币事不决问肖恩，大家好，我是区块链创业老鸟肖恩！接着上次的文章，肖恩今天再跟大家分享几个币圈套利玩法；希望大家在看完之后能够不断成长，熟知更多的另类玩法。
Shawn, I'm the old block-chain start-up bird Sean! After the last article, Sean shares a few currency traps with you today, and hopes that you will grow up and learn more about alternative games after reading them.
跨市两角对冲套利
Cross-city hedges.
两角套利（单向搬砖）的流程比肖恩之前提到的三角套利容易的多，无非就是在两个不同交易所的同一个交易对之间赚取差价利润的行为；比如火币与币安交易所内的BTC/USDT交易对（其他交易对亦可，但要确保两家交易所都有同一个交易对），它们的实时价格是不同的，存在价差关系，如此一来，我们便可以通过低买高卖的方式从中套取利润。具体套利流程如下：
The two-point arbitrage (one-way brick removal) process is much easier than the triangulation mentioned earlier by Sean and is simply the act of earning differential profits between two different exchanges for the same transaction; for example, the BTC/USDT transaction between the gun and the currency exchange (other transactions are possible, but it is ensured that both exchanges share the same transaction), and their real-time prices are different and price differentials exist, so that we can reap the profit from it by buying them at a low price. The specific arbitrage process is as follows:
跨市两角套利流程
Cross-municipal two-channel arbitrage process
假设现在A交易所 EOS/USDT=6；B交易所 EOS/USDT=7，为了方便计算，这两家交易所手续费均定为千分之一，提现转账手续费为0.1EOS。
Assuming that now EOS/USDT=6 for Exchange A; EOS/USDT=7 for Exchange B, for ease of calculation, each exchange would be set at one per 1,000 fee and transfer fee at 0.1 EOS.
首先，使用60个USDT在A交易所通过EOS/USDT买入10个EOS，手续费为0.06USDT；
First, using 60 USDTs to purchase 10 EOS via EOS/USDT on the A Exchange at a fee of 0.06 USDT;
接着通过提现操作，将这10个EOS转到B交易所，再通过EOS/USDT交易对高价卖出，获得70USDT，手续费为0.07USDT；
The 10 EOS were then transferred to Exchange B through cash withdrawal operations and then sold at a high price through EOS/USDT transactions to obtain 70 USDT at a fee of 0.07 USDT;
如此一来，套利所得的70USDT - 0.06USDT - 0.5USDT - 0.07USDT - 60USDT（伊始投入的成本）=9.37USDT， 就是我们最终赚取的利润。当然，整个套利流程看似简单，但依旧存在风险，当我们从A交易所买入EOS并提现到B交易所的时候，会出现转账时间过长，B交易所的EOS价格下跌的情况，这时候就无法进行套利了。那么该如何是好呢？
So, 70 USDT - 0.06 USDT - 0.5 USDT - 0.07 USDT - 60USDT (cost of initial input) = 9.37 USDT, the profits we ultimately earn. Of course, the whole arbitrage seems simple, but there is still a risk that when we buy EOS from A Exchange and bring it up to B Exchange, there will be too long transfer times, and when EOS prices from B Exchange fall, there will be no arbitrage.
我们可以换个思路，在A、B交易所内分别配置了足够多的EOS 和USDT，这时候再进行套利：
We can change our thinking and install enough EOS and USDT in A and B exchanges, respectively, and then arbitrage:
首先，使用60个USDT在A交易所通过EOS/USDT低价买入10个EOS；
First, using 60 USDTs to buy 10 EOS via EOS/USDT at a low price on the A Exchange;
然后在B交易所进行高价卖出10个EOS的操作，得到70USDT，消除转账过程带来的币价波动风险。
Ten EOS were then sold at a high price on Exchange B, and 70 USDT was obtained to eliminate the risk of currency price fluctuations associated with the transfer process.
整个过程我们手里持有的EOS数量不变，但是USDT却增加了；如果这个差价一直存在的话，就可以循环套利；当然，目前通过量化程序来实现双角对冲套利较为合适，人工套利不仅效率低，风险也高。对了，除了跨市之外，同个交易所内同样也可以进行两角套利，比如稳定币之间的套利：BTC/USDT 和BTC/PAX、BTC/PAX和BTC/USDC等交易对。
The number of EOS in our hands has remained the same throughout the process, but the USDT has increased; if the price differential persists, it can be recycled arbitrage; of course, it is more appropriate to achieve two-angle hedging by means of quantitative procedures, with artificial arbitrage not only inefficient but also high risks. Yes, in addition to cross-municipalizations, two-point arbitrage can also be performed in the same exchange, such as the arbitrage between stabilization currencies: BTC/USDT and BTC/PAX, BTC/PAX and BTC/USDC.
如何对冲风险？
How do you hedge the risk?
当然，不管是两角套利、三件套利，还是四角套利，这种套利方式还存在一种缺陷；在进行套利的过程中，我们会一直持有套利的币种，如果该币种出现币价下跌的情况，则很有可能会出现套利所得利润，不足以抵消币价下跌带来的损失的局面。那么如何解决呢？可用期货进行套期保值。
Of course, there is a flaw in the arbitrage formula, whether it is two, three or four; in the course of arbitrage, we will always have arbitrage, and if there is a fall in currency in that currency, the profit from arbitrage is likely to be insufficient to offset the loss resulting from the fall in currency.
还是以上面的EOS为例子，我们使用60USDTA交易所通过EOS/USDT买入10个EOS，为了避免币价下跌来带的损失，我们可以在期货那边做空EOS，卖空数量为持有EOS的三分之一（之所以为1/3，是为了保证现货与期货之间的涨跌相等），再加2倍杠杆（之所以是2倍杠杆，是为了方便与现货对冲，目前绝大部分交易所最低都是2倍杠杆起步，而且2倍杠杆的爆仓概率较小），如此一来就相当于我们现货持有40个eos，期货持有1/3 *2倍杠杆=60 * 1/3 *2=40个eos，期货与现货持平。这样一来，就算EOS现货币价下跌，期货这边也会获得利润，从而抹平币价波动带来的损失。
Again, using the EOS above, we use the 60USDTA exchange to buy 10 EOS via EOS/USDT, in order to avoid losses from falling currency prices, we can empty EOS on the futures, selling one third of EOS holdings (the one-third is to ensure that the increase or decline between spot and futures is equal) and double leverage (the two-fold leverage is to facilitate a trade-off with the two-fold minimum of the current exchange, and the two-fold leverage is less likely to explode), thus amounting to 40 eos on the futures, one-third *2 times the leverage = 60 * 1/3 * 2 = 40 eos, the futures are equal to the present.
跨国搬砖套利
Cross-border brick removal arbitrage
跨国套利其实就是跨市套利的变种，不同在于一些海外交易所会对国内用户进行访问限制，如果这时有海外朋友协助的话，那么就可以进行跨国套利；接下来，肖恩介绍常见的跨国套利方式。
Transnational arbitrage is a variant of cross-market arbitrage, with the difference that some overseas exchanges impose access restrictions on domestic users, and if they are assisted by friends abroad, transnational arbitrage is possible; then Sean presents the common transnational arbitrage.
跨国套利流程
Transnational arbitrage process
1）人民币购买数字货币的渠道，也就场外交易；这对绝大部分币圈玩家来说不是难事，三大头部交易所都有场外交易业务；肖恩在此还是提个醒，场外交易群存在极大风险，大家还是在正规渠道交易为好。
1) The channel through which the renminbi buys digital money is an out-of-the-box transaction; this is not difficult for the vast majority of currency-circumstance players, with all three major head exchanges having off-the-shelf transactions; Sean is here to raise the alarm that the out-of-the-office trades are extremely risky and that it is better for everyone to trade through formal channels.
2）注册一个海外数字货币交易所账户。部分交易所会对国内用户进行ip限制，比如bithumb、bitforex等交易所，对于这种情况，通过vpn的方式即可解决；当然还会出现一种情况，开户成功后，部分交易所还需要用户进行KYC认证，这时候我们就需要使用当地的身份证进行实名认证，否则就无法进行交易，如果有朋友协助的话，事情会好办很多。
2. Registering an account of an overseas digital currency exchange. Some exchanges impose ip restrictions on domestic users, such as bitumb and bitforex, which can be solved by means of vpn; there is, of course, a situation in which, after opening an account, some of the exchanges also require a KYC certification from the user, at which point we need to use local identity cards to authenticate a real name, otherwise transactions will not be possible, and things will be much easier to do with the help of friends.
什么叫对冲？一般对冲是同时进行两笔行情相关、方向相反、数量相当、盈亏相抵的交易
What do you mean, a hedge? It's usually a two-way deal that's related, in the opposite direction, in equal numbers, in return for profit or loss.
3）实现过程
3) The process of realization
就以BTC为例，假设A交易所内的BTC/USDT=8000，韩国某交易所内的BTC/USDT=8500；首先，我们在A交易所内配置足够的USDT，同时在韩国交易所内配置一定数量的BTC；接着我们在A交易所通过BTC/USDT买入BTC，同时在韩国交易所通过BTC/USDT卖出相同数量的BTC，最后将这些USDT提现到A交易所，成功完成套利。
In the case of BTC, for example, assuming BTC/USDT = 8,000 in Exchange A, BTC/USDT = 8500 in an exchange in Korea; first, we have an adequate USDT in Exchange A and a certain number of BTC in an exchange in Korea; then we buy BTC in Exchange A through BTC/USDT and sell the same number of BTC on an exchange in Korea through BTC/USDT, and eventually bring these USDTs to Exchange A for successful arbitrage.
结语
Concluding remarks
在肖恩看来，两角套利是目前常见的套利方法之一，也是目前诸多量化软件必不可少的基本策略，如果大家想要学习更多的高阶套利方法，一定要先从最基本的开始；由于篇幅有限，今天就先介绍这两个套利方法，肖恩在接下来的日子里还会讲解更多套利方面的内容，大家期待一下吧！
In Sean's view, the two-channel arbitrage is one of the most common arbitrage methods available and the basic strategy that is essential for many of the quantitative software available. If you want to learn more high-level arbitrage methods, you must start with the most basic ones. Because of space constraints, let's start with these two arbitrage options today. Sean will have more arbitrage in the days to come.
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