storm, the panic broke out, but Liu Qi's heart was broken by the contract price of the platforms at that time.
数据显示，BitMex、OKEx、火币三家合约平台在17日的BTC合约最低价格分别为6380美元（永续）、7025美元（季度）、6791美元（季度）。
The data show that the BTC contracts for the three contracts of BitMex, OKEx and Coal had a minimum price of $6380 (perpetuity), $7025 (quarterly) and $6791 (quarterly) of 17 years.
5月17日火币季度合约价格最低达6791美元刘凯觉得“没有对比就没有伤害”，“这次火币插针明显要比OK深，如果因为火币自己的价格没稳住而爆仓，找谁说理去？”
Liu Qi felt that “no harm is done without comparison” and that “it is clear that the needle is deeper than OK, and if the price of the coin is not stable, who is to be asked?”
他不明白，为什么两家平台的合约价格相差这么多，问题出在哪？
He did not understand why the contract price of the two platforms was so different and what was the problem?
有业内人数指出，很多合约交易平台会采用Bitstamp上的BTC美元价格来做现货指数成分，这个现货指数和合约价格会相互影响。
Intra-industry figures indicate that many of the contract trading platforms use BTC dollar prices on Bitstamp as a component of the spot index, which interacts with the contract price.
从公开信息看，BitMEX、OKEx、火币的BTC现货指数成分中，都采用了Bitstamp的BTC价格。
According to public information, BTC prices were used in BitMeX, OKEx, and in the BTC spot index components of the currency.
就在暴跌行情出现的一周前，OKEx对它的合约指数进行了调整，增加了OKCoin 上的BTC美元价格。如此一来，OKEx合约市场的BTC现货指数有5家交易所作参考，每家权重为20%。而火币BTC现货指数参考的交易所为4家，各家权重为25%。
Just a week before the crash, OKEx adjusted its contract index to increase the BTC price on OKCoin. Thus, the BTC spot index on the OKEx contract market was used as a reference for five transactions, each with a 20% weight.
当Bitstamp上的BTC暴跌时，参考这家交易所币价成分权重略高的火币，合约价格受的影响也更加直观。这种影响关系在永续合约平台BitMex上表现得更为激烈，该交易所对Bitstamp的价格参考成分比重占到了50%，当日价格异常时，2万枚BTC被爆。
When the BTC on Bitstamp collapsed, reference was made to the exchange's currency component, which had a slightly higher weight, and the impact on the contract price was more intuitive. This influence was more intense on the permanent contract platform, BitMex, which had a 50 per cent share of Bitstamp's price reference ingredient, and 20,000 BTCs were blown up when prices were abnormal.
对于当日火币合约价格偏低的情况，火币方面对蜂巢财经表示，5月17日行情最低点时，BTC所有平台综合价格指数是6623.78，对比其他提供季度合约的平台看，火币6791美元合约价格，相较于该“综合价格指数”的价差更小，这个合约价格更为合理。
In the case of the low price of the tender contract on that day, the tender indicated to the beehive economy that, at the lowest point on 17 May, the CPI for all BTC platforms was 6623.78. The CPI contract price of US$ 6791, as compared with the other providers of the quarterly contract, was less favourable than the price for the CPI, which was more reasonable.
投资者Mark对上述说法持不同态度，他是传统期货市场的老玩家，去年转到币圈玩合约。5月17日，他也注意到了三家合约平台的价格波动。
Investor Mark has a different attitude to these claims: he is an old player in the traditional futures market, and last year he went to the currency circle to play with the contract. On May 17, he also noticed price fluctuations in three contract platforms.
Mark分析，当天Bitstamp上出现了BTC巨幅下跌，其他交易所联动，合约价格下跌，但BTC在6000美元左右时止跌，看空情绪也并没有那么严重，因为投资者很快发现，这不是市场普跌，而是单个交易所砸盘所致，“这种短时异常下跌之后，一般会出现反弹，做多情绪首先会反映在合约市场上，如果合约交易所规模足够大，深度足够好，插针行情下来时，合约的价格应该比现货价格高很多才对，价差大反而是合理的，后市也证明了这一点，BTC后来的确反弹回来了。”
Mark analyses that BTC fell sharply on Bitstamp on the same day, other exchanges were connected and contract prices fell, but BTC stopped falling around $6,000, and the mood was not so serious because investors quickly found that it was not a market collapse, but rather a single exchange crash, “after this short-term fall, there will generally be a rebound, and multi-emotion will first be reflected in the contract market, and if the contract exchange is large enough and deep enough, the price of the contract should be much higher than the spot price, and the price would be more reasonable, as the later market proved.
作为非专业投资者，刘凯对这些市场规律并未过多研究，不过他认为火币合约价格此次被打的比较低，原因还在于深度不够。
As an unprofessional investor, Liu Qi did not study these market rules too much, although he believed that the price of the tender contract was lower this time because of insufficient depth.
这种“深度不够”的印象来自他的实际操作。他回忆，有时候他判断行情会下行，就立马跟个空单，“比如我0.5个BTC开了20倍杠杆做空，挂单后吃不掉（成交不了），或者只能吃掉一点点，可是在OK上，1、2个BTC开同样的杠杆，一下就能成交。”
This impression of "not deep enough" comes from his actual operation. He remembers that sometimes he thinks that he's going down, and he's going to go up and down, and he's going up and down, and he's like, "Well, I'm 20 times out of a BTC, and I can't eat it, or I'm going to eat a little, but on OK, one, two BTCs are going to do the same thing, and then they're going to do it."
一直是火币忠粉的刘凯，在这次事件之后，信念有些动摇。不过，对于这个刚上线半年的合约产品，刘凯也坦承不能要求太高，“总需要一点点完善，过段时间再看吧。”
Liu Kai, who has always been the powder of the turkey, has a bit of a wave of faith since the incident. However, Liu Kai has accepted that he can't ask too much for a contract product that has just been on the line for six months, "I'm going to need a little bit of refinement, but look at it later."
两次极端行情下“无法平仓”
"unable to level" twice in extreme behavior
17日下午5点后，BTC的现货价格逐渐平稳后，火币发布系统升级公告，称“将于18：00至19：00进行系统升级维护，升级期间无法开仓、平仓、撤单。”对于针对何事进行系统升级，火币并未告知。
After the BTC’s spot prices stabilized after 5 p.m., the tender issued a system upgrade announcement stating that “system upgrade maintenance will be carried out between 1800 and 1900, during which it will not be possible to open a warehouse, level a warehouse, and withdraw a bill.” No information was provided on the subject of the system upgrade.
临时升级也让很多用户措手不及。社群里，多名用户表达不满。
Many users are surprised by the temporary upgrades, and many users in the community express their dissatisfaction.
“不能操作，单子估计要爆完了。”
"Inoperable. The list's probably going to explode."
“不会提前个一两天，非得提前几分钟通知？这是在玩欢乐豆？”
"Not a day or two in advance, but a few minutes in advance? Is this a pea game?"
“临时维护，要求补偿。”
“Provisional maintenance, claim for compensation.”
当天晚上6点37分，用户“矿工陈煜”在社群称，“维护期间大把人爆仓，骂声一片。”他认为，平台如果要维护，且在维护期间无法平仓、撤单，应该给用户充足的反应时间，仅提前几分钟发公告略显草率。
At 6.37 p.m. the same day, the user “Mineworker Chen” stated in the community that “the platform should be given sufficient response time, with only a few minutes' notice, if the platform is to be maintained and it is not possible to level the bill during maintenance.
在火币合约老用户李信眼中，这种操作已经算得上良心。他向蜂巢财经爆料，自己曾在今年2月24日、4月4日两次在火币合约“非常规”爆仓，损失惨重。
In the eyes of Li Xin, the old user of the tender contract, it is a matter of conscience that this operation was carried out. He revealed to the beehive that he had two “unconventional” explosions in the tender contract on February 24 and April 4 this year, with heavy losses.
“两次都发生在行情剧烈波动时，收到爆仓预警提示短信后，我立即通过电脑、IOS和安卓手机三种渠道进行操作，但始终无法平仓，最后迅速被强平。”
“In both cases, I was able to operate through three channels, namely computers, IOS and Andre's mobile phone, immediately after receiving a copy of the blast alert message, but it was never possible to level it up and then quickly become strong.”
李信透露，他从2月18日开始，不断加仓EOS做多合约，持仓共计90000张（每张为10美元），价值超过600万元，经历上涨后，2月24日全部仓位价值逼近千万元。当晚10点左右，行情剧烈波动，他收到了火币发来的“保证金率风险提示短信”，但数分钟内多次尝试却一直无法平仓，最终导致仓位被强平。
Li Xin revealed that since February 18, he had kept EOS under multiple contracts for a total of 90,000 units (US$ 10 each) worth more than US$ 6 million, and that, following an increase, the value of the entire warehouse on February 24 was close to US$ 10 million. At about 10 p.m., the behavior was highly volatile, and he received a “SMS on the risk of the bond rate” from a pyrotechnic, but repeated attempts over the last few minutes were not able to level the warehouse, which eventually led to a flattening of the warehouse.
查询火币合约EOS季度行情，EOS指数由2月18日的最低2.77美元持续上涨至2月24日的4.5美元。但当晚，EOS价格跳水，从4.5美元最低跌至3.2美元，跌幅高达28.8%。李信说，他正是在这波暴跌行情里被爆了仓。
The EOS index continued to rise from a low of $2.77 on 18 February to $4.5 on 24 February. But that night, EOS prices jumped from a low of $4.5 to $3.2 and fell by up to 28.8 per cent.
因火币合约短时无法操作而爆仓的并非李信一人，在火币合约官方群中，多名用户都反映无法平仓，或存在无法登陆火币合约等问题。用户“峰”情绪激动表示，“强烈维权，上线就一直卡住，没法操作减仓？火币能不能给个说法？”
It is not Li Xin who blew up the contract because it was too short to operate. In the official collection of the contract, many users reflected problems such as the inability to level it down, or the lack of access to the contract. The user's “peak” mood indicated that, “Intensely defending rights, the line is stuck.
4月4日，类似的事件再次发生。李信称，自己当时持仓XRP和EOS做多合约共计20000多张，价值超过130万元。早上7点，两个币种同时暴跌，火币合约XRP季度指数由0.3954美元跌至0.333美元，跌幅达15.7%；EOS季度指数由6.396美元跌至4.748美元，跌幅达25.7%。
On 4 April, a similar incident occurred. Li Xin stated that he had more than 20,000 multi-contracted contracts with warehouse XRP and EOS, valued at more than $1.3 million. At 7 a.m., both currencies fell sharply at the same time, and the XRP quarterly index for the tender contract fell from $0.3954 to $0.333, a decline of 15.7 per cent; the EOS quarterly index fell from $6.396 to $4.748, a decline of 25.7 per cent.
但在这个“插针”行情下，李信说自己再度遭遇数分钟内一直不能下单平仓的情况。“当时其它平台一切正常，网络刷新显示也一切正常，就是一直提示操作失败，最后被直接强平。”
But in the midst of this needle-infusion, Li Xin said that he had been unable to leave his cell for a few minutes again. “At that time, the other platforms were all right, and the network was all right, and that was always a reminder that the operation had failed, and that it had finally been directly flattened.”
李信提供的爆仓页面及短信截图翻看当时火币官方社群的聊天记录，用户们已经炸了锅。“火币又卡了”、“拔网线”等质疑声此起彼伏。
Looking at the chats of the official community at the time, the users have blown the pot. The questions of "the coin is stuck again" and "the Internet is out", and so on.
4月4日 多名用户在社群反映火币合约卡顿在火币开通合约交易之前，另一家合约交易所OKEx就曾深陷“维权风波”。回头来看，“拔网线”等给OK的批评声音，现在落到了火币身上。
Before the tender opened the contract deal, another contract exchange, OKEx, was caught in a “vigilance wave.” In retrospect, the criticisms of the OK, such as the “wiring out”, are now on the tender.
因无法平仓被爆仓后，李信多次联系火币合约客服，希望追讨损失。最终，火币合约客服回复邮件称“关于4月4日因APP卡顿无法挂单导致强平，经技术人员进行了核实，并且对您当时仓位进行了核算，得出如下补偿方案，包括371个EOS及4534个XRP。”
After he was unable to level the warehouse, Li Xin contacted the customers of the tender contract on several occasions in order to recover the loss. Finally, the tender contract responded to the e-mail saying that “the technicals verified your position on April 4 as a result of the inability of AP Carton to sign the order, and calculated the following compensation options, including 371 EOS and 4534 XRP”.
火币合约客服邮件称将对李信进行补偿李信对补偿方案不满，因为这远不够填补他的损失。他认为，火币只是想借一些小的补偿来息事宁人，“既然有赔偿，到底是存在什么问题？可无论如何质疑，火币始终不对此进行任何回答。”他打算寻求法律和政府相关部门的帮助，来追回损失。
Li Xin is not satisfied with the compensation scheme, because it is far from sufficient to cover his losses. He argues that the tender is simply to borrow small compensation to settle the matter, “What is the problem if there is compensation? But in any case, the coin never answers to it.” He intends to seek the help of the law and the relevant government departments to recover the damage.
昵称为“小顽石”的用户也向蜂巢财经反映，他正在打听火币合约的办公地址，准备去维权。
Users called Little Rock also reported to the Beehive Bank that he was asking about the office address of the tender contract and was preparing to claim his rights.
对此，火币方面未作回应。
There was no response on the part of the Democratic Republic of the Congo.
“零分摊”亮点成用户槽点
"zero share" flashpoint to user slot
从2018年12月10日正式上线算起，火币合约已面世半年多。面对用户群中不时响起的一些维权声，火币也在试图用自己的实力去击碎质疑。
As of December 10, 2018, the contract has been in place for more than six months. In the face of a number of claims from time to time in the user community, the tender is also trying to crack the question with its own strength.
5月17日，BTC暴跌风暴过后，火币全球站上放上了醒目的推广图片：火币合约连续23周全品种零分摊。
On 17 May, following the storm, the BTC placed a visible promotional picture on the Trench Global Station: a full-scale zero-share contract for 23 weeks in a row.
火币合约“零分摊”登上全球站“大屏”“零分摊”往往意味着合约系统强大的风控能力。在合约交易中，分摊产生于穿仓，即极端行情下，用户强平单未能及时成交，造成平台损失。这种情况下，平台会优先使用风险准备金来“填坑”，如果风险准备金不足，则需本周所有盈利用户按比例摊派，以弥补平台损失。
A “zero share” often means a strong wind control capability for the contractual system. In contractual transactions, the share arises from a lack of availability, i.e., extreme mobility, and the failure to deliver the user statements in a timely manner, resulting in the loss of the platform. In such cases, the platform will prioritize the use of a risk reserve to “fill the pit” and, if the risk reserve is insufficient, all profitable users will be required to make up for the loss of the platform on a pro rata basis this week.
连续23周“零分摊”无疑是一个亮点。但也有人提出，这个零分摊是调整系数上调后的产物。调整系数也被称为爆仓系数，每一个品种的每一个杠杆倍数，都有一个对应的调整系数。调整系数越高，往往意味着爆仓的风险变高。
There is no doubt that the 23 consecutive weeks of “zero assessment” is a bright spot. It has also been suggested that this zero assessment is the product of an upward adjustment factor.
火币合约调高了BTC合约的调整系数今年1月25日，火币合约对所有BTC品种类型合约的调整系数上调，将10倍杠杆由之前的10%上调为15%，20倍杠杆由20%上调为30%。
On 25 January of this year, the tender contract adjusted the adjustment factor for all BTC type contracts by increasing the 10-fold leverage from the previous 10 per cent to 15 per cent and the 20-fold leverage from 20 per cent to 30 per cent.
“也就是在BTC合约中开10倍杠杆的情况下，保证金亏损达到85%时就会爆仓；如果开20倍杠杆，亏损达到70%时，就会被强平。”火币合约用户说。
“That is, if the BTC contract was leveraged 10 times, the bond loss would explode when it reached 85 per cent; if it was leveraged 20 times, it would be flattened when it reached 70 per cent.” The gun contract user said.
相比之下，BitMex和OKEx 10倍杠杆的调整系数为10%，20倍的为20%，均低于火币。
By contrast, BitMex and OKEx leverage had an adjustment factor of 10 per cent and 20 per cent, which was lower than the tender.
OKEx目前调整系数低于火币合约李信算了一笔账，同样在OK和火币开20倍杠杆的BTC合约，在OK亏损80%时才会爆仓，但在火币亏损70%时就爆仓了。他认为，火币合约的这个规则对用户并不友好，相当于提前爆仓了。
Li Xin made a payment, and the BTC contract, which is also a 20-fold leverage between OK and the gun, blew up only when 80% of the loss was made, but then when 70% of the loss was incurred. In his view, the rule of the tender contract was unfriendly to the user, amounting to an early explosion.
一名交易所人士告诉蜂巢财经，“提前爆仓实际上是防止穿仓的一个策略，当交易深度不足时，一些交易所会选择提升调整系数，降低穿仓的风险。此前OK也采用过这种策略，后来主动降低了调整系数，因为这肯定对用户是不利的。”
One of the exchanges told the Beehives that “early-shocking is actually a strategy to prevent warehousing, and when the depth of the transaction is insufficient, some exchanges choose to raise the adjustment factor to reduce the risk of going through it. This strategy was also used earlier by OK, which then voluntarily reduced the adjustment factor because it would be disadvantageous to users.”
除此之外，火币合约目前仅有全仓模式，暂不支持逐仓模式，也是用户群里的一个槽点。
In addition to this, there is currently only a full warehouse model for the tender contract, which does not support the warehouse-to-ware model for the time being and is also a slot in the user base.
全仓模式下，用户账户里所有可用余额都可以充当保证金，以避免被强制平仓。这个模式的好处是，只要杠杆适中，爆仓可能性很低。但一旦出现极端行情，用户可能会全盘皆输。而逐仓模式，则是分配给某仓位的保证金被限制在一定数额。爆仓时，只损失一部分，不影响账户余额。
Under the full warehouse model, all available balances in the user account can be used as a bond to avoid being forced down. The advantage of this model is that, as long as leverage is available, the likelihood of a blowout is low.
现阶段，OKEx支持全仓模式及逐仓模式，而火币合约仅支持全仓模式。李信认为，火币的机制加大了用户的风险，“不明白火币为什么一直不开逐仓模式”。
At this stage, OKEx supports a full warehouse model and a warehouse-by-ware model, while the gun price contract only supports a full warehouse model. Li Xin argues that the gun money mechanism increases the risk to users and “doesn’t understand why it has not been a warehouse-by-house model”.
极端行情下，合约“新人”火币，接连遭受市场的考验，这个老牌交易所正在新的战场上阵痛前行。
In extreme circumstances, the contract “new man” has been tested by the market, and the old exchange is on its way to the new battlefield.
可以看到，火币也在不断升级自己的合约产品应对用户订单无法成交的情况。几天前，火币合约上线了“闪电平仓”功能，用户可以实现“最优10档”快速平仓，以避免在行情急涨急跌时订单无法成交而造成损失。
As can be seen, they are also constantly upgrading their contractual products to deal with cases where a user’s order cannot be paid. A few days ago, the tender contract went online with a “blitz-down” feature, allowing users to achieve “best 10” fast-tracking in order to avoid the loss of a purchase order when it is too fast to be delivered.
在币市交易中，合约一直是一个吸金能力极强的产品。火币、Bibox等多家交易所进入合约市场，正在改变寡头独占的格局。获取利润的同时，无疑要接受用户的考察。
In currency-market transactions, contracts have always been a very gold-absorbent product. A number of exchanges, such as coins and Bibox, have entered the contract market and are changing oligopoly patterns.
过去，OKEx独享着合约市场的红利，一旦出现问题，便引来用户集中吐槽。当其他交易所踏足这一领域时，竞争会让头部平台不得不做出改变，对比之下也会将问题凸显出来。
In the past, OKEx was the sole beneficiary of the dividends of the contract market, and when problems arose, it led to a concentration of users. When other exchanges set foot in this area, competition forced the head platform to change, and contrasted it with the problem.
火币想要获得属于自己的合约市场份额，考验仍在前方。
The test is still ahead of the tender to gain its own share of the contract market.
责任编辑：唐婧
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