Exchange Rankings
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永续合约资金费率是持仓成本，不是背景信息
使用杠杆前，交易者需要理解资金费率、保证金健康度和强平规则如何共同影响永续合约仓位。
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Perpetual funding is a position cost, not a background detail
Before using leverage, traders should understand how funding, margin health and liquidation rules interact across perpetual futures platforms.
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CME个股期货提供了管理美股敞口的新路径
CME计划在7月27日推出个股期货，交易者应先看合约规格、流动性和基差，而不是只看标的名称。
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CME single-stock futures add a new route for equity exposure
CME’s planned July 27 single-stock futures launch gives traders another way to manage exposure to large U.S. stocks, but contract details matter.
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加密市场结构规则对交易者的影响大于法案名称
CLARITY Act和SEC加密工作组的进展，应通过托管、场所注册、代币分类和产品可用性来跟踪。
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Crypto market-structure rules matter more to traders than the bill name
The CLARITY Act and SEC crypto-task-force work should be tracked through custody, venue registration, token classification and product availability.
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DEX 聚合器能降低滑点，但不能消除执行风险
聚合器可以跨流动性来源路由交易，而单池兑换会更直接暴露价格冲击、Gas、代币机制和交易失败风险。
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DEX aggregators reduce slippage, but they do not remove execution risk
Aggregators can route swaps across liquidity sources, while single-pool DEX trades expose users more directly to price impact, gas, token design, and failed transactions.
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Convert 适合确定性，现货交易适合价格控制
交易所的 Convert 和现货订单簿解决的是不同问题：前者给出一键报价，后者提供价格控制、订单类型和市场深度。
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Use Convert for certainty and spot trading for control
Convert tools and spot order books solve different problems: one gives a quoted one-click swap, the other gives price control, order types, and market visibility.
