CME
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CPI 缓和之后，PPI 仍会让股指期货变成仓位管理问题
CPI 降温改善风险偏好，但 PPI、财报和油价仍在影响市场，股指期货交易者需要先控制合约规模。
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After CPI relief, PPI can still turn index futures into a position-sizing problem
Softer CPI helped risk sentiment, but PPI, earnings and oil mean futures traders still need smaller contract sizing and defined invalidation levels.
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日历价差能降低腿部风险，但不能让期货展期变成无风险
CME 的期货价差教育说明，展期交易者在使用日历价差前仍要理解基差、合约月份流动性、保证金和执行风险。
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Calendar spreads can reduce legging risk, but they do not make futures rolls risk free
CME education on futures spreads shows why traders rolling exposure should understand basis, contract-month liquidity, margin and execution before using calendar spreads.
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CME Treasury Link 是市场结构变化，不是无风险基差交易捷径
CME 计划推出 Treasury Link，可能降低现金国债与期货之间的腿部执行风险，但基差交易仍取决于杠杆、融资成本和流动性。
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CME Treasury Link is a market-structure story, not a free basis-trade shortcut
CME’s planned Treasury Link may reduce legging risk between cash Treasuries and futures, but basis trades still depend on leverage, funding cost and liquidity.
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比特币 ETF 期权和微型比特币期货，解决的是不同仓位问题
Cboe 比特币 ETF 指数期权和 CME 微型比特币期货都提供受监管的比特币相关敞口，但合约设计、结算方式和风险结构并不相同。
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Bitcoin ETF options and Micro Bitcoin futures solve different sizing problems
Cboe Bitcoin ETF index options and CME Micro Bitcoin futures both offer regulated bitcoin-linked exposure, but their contract design, settlement and risk profile are not interchangeable.
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以太坊期货、周度期权和永续合约解决的是不同的 ETH 对冲问题
CME 以太坊期货和期权更适合日历型对冲，交易所永续合约适合连续敞口，但会增加资金费率、强平和平台规则风险。
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Ether futures, weekly options and perps solve different ETH hedging problems
CME Ether futures and options can fit calendar-based hedges, while exchange perpetuals fit continuous exposure but add funding, liquidation and venue risks.
