Contract Trading

永续合约的资金费率、持仓量和交易所看板，能在价格完全确认前提示加密行情是否已经拥挤。

Perpetual funding, open interest and exchange dashboards can warn traders when a crypto move is becoming crowded before spot price gives the full signal.

Bybit、OKX和Kraken都介绍了只减仓类设置，但交易者仍要理解触发、成交和保证金限制。

Reduce-only settings on Bybit, OKX and Kraken are designed to close or shrink exposure, but traders still need to understand trigger and fill risk.

CME强调全天候加密期货和多种微型合约，但合约变小并不代表保证金、流动性和交割风险消失。

CME highlights nonstop crypto futures access and micro contracts across major tokens, but smaller size does not remove margin, liquidity or calendar risk.

Binance和Bybit都区分单向持仓与双向持仓，但同时持有多空仓位只有在退出计划清晰时才有意义。

Binance and Bybit both distinguish one-way mode from hedge mode, but holding long and short legs at once only helps when the trader has a written exit plan.

杠杆只是表面数字。维持保证金、风险限额档位、标记价格和未成交订单，才决定期货仓位真正有多少空间。

Leverage is only the headline number. Maintenance margin, risk-limit tiers, mark price and open orders determine how much room a futures position really has.