{"id":2705,"date":"2026-07-17T02:33:54","date_gmt":"2026-07-16T18:33:54","guid":{"rendered":"https:\/\/www.yqcsfz.com\/?p=2705"},"modified":"2026-07-17T02:33:54","modified_gmt":"2026-07-16T18:33:54","slug":"2026%e5%b9%b4perp-dex%e7%a9%ba%e6%8a%95%e7%bb%88%e6%9e%81%e6%8c%87%e5%8d%97","status":"publish","type":"post","link":"https:\/\/www.zaixinjiang.com\/?p=2705","title":{"rendered":"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;"},"content":{"rendered":"<p>\u539f\u6587\u4f5c\u8005\uff1a Stacy Muur<\/p>\n<p class=\"ql-align-justify\">\u539f\u6587\u7f16\u8bd1\uff1a \u6df1\u6f6e TechFlow<\/p>\n<p class=\"ql-align-justify\"><strong>\u5bfc\u8bfb\uff1a<\/strong> \u968f\u7740 Hyperliquid \u7684\u5de8\u5927\u6210\u529f\uff0c\u6c38\u7eed\u5408\u7ea6\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff08Perp DEX\uff09\u8d5b\u9053\u5df2\u8fdb\u5165\u767d\u70ed\u5316\u7ade\u4e89\u9636\u6bb5\u30022025 \u5e74\u52a0\u5bc6\u5e02\u573a\u7ecf\u5386\u5267\u70c8\u6ce2\u52a8\uff0c\u4f46\u8be5\u9886\u57df\u7684\u4ea4\u6613\u91cf\u5374\u7a81\u7834 1.2 \u4e07\u4ebf\u7f8e\u5143\u3002<\/p>\n<p class=\"ql-align-justify\">\u672c\u6587\u7531\u8d44\u6df1\u7814\u7a76\u5458 Stacy Muur \u64b0\u5199\uff0c\u7cfb\u7edf\u68b3\u7406\u4e86 2026 \u5e74\u6700\u503c\u5f97\u5173\u6ce8\u7684 8 \u4e2a\u5177\u6709\u6d3b\u8dc3\u79ef\u5206\u8ba1\u5212\u7684 Perp DEX \u9879\u76ee\uff0c\u5e76\u8be6\u7ec6\u4ecb\u7ecd\u4e86\u5229\u7528\u8d44\u91d1\u8d39\u7387\u5957\u5229\uff08Funding Rate Arbitrage\uff09\u5b9e\u73b0\u4f4e\u98ce\u9669\u5237\u4ea4\u6613\u91cf\u3001\u83b7\u53d6\u7a7a\u6295\u7684\u5b9e\u6218\u7b56\u7565\u3002\u5bf9\u4e8e\u5e0c\u671b\u5728\u4e07\u4ebf\u884d\u751f\u54c1\u8d5b\u9053\u5206\u4e00\u676f\u7fb9\u7684\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u8fd9\u662f\u4e00\u4efd\u4e0d\u53ef\u591a\u5f97\u7684\u907f\u5751\u4e0e\u6398\u91d1\u6307\u5357\u3002<\/p>\n<h3 class=\"ql-align-justify\"><strong>\u5168\u6587\u5982\u4e0b\uff1a<\/strong><\/h3>\n<p class=\"ql-align-justify\">\u672c\u6307\u5357\u6db5\u76d6\u4e86 8 \u4e2a\u9886\u5148\u7684\u3001\u62e5\u6709\u6d3b\u8dc3\u79ef\u5206\u8ba1\u5212\u4e14\u503c\u5f97\u6398\u91d1\uff08farming\uff09\u7684 Perp DEX\uff0c\u4ee5\u53ca\u7ecf\u8fc7\u9a8c\u8bc1\u7684\u7b56\u7565\u548c\u5de5\u5177\u3002\u51c6\u5907\u597d\u4e86\u5417\uff1f\u5f00\u59cb\u3002<\/p>\n<h2 class=\"ql-align-justify\"><strong>\u4ecb\u7ecd<\/strong><\/h2>\n<p class=\"ql-align-justify\">\u81ea Hyperliquid \u95ee\u4e16\u4ee5\u6765\uff0cPerp DEX \u8fdb\u5165\u4e86\u7ade\u4e89\u6700\u6fc0\u70c8\u7684\u9636\u6bb5\u3002\u8be5\u9886\u57df\u7684\u4ea4\u6613\u91cf\u4ece 2023 \u5e74\u7684 6476 \u4ebf\u7f8e\u5143\u589e\u957f\u5230 2025 \u5e74\u7684\u8d85\u8fc7 1.2 \u4e07\u4ebf\u7f8e\u5143\uff0c\u5373\u4fbf\u5728 2025 \u5e74 10 \u6708 10 \u65e5\u81f3 11 \u65e5\u7684\u5e02\u573a\u5d29\u76d8\u671f\u95f4\uff0c\u5176\u5728\u5168\u7403\u6c38\u7eed\u671f\u8d27\u4ea4\u6613\u4e2d\u7684\u5e02\u573a\u4efd\u989d\u4e5f\u4e0a\u5347\u5230\u4e86 26%\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965408128208.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe\" \/><\/p>\n<p class=\"ql-align-justify img-desc\" data-format=\"img-desc\">\u56fe\u6ce8\uff1a\u6570\u636e\u6765\u6e90 Artemis<\/p>\n<p class=\"ql-align-justify\">\u5f53\u65f6\uff0cHyperliquid \u5b8c\u6210\u4e86\u4e00\u4ef6\u88ab\u8ba4\u4e3a\u662f\u4e0d\u53ef\u80fd\u7684\u4e8b\u60c5\u3002\u4ed6\u4eec\u5efa\u7acb\u4e86\u4e00\u4e2a\u771f\u6b63\u6311\u6218\u5e01\u5b89\uff08Binance\uff09\u7684\u4ea4\u6613\u6240\uff0c\u5e76\u501f\u6b64\u5360\u636e\u4e86\u53bb\u4e2d\u5fc3\u5316\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u91cf 70% \u4ee5\u4e0a\u7684\u4efd\u989d\u3002<\/p>\n<p class=\"ql-align-justify\">\u7136\u800c\uff0c\u65b0\u7684 Perp DEX \u5df2\u7ecf\u5f00\u59cb\u6d8c\u73b0\uff0c\u6bcf\u5929\u90fd\u6709\u65b0\u5e73\u53f0\u51fa\u73b0\u3002<\/p>\n<p class=\"ql-align-justify\">\u4f46\u4e3a\u4ec0\u4e48\u6211\u4eec\u73b0\u5728\u770b\u5230\u8fd9\u4e48\u591a\u94fe\u4e0a\u6c38\u7eed\u5408\u7ea6\uff08onchain perps\uff09\uff1f\u662f\u56e0\u4e3a Hyperliquid \u53d6\u5f97\u4e86\u5de8\u5927\u7684\u6210\u529f\u5417\uff1f<\/p>\n<p class=\"ql-align-justify\">\u867d\u7136\u8fd9\u786e\u5b9e\u662f\u4e8b\u5b9e\uff0c\u4e14 Perp DEX \u5df2\u6210\u4e3a\u4e00\u4e2a\u5229\u6da6\u4e30\u539a\u7684\u8d5b\u9053\uff0c\u4f46\u6839\u672c\u539f\u56e0\u662f\uff1a\u5728 2025 \u5e74\u4e4b\u524d\uff0cPerp DEX \u7684\u7ade\u4e89\u4e3b\u8981\u96c6\u4e2d\u5728\u6280\u672f\u4e0a\u3002\u5b83\u4f9d\u8d56\u4e8e\u6027\u80fd\u66f4\u5f3a\u7684 L1\u3001\u66f4\u5148\u8fdb\u7684 ZK \u8bc1\u660e\u7cfb\u7edf\u3001\u66f4\u9ad8\u541e\u5410\u91cf\u7684 DA\uff08\u6570\u636e\u53ef\u7528\u6027\uff09\u5c42\u3002\u4f46\u5728 2025 \u5e74\uff0c\u7ade\u4e89\u5df2\u4ece\u6280\u672f\u8f6c\u5411\u4e86\u6fc0\u52b1\u63aa\u65bd\u3002<\/p>\n<p class=\"ql-align-justify\">\u8be5\u884c\u4e1a\u7684\u73b0\u72b6\u663e\u793a\uff0c\u65b0\u5174\u7684 Perp DEX \u5e26\u6765\u7684\u538b\u529b\u65e5\u76ca\u589e\u5927\uff0c\u5b83\u4eec\u63d0\u4f9b\u76f8\u5f53\u7684\u5ef6\u8fdf\u3001\u66f4\u4f4e\u7684\u624b\u7eed\u8d39\u548c\u8bf1\u4eba\u7684\u6fc0\u52b1\u8ba1\u5212\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965408257510.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe1\" \/><\/p>\n<p class=\"ql-align-justify img-desc\" data-format=\"img-desc\">\u56fe\u6ce8\uff1a\u6570\u636e\u6765\u6e90 Artemis<\/p>\n<p class=\"ql-align-justify\">\u5982\u4eca\uff0cHyperliquid \u7684\u5e02\u573a\u4efd\u989d\u5df2\u8dcc\u81f3 20% \u5de6\u53f3\uff0c\u65b0\u5e73\u53f0\u6784\u6210\u4e86\u5b9e\u8d28\u6027\u7684\u5a01\u80c1\u3002\u4f8b\u5982\uff0cVariational \u4e0d\u4ec5\u901a\u8fc7\u7a7a\u6295\/\u79ef\u5206\u8ba1\u5212\u5438\u5f15\u7528\u6237\uff0c\u8fd8\u901a\u8fc7\u4ea4\u6613\u4e8f\u635f\u9000\u6b3e\u5438\u5f15\u4e86\u5173\u6ce8\u548c\u7528\u6237\u3002<\/p>\n<p class=\"ql-align-justify\">2025 \u5e74 10 \u6708\uff0c\u4ea4\u6613\u91cf\u8fbe\u5230\u4e86\u521b\u7eaa\u5f55\u7684 1.2 \u4e07\u4ebf\u7f8e\u5143\uff0c\u51e0\u4e4e\u662f\u524d\u4e00\u4e2a\u6708\u603b\u91cf\u7684\u4e24\u500d\u3002\u8fd9\u4e3b\u8981\u662f\u7531\u6fc0\u52b1\u63aa\u65bd\u9a71\u52a8\u7684\uff0c\u5373\u79ef\u5206\u8ba1\u5212\u548c\u7a7a\u6295\u3002\u8be5\u8d5b\u9053\u5df2\u6210\u4e3a\u7a7a\u6295\u535a\u5f08\u4e2d\u6700\u6210\u529f\u7684\u53d9\u4e8b\u4e4b\u4e00\u3002\u534f\u8bae\u51c6\u5907\u5206\u53d1\u6570\u767e\u4e07\u7f8e\u5143\u7684\u7a7a\u6295\uff0c\u4ee5\u5f15\u5bfc\u6d41\u52a8\u6027\u548c\u7528\u6237\u6d3b\u8dc3\u5ea6\u3002<\/p>\n<p class=\"ql-align-justify\">\u672c\u6587\u5206\u6790\u4e86 Perp DEX \u9886\u57df\u7684\u5404\u79cd\u673a\u4f1a\uff0c\u5e76\u5f3a\u8c03\u4e86\u5b9e\u7528\u7684\u6398\u91d1\u7b56\u7565\u3002<\/p>\n<h2 class=\"ql-align-justify\"><strong>8 \u4e2a\u503c\u5f97\u5173\u6ce8\u7684 Perp DEX<\/strong><\/h2>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965408368858.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe2\" \/><\/p>\n<p class=\"ql-align-justify\">\u4e0e Perp DEX \u76f8\u5173\u7684\u4e3b\u8981\u98ce\u9669\u662f\uff1a\u6709\u4e9b\u5e73\u53f0\u6839\u672c\u65e0\u610f\u53d1\u884c\u4ee3\u5e01\uff0c\u6709\u4e9b\u6700\u7ec8\u6beb\u65e0\u4ef7\u503c\u4e14\u4e0d\u503c\u5f97\u6295\u5165\u65f6\u95f4\uff08\u4f8b\u5982\u90a3\u4e9b\u4e3b\u8981\u4e3a\u4e86\u69a8\u53d6\u7528\u6237\u4ea4\u6613\u624b\u7eed\u8d39\u800c\u5b58\u5728\u7684\u9879\u76ee\uff09\u3002\u56e0\u6b64\uff0c\u6838\u5fc3\u95ee\u9898\u4ece\u6765\u4e0d\u662f\u300c\u6211\u80fd\u4e0d\u80fd\u5237\u5b83\uff1f\u300d\uff0c\u800c\u662f\u300c\u5b83\u662f\u5426\u503c\u5f97\u5237\u300d\u3002<\/p>\n<p class=\"ql-align-justify\">\u672c\u8282\u6839\u636e\u622a\u81f3 2026 \u5e74 1 \u6708 16 \u65e5 DefiLlama \u7684\u6570\u636e\uff0c\u4ece\u4ea4\u6613\u91cf\u3001\u6301\u4ed3\u91cf\uff08Open Interest\uff09\u3001\u7528\u6237\u589e\u957f\u548c\u624b\u7eed\u8d39\u7ecf\u6d4e\u5b66\u7b49\u65b9\u9762\u8bc6\u522b\u503c\u5f97\u6295\u5165\u65f6\u95f4\u7684 Perp DEX\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965408471241.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe3\" \/><\/p>\n<h3 class=\"ql-align-justify\"><strong>1. Paradex V2<\/strong><\/h3>\n<p class=\"ql-align-justify\"><strong>Paradex<\/strong> \u662f\u4e00\u4e2a\u5efa\u7acb\u5728 Starknet \u9996\u6761\u5e94\u7528\u94fe\u4e0a\u7684\u3001\u4e13\u6ce8\u4e8e\u9690\u79c1\u7684 Perp DEX\u3002\u5b83\u63d0\u4f9b\u96f6\u4ea4\u6613\u624b\u7eed\u8d39\u3001\u6db5\u76d6\u6570\u767e\u79cd\u52a0\u5bc6\u8d44\u4ea7\u548c\u76d8\u524d\u8d44\u4ea7\u7684\u6df1\u539a\u6d41\u52a8\u6027\uff0c\u4ee5\u53ca\u539f\u5b50\u7ed3\u7b97\uff0c\u540c\u65f6\u901a\u8fc7\u79fb\u52a8\u7aef\u4f18\u5316\u7684\u754c\u9762\u63d0\u4f9b\u673a\u6784\u7ea7\u7684\u9690\u79c1\u529f\u80fd\u3002<\/p>\n<p class=\"ql-align-justify\">\u5728\u67b6\u6784\u4e0a\uff0c\u5b83\u88ab\u8bbe\u8ba1\u4e3a\u4e00\u4e2a\u7edf\u4e00\u7684 DeFi \u751f\u6001\u7cfb\u7edf\uff08Paradex Ecosystem\uff09\uff0c\u7531 Paradex \u4ea4\u6613\u6240\u3001Paradex \u94fe\u548c <strong>XUSD<\/strong>\uff08\u4e00\u79cd\u7531 <strong>$DIME<\/strong> \u4ee3\u5e01\u9a71\u52a8\u7684\u539f\u751f\u5408\u6210\u7f8e\u5143\uff09\u7ec4\u6210\u3002<\/p>\n<p class=\"ql-align-justify\"><strong>\u6838\u5fc3\u7279\u6027\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u5728\u591a\u4e2a\u5e02\u573a\u63d0\u4f9b\u9ad8\u8fbe 50 \u500d\u7684\u6760\u6746<\/li>\n<li class=\"ql-align-justify\">\u4f4e\u624b\u7eed\u8d39\uff1a\u6302\u5355\uff08Maker\uff090.02%\uff0c\u5403\u5355\uff08Taker\uff090.05%<\/li>\n<li class=\"ql-align-justify\">\u5168\u4ed3\u4fdd\u8bc1\u91d1\u529f\u80fd<\/li>\n<li class=\"ql-align-justify\">\u91c7\u7528\u4ee5\u592a\u574a\u7ea7\u522b\u5b89\u5168\u7684 ZK-Rollup \u6280\u672f<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965408541235.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe4\" \/><\/p>\n<p class=\"ql-align-justify img-desc\" data-format=\"img-desc\">\u56fe\u6ce8\uff1a\u6765\u6e90 Defillama<\/p>\n<p class=\"ql-align-justify\">Paradex \u8fc4\u4eca\u4e3a\u6b62\u8868\u73b0\u51fa\u4e86\u4ee4\u4eba\u5370\u8c61\u6df1\u523b\u7684\u589e\u957f\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">TVL\uff1a\u7ea6 2.2 \u4ebf\u7f8e\u5143\uff08\u8f83 2025 \u5e74\u521d\u7684 2500 \u4e07\u7f8e\u5143\u589e\u957f\u4e86\u8fd1 6 \u500d\uff09<\/li>\n<li class=\"ql-align-justify\">\u7d2f\u8ba1\u4ea4\u6613\u91cf\uff1a2060 \u4ebf\u7f8e\u5143<\/li>\n<li class=\"ql-align-justify\">\u6301\u4ed3\u91cf\uff1a\u7ea6 6.2 \u4ebf\u7f8e\u5143<\/li>\n<li class=\"ql-align-justify\">30 \u5929\u4ea4\u6613\u91cf\uff1a360 \u4ebf\u7f8e\u5143<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u79ef\u5206\u8ba1\u5212\uff1a<\/strong><\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965408600233.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe5\" \/><\/p>\n<p class=\"ql-align-justify\">Paradex \u57fa\u91d1\u4f1a\u51b3\u5b9a\u5c06\u7b2c\u4e8c\u5b63\u5ea6\u5ef6\u957f\u6700\u591a 6 \u4e2a\u6708\uff0c\u4ee5\u786e\u4fdd $DIME \u4ee3\u5e01\u4e0a\u5e02\u7684\u6700\u4f73\u6761\u4ef6\u3002\u6b64\u6b21\u5ef6\u957f\u5c06\u652f\u6301\u73b0\u8d27\u4ea4\u6613\u3001\u5b9a\u671f\u671f\u6743\u3001\u76d8\u524d\u4ea4\u6613\u3001\u6536\u76ca\u578b\u5408\u6210\u7f8e\u5143\uff08XUSD\uff09\u7684\u63a8\u51fa\u3002<\/p>\n<p class=\"ql-align-justify\">\u7a7a\u6295\u6d3b\u52a8\u7684\u9884\u70ed\u8d5b\u548c\u7b2c\u4e00\u5b63\u4ece 2024 \u5e74 2 \u6708 1 \u65e5\u8fd0\u884c\u81f3 2025 \u5e74 1 \u6708 2 \u65e5\u3002Paradex \u73b0\u5728\u6b63\u5904\u4e8e\u7b2c\u4e8c\u5b63\uff0c\u6bcf\u5468\u4e94\u5411\u6d3b\u8dc3\u4ea4\u6613\u8005\u5206\u53d1 400 \u4e07 XP\uff08\u79ef\u5206\uff09\u3002<\/p>\n<p class=\"ql-align-justify\"><strong>\u5982\u4f55\u53c2\u4e0e\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u5728 Paradex \u4e0a\u6ce8\u518c\u5e76\u8bbe\u7f6e\u8d26\u6237\uff0c\u8fde\u63a5 EVM \u517c\u5bb9\u94b1\u5305\u3002<\/li>\n<li class=\"ql-align-justify\">\u8bbe\u7f6e\u6635\u79f0\u3002\u94fe\u63a5 X\/Discord \u4ee5\u8fdb\u884c\u53cd\u5973\u5deb\u68c0\u67e5\u5e76\u83b7\u5f97\u793e\u533a XP \u63d0\u5347\u3002<\/li>\n<li class=\"ql-align-justify\">\u5145\u503c USDC \u5e76\u5f00\u59cb\u4ea4\u6613\u3002<\/li>\n<li class=\"ql-align-justify\">\u8d5a\u53d6\u6301\u4ed3 XP\uff08\u6301\u6709\u4ed3\u4f4d\uff09\u3001\u624b\u7eed\u8d39 XP\uff0c\u751a\u81f3\u662f\u6e05\u7b97 XP\u3002<\/li>\n<li class=\"ql-align-justify\">\u901a\u8fc7\u5b58\u5165 USDC \u91d1\u5e93\u63d0\u4f9b\u6d41\u52a8\u6027\u4ee5\u8d5a\u53d6\u91d1\u5e93 XP\u3002<\/li>\n<li class=\"ql-align-justify\">\u5206\u4eab\u9080\u8bf7\u94fe\u63a5\u4ee5\u8d5a\u53d6\u88ab\u9080\u8bf7\u8005 10% \u7684 XP\u3002\u88ab\u9080\u8bf7\u8005\u53ef\u83b7\u5f97 5% \u7684 XP \u52a0\u6210\u3002<\/li>\n<\/ul>\n<h3 class=\"ql-align-justify\"><strong>2. edgeX<\/strong><\/h3>\n<p class=\"ql-align-justify\"><strong>edgeX<\/strong> \u662f\u4e00\u4e2a\u63d0\u4f9b\u6c38\u7eed\u548c\u73b0\u8d27\u4ea4\u6613\u7684\u4e8c\u5c42\uff08L2\uff09\u4ea4\u6613\u6240\u3002\u5b83\u6700\u521d\u7531 Amber Group \u5728 StarkEx ZK-rollup \u4e0a\u5b75\u5316\uff0c\u4f5c\u4e3a\u57fa\u4e8e ZK-rollup \u7684 Perp DEX \u63a8\u51fa\uff0c\u76ee\u524d\u6b63\u5411 EDGE Chain \u8f6c\u578b\uff1a\u8fd9\u662f\u4e00\u6b3e\u4e13\u4e3a\u9ad8\u541e\u5410\u91cf\u91d1\u878d\u5e94\u7528\u6253\u9020\u7684\u4ee5\u592a\u574a L2\u3002<\/p>\n<h3 class=\"ql-align-justify\"><strong>\u6838\u5fc3\u7279\u6027\uff1a<\/strong><\/h3>\n<ul>\n<li class=\"ql-align-justify\">\u5efa\u7acb\u5728 StarkNet\uff08zk-Rollup\uff09\u4e4b\u4e0a\uff0c\u7ed3\u7b97\u901f\u5ea6\u5feb<\/li>\n<li class=\"ql-align-justify\">\u9ad8\u8fbe 50 \u500d\u6760\u6746<\/li>\n<li class=\"ql-align-justify\">\u6302\u5355 0.02% \/ \u5403\u5355 0.05%\uff08\u6700\u4fbf\u5b9c\u7684 Perp DEX \u4e4b\u4e00\uff09<\/li>\n<li class=\"ql-align-justify\">\u57fa\u4e8e\u4e2d\u592e\u9650\u4ef7\u8ba2\u5355\u7c3f\uff08CLOB\uff09\u6a21\u578b<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965409011693.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe6\" \/><\/p>\n<p class=\"ql-align-justify\"><strong>\u5e02\u573a\u8868\u73b0\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u5468\u4ea4\u6613\u91cf\uff1a215.9 \u4ebf\u7f8e\u5143<\/li>\n<li class=\"ql-align-justify\">30 \u5929\u4ea4\u6613\u91cf\uff1a845.8 \u4ebf\u7f8e\u5143\uff08\u7a33\u5c45\u524d 5 \u540d\uff09<\/li>\n<li class=\"ql-align-justify\">\u6301\u4ed3\u91cf\uff1a12 \u4ebf\u7f8e\u5143<\/li>\n<li class=\"ql-align-justify\">TVL\uff1a4.22 \u4ebf\u7f8e\u5143<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u79ef\u5206\u8ba1\u5212\uff1a<\/strong> edgeX \u6700\u8fd1\u7ed3\u675f\u4e86\u4e3a\u671f 27 \u5468\u7684\u300c\u5f00\u653e\u5b63\u300d\u79ef\u5206\u8ba1\u5212\u3002Pre-TGE \u8d5b\u5b63\u4e8e 2026 \u5e74 1 \u6708 7 \u65e5\u542f\u52a8\uff0c\u65e8\u5728\u901a\u8fc7 XP \u5956\u52b1\u5e73\u53f0\u7684\u6709\u673a\u4f7f\u7528\u3002XP \u6bcf\u5468\u5206\u53d1\u4e00\u6b21\uff0c\u76f4\u5230 TGE\uff08\u9884\u8ba1\u5728 3 \u6708 31 \u65e5\u6216\u4e4b\u524d\u53d1\u751f\uff09\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965409122597.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe7\" \/><\/p>\n<p class=\"ql-align-justify\"><strong>\u5982\u4f55\u53c2\u4e0e\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u521b\u5efa\u4f60\u81ea\u5df1\u7684\u4ea4\u6613\u8d26\u6237 https:\/\/pro.edgex.exchange\/referral\/MUUR<\/li>\n<li class=\"ql-align-justify\">\u5145\u503c\u5e76\u5f00\u59cb\u4ea4\u6613\u3002\u4f18\u5148\u8fdb\u884c\u73b0\u8d27\u4ea4\u6613\uff0c\u53ef\u4eab\u53d7\u4ea4\u6613\u91cf 3 \u500d XP \u4e58\u6570\u3002<\/li>\n<li class=\"ql-align-justify\">\u76f4\u63a5\u5728 edgeX \u624b\u673a\u7aef App \u4ea4\u6613\u53ef\u83b7\u5f97 1.2 \u500d XP \u52a0\u6210\u3002<\/li>\n<li class=\"ql-align-justify\">\u6301\u6709 MARU \u4ee3\u5e01\u53ef\u89e3\u9501\u989d\u5916\u7684 1.05x\u20131.15x XP \u4e58\u6570\u3002\u6ce8\u518c\u6210\u4e3a Messenger \u53ef\u83b7\u5f97 1.05x\u20131.1x XP \u63d0\u5347\u3002<\/li>\n<li class=\"ql-align-justify\">\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u4e8f\u635f\u5360 XP \u5206\u53d1\u7684 10%\u3002\u589e\u52a0\u603b\u4ea4\u6613\u91cf\uff0c\u56e0\u4e3a\u5b83\u8d21\u732e\u4e86\u6bcf\u5468 XP \u5206\u914d\u7684 60%\u3002<\/li>\n<\/ul>\n<h3 class=\"ql-align-justify\"><strong>3. GRVT<\/strong><\/h3>\n<p class=\"ql-align-justify\"><strong>GRVT<\/strong>\uff08\u53d1\u97f3\u540c\u300cGravity\u300d\uff09\u662f\u4e00\u5bb6\u6210\u7acb\u4e8e 2023 \u5e74\u7684 Perp DEX\uff0c\u5efa\u7acb\u5728 zkSync \u751f\u6001\u7cfb\u7edf\u5185\uff0c\u4f7f\u7528\u6a21\u5757\u5316 ZK Stack \u67b6\u6784\u3002\u5b83\u4f5c\u4e3a L3 Validium \u5e94\u7528\u94fe\u8fd0\u884c\uff0c\u9488\u5bf9\u9ad8\u6027\u80fd\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u8fdb\u884c\u4e86\u4f18\u5316\uff0c\u540c\u65f6\u901a\u8fc7\u96f6\u77e5\u8bc6\u8bc1\u660e\u7ee7\u627f\u4e86\u4ee5\u592a\u574a\u7ea7\u522b\u7684\u5b89\u5168\u6027\u3002<\/p>\n<p class=\"ql-align-justify\"><strong>\u6838\u5fc3\u7279\u6027\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u4e13\u6ce8\u4e8e\u9690\u79c1\u7684\u4ea4\u6613\u6240<\/li>\n<li class=\"ql-align-justify\">\u5c06\u81ea\u6258\u7ba1\u7684\u4e8c\u5c42\uff08ZK\/Validium\uff09\u7ed3\u7b97\u5c42\u4e0e\u94fe\u4e0b CLOB \u7ed3\u5408<\/li>\n<li class=\"ql-align-justify\">ZKsync Atlas \u4f7f\u9ad8\u6027\u80fd\u6c38\u7eed\u5408\u7ea6\u80fd\u591f\u4e0e\u4ee5\u592a\u574a\u7684\u53ef\u7ec4\u5408\u6027\u517c\u5bb9<\/li>\n<li class=\"ql-align-justify\">L3 \u8bbe\u8ba1\u5141\u8bb8 GRVT \u5728\u4e0d\u727a\u7272\u5bc6\u7801\u5b66\u8bc1\u660e\u7684\u60c5\u51b5\u4e0b\u4f18\u5148\u8003\u8651\u541e\u5410\u91cf\u548c\u5ef6\u8fdf<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965409329234.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe8\" \/><\/p>\n<p class=\"ql-align-justify\"><strong>\u589e\u957f\u6307\u6807\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">TVL\uff1a\u7ea6 8500 \u4e07\u7f8e\u5143<\/li>\n<li class=\"ql-align-justify\">\u7d2f\u8ba1\u4ea4\u6613\u91cf\uff1a21421 \u4ebf\u7f8e\u5143<\/li>\n<li class=\"ql-align-justify\">\u6301\u4ed3\u91cf\uff1a\u7ea6 4.27 \u4ebf\u7f8e\u5143<\/li>\n<li class=\"ql-align-justify\">30 \u5929\u4ea4\u6613\u91cf\uff1a387 \u4ebf\u7f8e\u5143<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u79ef\u5206\u8ba1\u5212\uff1a<\/strong> \u7ecf\u8fc7\u6f2b\u957f\u7684\u5f00\u53d1\u671f\uff0cGRVT \u5728 2024 \u5e74\u6b63\u5f0f\u63a8\u51fa\u4e86\u79ef\u5206\u6fc0\u52b1\u7cfb\u7edf\uff0c\u76ee\u524d\u5904\u4e8e Season 1\uff0c\u5956\u52b1\u8d21\u732e\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u3001\u6d41\u52a8\u6027\u548c\u6301\u4ed3\u91cf\u7684\u7528\u6237\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965409416957.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe9\" \/><\/p>\n<p class=\"ql-align-justify\"><strong>\u5982\u4f55\u53c2\u4e0e\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u6ce8\u518c\u8d26\u6237\u5e76\u5145\u503c\u3002<\/li>\n<li class=\"ql-align-justify\">\u5f00\u4ed3\u4ea7\u751f\u79ef\u5206\uff0c\u7279\u522b\u5f3a\u8c03\u4fdd\u6301\u6301\u4ed3\uff0c\u56e0\u4e3a\u5176\u6743\u91cd\u6709\u6240\u589e\u52a0\u3002<\/li>\n<li class=\"ql-align-justify\">\u53c2\u4e0e\u63a8\u8350\u8ba1\u5212\u4ee5\u8d5a\u53d6\u989d\u5916\u7684\u624b\u7eed\u8d39\u8fd4\u4f63\u3002<\/li>\n<\/ul>\n<h3 class=\"ql-align-justify\"><strong>4. Extended<\/strong><\/h3>\n<p class=\"ql-align-justify\"><strong>Extended<\/strong>\uff08\u539f X10\uff09\u662f Starknet \u4e0a\u7531\u524d Revolut \u56e2\u961f\u6253\u9020\u7684\u9ad8\u6027\u80fd\u6c38\u7eed\u5408\u7ea6 DEX\u3002\u867d\u7136\u6700\u521d\u4e13\u6ce8\u4e8e\u6c38\u7eed\u5408\u7ea6\uff0c\u4f46\u8be5\u534f\u8bae\u6b63\u5411\u7edf\u4e00\u4fdd\u8bc1\u91d1\u6a21\u578b\u6269\u5f20\uff0c\u652f\u6301\u73b0\u8d27\u4ea4\u6613\u548c\u96c6\u6210\u501f\u8d37\u3002<\/p>\n<p class=\"ql-align-justify\"><strong>\u6838\u5fc3\u7279\u6027\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u6df7\u5408\u67b6\u6784\uff1a\u94fe\u4e0b CLOB \u8fdb\u884c\u5339\u914d\u548c\u98ce\u9669\u63a7\u5236 + \u94fe\u4e0a\u7ed3\u7b97<\/li>\n<li class=\"ql-align-justify\">\u5728\u52a0\u5bc6\u548c\u4f20\u7edf\u91d1\u878d\uff08TradFi\uff09\u8d44\u4ea7\u4e0a\u63d0\u4f9b\u9ad8\u8fbe 100 \u500d\u6760\u6746<\/li>\n<li class=\"ql-align-justify\">\u901a\u8fc7 XVS \u91d1\u5e93\u4efd\u989d\u5b9e\u73b0\u7edf\u4e00\u4fdd\u8bc1\u91d1\uff0c\u96c6\u6210\u4e86\u501f\u8d37\u548c\u6d41\u52a8\u6027<\/li>\n<li class=\"ql-align-justify\">\u5e02\u573a\u5305\u62ec\u5408\u6210\u7684\u4f20\u7edf\u91d1\u878d\u8d44\u4ea7<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965409497871.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe10\" \/><\/p>\n<p class=\"ql-align-justify\"><strong>\u5e02\u573a\u8868\u73b0\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">TVL\uff1a2 \u4ebf\u7f8e\u5143<\/li>\n<li class=\"ql-align-justify\">30 \u5929\u4ea4\u6613\u91cf\uff1a378 \u4ebf\u7f8e\u5143<\/li>\n<li class=\"ql-align-justify\">\u6301\u4ed3\u91cf\uff1a2.8 \u4ebf\u7f8e\u5143\uff08\u5e74\u521d\u81f3\u4eca\u589e\u957f 45.2%\uff09<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u79ef\u5206\u8ba1\u5212\uff1a<\/strong> 2025 \u5e74 4 \u6708 30 \u65e5\uff0cExtended \u63a8\u51fa\u4e86\u79ef\u5206\u8ba1\u5212\uff0c\u6bcf\u5468\u5728\u4ea4\u6613\u8005\u548c\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\uff08LP\uff09\u4e4b\u95f4\u5206\u53d1 120 \u4e07\u79ef\u5206\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965409551167.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe11\" \/><\/p>\n<p class=\"ql-align-justify\"><strong>\u5982\u4f55\u53c2\u4e0e\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u5145\u503c\u5e76\u5f00\u4ed3\u4ea7\u751f\u4ea4\u6613\u91cf\u3002<\/li>\n<li class=\"ql-align-justify\">\u901a\u8fc7\u5411\u91d1\u5e93\u63d0\u4f9b\u6d41\u52a8\u6027\uff0c\u5728\u83b7\u5f97 APY \u7684\u540c\u65f6\u989d\u5916\u8d5a\u53d6 20% \u7684\u79ef\u5206\u3002<\/li>\n<li class=\"ql-align-justify\">\u4ea4\u6613\u91cf\u8fbe\u5230 10,000 \u7f8e\u5143\u540e\u89e3\u9501\u63a8\u8350\u94fe\u63a5\uff0c\u8d5a\u53d6\u63a8\u8350\u4eba 10% \u7684\u4f63\u91d1\u548c 2.5% \u7684\u79ef\u5206\u3002<\/li>\n<\/ul>\n<h3 class=\"ql-align-justify\"><strong>5. Pacifica<\/strong><\/h3>\n<p class=\"ql-align-justify\"><strong>Pacifica<\/strong> \u662f\u4e00\u4e2a Solana \u539f\u751f\u7684\u6df7\u5408 Perp DEX\uff0c\u76ee\u524d\u5904\u4e8e\u5c01\u95ed\u6d4b\u8bd5\u9636\u6bb5\u3002\u5c3d\u7ba1\u5904\u4e8e\u65e9\u671f\u9636\u6bb5\uff0c\u4f46\u5b83\u5df2\u7ecf\u5438\u5f15\u4e86\u5de8\u5927\u7684\u4ea4\u6613\u91cf\uff0c\u6709\u65f6\u751a\u81f3\u8d85\u8fc7\u4e86 Jupiter \u548c Drift \u7b49\u6210\u719f\u7684 Solana DEX\u3002<\/p>\n<p class=\"ql-align-justify\">\u9274\u4e8e\u4e4b\u524d\u7684 Solana \u6c38\u7eed\u5408\u7ea6\u534f\u8bae\uff08\u5982 Drift \u548c Zeta\uff09\u90fd\u6709\u4e0d\u9519\u7684\u7a7a\u6295\uff0c\u4e14 Pacifica \u5904\u4e8e\u81ea\u7b79\u8d44\u91d1\u72b6\u6001\uff0c\u8be5\u9879\u76ee\u8fdb\u884c\u6709\u610f\u4e49\u7a7a\u6295\u7684\u53ef\u80fd\u6027\u9ad8\u4e8e\u5e73\u5747\u6c34\u5e73\u3002<\/p>\n<p class=\"ql-align-justify\"><strong>\u6838\u5fc3\u7279\u6027\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u6df7\u5408\u67b6\u6784\uff1a\u94fe\u4e0b CLOB + Solana \u94fe\u4e0a\u7ed3\u7b97<\/li>\n<li class=\"ql-align-justify\">\u9ad8\u8fbe 50 \u500d\u6760\u6746<\/li>\n<li class=\"ql-align-justify\">AI \u4ea4\u6613\u52a9\u624b<\/li>\n<li class=\"ql-align-justify\">\u6e05\u7b97\u5173\u6000\uff08Liquidation care\uff09\u79ef\u5206\u4eab\u53d7\u52a0\u6210<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965409640382.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe12\" \/><\/p>\n<p class=\"ql-align-justify\"><strong>\u5e02\u573a\u8868\u73b0\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">24 \u5c0f\u65f6\u4ea4\u6613\u91cf\uff1a8.39 \u4ebf\u7f8e\u5143<\/li>\n<li class=\"ql-align-justify\">30 \u5929\u4ea4\u6613\u91cf\uff1a199.5 \u4ebf\u7f8e\u5143<\/li>\n<li class=\"ql-align-justify\">\u6301\u4ed3\u91cf\uff1a9280 \u4e07\u7f8e\u5143<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u79ef\u5206\u8ba1\u5212\uff1a<\/strong> Pacifica \u4e8e 2026 \u5e74 1 \u6708 2 \u65e5\u63a8\u51fa\u4e86\u8fde\u7eed\u4ea4\u6613\u79ef\u5206\u5956\u91d1\uff0c\u63d0\u4f9b\u9ad8\u8fbe 23% \u7684\u989d\u5916\u79ef\u5206\u3002\u8fde\u7eed\u4ea4\u6613 5 \u5929\u540e\uff0c\u5956\u91d1\u6bcf\u5929\u589e\u52a0 2%\uff0c\u6700\u9ad8\u8fbe 10%\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965409762545.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe13\" \/><\/p>\n<p class=\"ql-align-justify\"><strong>\u5982\u4f55\u53c2\u4e0e\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u4f7f\u7528\u9080\u8bf7\u7801\u8fdb\u5165\u5c01\u95ed\u6d4b\u8bd5\u3002<\/li>\n<li class=\"ql-align-justify\">\u8fde\u63a5\u94b1\u5305\u3001\u5145\u503c\u5e76\u5f00\u4ed3\u3002<\/li>\n<li class=\"ql-align-justify\">\u52a0\u5165\u63a8\u8350\u8ba1\u5212\u83b7\u53d6\u81ea\u5df1\u7684\u8bbf\u95ee\u7801\u3002<\/li>\n<\/ul>\n<h3 class=\"ql-align-justify\"><strong>6. Reya<\/strong><\/h3>\n<p class=\"ql-align-justify\"><strong>Reya<\/strong> \u7531 Reya Labs \u5f00\u53d1\uff0c\u662f\u4e00\u4e2a\u57fa\u4e8e Arbitrum Orbit \u81ea\u5b9a\u4e49\u5b9e\u73b0\u7684\u4ea4\u6613\u4f18\u5316\u6a21\u5757\u5316 L2\u3002Reya \u4e0d\u4ec5\u4ec5\u662f\u4e00\u4e2a\u5355\u4e00\u7684 DEX\uff0c\u5b83\u8fd8\u662f\u4e00\u4e2a\u5177\u6709\u5171\u4eab\u6d41\u52a8\u6027\u7684\u57fa\u7840\u6267\u884c\u5c42\uff0c\u591a\u4e2a\u4ea4\u6613\u524d\u7aef\u53ef\u4ee5\u5728\u5176\u4e0a\u6784\u5efa\u3002<\/p>\n<p class=\"ql-align-justify\">\u901a\u8fc7\u5728\u7f51\u7edc\u5c42\u4e2d\u5fc3\u5316\u6d41\u52a8\u6027\uff0cReya \u65e8\u5728\u89e3\u51b3\u6d41\u52a8\u6027\u788e\u7247\u5316\u95ee\u9898\u3002<\/p>\n<p class=\"ql-align-justify\"><strong>\u6838\u5fc3\u7279\u6027\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u62e5\u6709\u4e13\u95e8\u9488\u5bf9\u4ea4\u6613\u7684 ZK Rollup<\/li>\n<li class=\"ql-align-justify\">\u5f3a\u5927\u7684\u5b89\u5168\u6027\uff0c\u901a\u8fc7 ZK \u8bc1\u660e\u5b9e\u73b0\u53ef\u9a8c\u8bc1\u7684\u8ba2\u5355\u6267\u884c\u548c\u7ed3\u7b97<\/li>\n<li class=\"ql-align-justify\">\u62e5\u6709 rUSD\uff08\u6536\u76ca\u578b\u7a33\u5b9a\u5e01\uff09\uff0c\u7531 Reya \u7684\u7edf\u4e00\u6d41\u52a8\u6027\u6846\u67b6\u9a71\u52a8<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965409852631.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe14\" \/><\/p>\n<p class=\"ql-align-justify\"><strong>\u5e02\u573a\u8868\u73b0\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">30 \u5929\u4ea4\u6613\u91cf\uff1a137 \u4ebf\u7f8e\u5143<\/li>\n<li class=\"ql-align-justify\">\u7d2f\u8ba1\u4ea4\u6613\u91cf\uff1a957 \u4ebf\u7f8e\u5143<\/li>\n<li class=\"ql-align-justify\">TVL\uff1a3240 \u4e07\u7f8e\u5143<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u79ef\u5206\u8ba1\u5212\uff1a<\/strong> Reya Chain \u79ef\u5206\uff08RCP\uff09\u7528\u4e8e\u8ffd\u8e2a\u8d21\u732e\uff0c\u5e76\u5728 TGE\uff08\u4ee3\u5e01\u53d1\u884c\uff09\u65f6\u8f6c\u6362\u4e3a <strong>$REYA<\/strong>\u3002\u4ea4\u6613\u884c\u4e3a\u901a\u5e38\u83b7\u5f97\u6700\u9ad8\u5956\u52b1\uff0c\u79ef\u5206\u5728\u6bcf\u5468\u4e00\u4e2d\u5348\uff08GMT\uff09\u5206\u53d1\u3002<\/p>\n<p class=\"ql-align-justify\"><strong>\u5982\u4f55\u53c2\u4e0e\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u5145\u503c\u6216\u8de8\u94fe USDC\u3002<\/li>\n<li class=\"ql-align-justify\">\u901a\u8fc7\u300cStake\u300d\u9009\u9879\u5361\u5c06\u6d41\u52a8\u6027\u5b58\u5165 LP \u91d1\u5e93\uff0c\u5c06 rUSD \u8f6c\u6362\u4e3a srUSD\uff0c\u9501\u5b9a\u8d44\u91d1\u4ee5\u8d5a\u53d6\u5fe0\u8bda\u5ea6\u79ef\u5206\u53ca 4.8% \u7684 APY\u3002<\/li>\n<li class=\"ql-align-justify\">\u5f00\u542f\u4ea4\u6613\u5934\u5bf8\u4ee5\u589e\u52a0\u4ea4\u6613\u91cf\u5e76\u6700\u5927\u5316\u79ef\u5206\u3002<\/li>\n<\/ul>\n<h3 class=\"ql-align-justify\"><strong>7. Variational<\/strong><\/h3>\n<p class=\"ql-align-justify\"><strong>Variational<\/strong> \u662f\u4e00\u4e2a\u5efa\u7acb\u5728 Arbitrum \u4e4b\u4e0a\u7684\u70b9\u5bf9\u70b9\u6c38\u7eed\u5408\u7ea6\u548c\u5e7f\u4e49\u884d\u751f\u54c1\u4ea4\u6613\u534f\u8bae\u3002\u5b83\u81ea\u52a8\u5b8c\u6210\u4ece\u4ea4\u6613\u5230\u6e05\u7b97\u7684\u5b8c\u6574\u5468\u671f\u3002<\/p>\n<p class=\"ql-align-justify\">Variational \u8fd0\u8425\u4e24\u4e2a\u4e3b\u8981\u5e94\u7528\uff1aOmni\uff08\u9762\u5411\u96f6\u552e\u7528\u6237\u7684\u6760\u6746\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u5e73\u53f0\uff09\u548c Pro\uff08\u9762\u5411\u975e\u7ebf\u6027\u884d\u751f\u54c1\u7684\u9ad8\u7ea7\u4ea4\u6613\u8005\u5e73\u53f0\uff09\u3002<\/p>\n<p class=\"ql-align-justify\"><strong>\u6838\u5fc3\u7279\u6027\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">P2P \u62a5\u4ef7\u6a21\u5f0f\uff08RFQ\uff09\u800c\u975e\u8ba2\u5355\u7c3f<\/li>\n<li class=\"ql-align-justify\">\u5782\u76f4\u96c6\u6210\u7684\u505a\u5e02\u5546\u540d\u4e3a Omni Liquidity Provider (OLP)<\/li>\n<li class=\"ql-align-justify\">\u96f6\u624b\u7eed\u8d39<\/li>\n<li class=\"ql-align-justify\">\u4e8f\u635f\u9000\u6b3e\uff08Loss refunds\uff09<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965410170964.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe15\" \/><\/p>\n<p class=\"ql-align-justify\">\u5728 2026 \u5e74\uff0cOmni \u4ece\u6d4b\u8bd5\u7f51\u53d1\u5c55\u5230\u6210\u4e3a\u52a0\u5bc6\u8d27\u5e01\u4e2d\u6700\u5927\u7684\u9010\u671f\u5e73\u53f0\u4e4b\u4e00\uff0c\u51ed\u501f\u5176\u4e8f\u635f\u9000\u6b3e\u529f\u80fd\u5438\u5f15\u4e86\u5173\u6ce8\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965410251403.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe16\" \/><\/p>\n<p class=\"ql-align-justify\"><strong>\u589e\u957f\u6307\u6807\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u7d2f\u8ba1\u4ea4\u6613\u91cf\uff1a300 \u4ebf\u7f8e\u5143<\/li>\n<li class=\"ql-align-justify\">\u5468\u4ea4\u6613\u91cf\uff1a114 \u4ebf\u7f8e\u5143<\/li>\n<li class=\"ql-align-justify\">\u6301\u4ed3\u91cf\uff1a11 \u4ebf\u7f8e\u5143\uff08Perp DEX \u524d 5 \u540d\uff09<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u79ef\u5206\u8ba1\u5212\uff1a<\/strong> Variational Omni \u6b63\u5f0f\u63a8\u51fa\u4e86\u5176\u5fe0\u8bda\u5ea6\u8ba1\u5212\u3002\u7528\u6237\u6839\u636e\u6d3b\u8dc3\u5ea6\u8d5a\u53d6\u57fa\u7840\u79ef\u5206\u3002\u79ef\u5206\u6bcf\u5468\u4e94 0:00 UTC \u5206\u53d1\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965410353764.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe17\" \/><\/p>\n<p class=\"ql-align-justify\"><strong>\u5982\u4f55\u53c2\u4e0e\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u6ce8\u518c\u8d26\u6237\u5e76\u5145\u503c\u3002<\/li>\n<li class=\"ql-align-justify\">\u901a\u8fc7\u4ea7\u751f\u4ea4\u6613\u91cf\u6765\u5237\u79ef\u5206\u3002<\/li>\n<li class=\"ql-align-justify\">\u57fa\u4e8e\u8fc7\u53bb 30 \u5929\u6d3b\u52a8\u7684\u5956\u52b1\u7b49\u7ea7\u63d0\u4f9b\u4e8f\u635f\u9000\u6b3e\u6982\u7387\u63d0\u5347\u3001\u79ef\u5206\u52a0\u6210\u7b49\u798f\u5229\u3002<\/li>\n<\/ul>\n<h3 class=\"ql-align-justify\"><strong>8. Nado<\/strong><\/h3>\n<p class=\"ql-align-justify\"><strong>Nado<\/strong> \u5efa\u7acb\u5728 Ink\uff08Kraken \u7684\u4ee5\u592a\u574a L2\uff09\u4e4b\u4e0a\uff0c\u662f\u4e00\u4e2a\u96c6\u73b0\u8d27\u3001\u6c38\u7eed\u5408\u7ea6\u548c\u8d27\u5e01\u5e02\u573a\u4e8e\u4e00\u4f53\u7684\u5168\u80fd CLOB DEX\u3002\u76ee\u524d\u5904\u4e8e\u79c1\u6d4b\u9636\u6bb5\uff08Private Alpha\uff09\uff0c\u4ec5\u9650\u53d7\u9080\u7528\u6237\u3002<\/p>\n<p class=\"ql-align-justify\"><strong>\u6838\u5fc3\u7279\u6027\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u7edf\u4e00\u4fdd\u8bc1\u91d1\u6a21\u5f0f\u4e0b\u7684\u73b0\u8d27\u4e0e\u6c38\u7eed\u5408\u7ea6\u4e00\u4f53\u5316<\/li>\n<li class=\"ql-align-justify\">Nado \u7684\u6d41\u52a8\u6027\u63d0\u4f9b\u8005 NLP \u5c06\u95f2\u7f6e\u8d44\u91d1\u90e8\u7f72\u5230\u8ba2\u5355\u7c3f\u8d5a\u53d6 APY<\/li>\n<li class=\"ql-align-justify\">\u8ba2\u5355\u5339\u914d\u65f6\u95f4\u4ec5\u4e3a 5\u201315 \u6beb\u79d2<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965410413942.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe18\" \/><\/p>\n<p class=\"ql-align-justify\"><strong>\u5e02\u573a\u8868\u73b0\uff1a<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">30 \u5929\u4ea4\u6613\u91cf\uff1a138 \u4ebf\u7f8e\u5143<\/li>\n<li class=\"ql-align-justify\">TVL\uff1a5200 \u4e07\u7f8e\u5143<\/li>\n<li class=\"ql-align-justify\">\u6301\u4ed3\u91cf\uff1a1.42 \u4ebf\u7f8e\u5143<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u79ef\u5206\u8ba1\u5212\uff1a<\/strong> \u79c1\u6d4b\u7ed3\u675f\u540e\uff0c\u5e73\u53f0\u5c06\u5f00\u653e\u7a7a\u6295\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965410540236.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe19\" \/><\/p>\n<p class=\"ql-align-justify\">\u76ee\u524d\u5c1a\u4e0d\u6e05\u695a Nado \u662f\u5426\u4f1a\u8fdb\u884c\u5e73\u53f0\u7279\u5b9a\u7684\u7a7a\u6295\uff0c\u4f46\u53ef\u4ee5\u786e\u5b9a\u65e9\u671f\u7528\u6237\u5c06\u83b7\u5f97 Ink \u7684\u7a7a\u6295\u79ef\u5206\u5956\u52b1\u3002<\/p>\n<h2 class=\"ql-align-justify\"><strong>\u5b9e\u6218\u7b56\u7565\uff1a\u8d44\u91d1\u8d39\u7387\u5957\u5229\uff08Funding Rate Arbitrage\uff09<\/strong><\/h2>\n<p class=\"ql-align-justify\">\u6c38\u7eed\u5408\u7ea6\u5e02\u573a\u5df2\u6210\u4e3a\u52a0\u5bc6\u8d27\u5e01\u4e2d\u4ea4\u6613\u91cf\u6700\u5927\u7684\u91d1\u878d\u5e02\u573a\u3002\u6bcf\u5468\u6301\u4ed3\u91cf\uff08OI\uff09\u7ecf\u5e38\u8d85\u8fc7 50 \u4ebf\u7f8e\u5143\u3002<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260129\/176965410644723.jpg\" alt=\"image\" title=\"2026\u5e74Perp DEX\u7a7a\u6295\u7ec8\u6781\u6307\u5357 &#8211;\u63d2\u56fe20\" \/><\/p>\n<p class=\"ql-align-justify\">\u5728\u5237 Perp \u65f6\uff0c\u5efa\u8bae\u4f7f\u7528\u5e02\u503c\u8f83\u4f4e\u7684\u5c71\u5be8\u5e01\u6765\u4ea7\u751f\u6bd4\u9ad8\u5e02\u503c\u8d44\u4ea7\u66f4\u9ad8\u7684\u5956\u52b1\u79ef\u5206\uff0c\u5c3d\u7ba1\u8fd9\u5b58\u5728\u98ce\u9669\u3002<\/p>\n<p class=\"ql-align-justify\">\u5bf9\u4e8e\u7ecf\u9a8c\u4e0d\u8db3\u6216\u4e0d\u613f\u4e3a\u4e86\u7a7a\u6295\u800c\u5192\u9669\u8fdb\u884c\u4e3b\u52a8\u4ea4\u6613\u7684\u7528\u6237\uff0c<strong>\u8d44\u91d1\u8d39\u7387\u5957\u5229<\/strong>\u662f\u4e00\u9879\u7ecf\u8fc7\u9a8c\u8bc1\u7684\u7b56\u7565\uff0c\u53ef\u4ee5\u5728\u4fdd\u6301\u76c8\u5229\u6216\u81f3\u5c11\u4fdd\u672c\u7684\u60c5\u51b5\u4e0b\u4ea7\u751f\u4ea4\u6613\u91cf\u3002<\/p>\n<h3 class=\"ql-align-justify\"><strong>\u4ec0\u4e48\u662f\u8d44\u91d1\u8d39\u7387\u5957\u5229\uff08Funding Rate Arbitrage\uff09\uff1f<\/strong><\/h3>\n<p class=\"ql-align-justify\">\u8d44\u91d1\u8d39\u7387\u5957\u5229\u662f\u6c38\u7eed\u671f\u8d27\u5e02\u573a\uff08Perpetual Futures Markets\uff09\u4e2d\u4e00\u79cd\u5178\u578b\u7684\u671f\u73b0\u5957\u5229\uff08Cash-and-carry trade\uff09\u5f62\u5f0f\u3002<\/p>\n<p class=\"ql-align-justify\">\u8d44\u91d1\u8d39\u7387\uff08Funding Rates\uff09\u672c\u8d28\u4e0a\u662f\u6301\u6709\u5934\u5bf8\u7684\u6210\u672c\u3002\u5f53\u8d44\u91d1\u8d39\u7387\u4e3a\u6b63\u65f6\uff0c\u591a\u5934\u5934\u5bf8\uff08Long positions\uff09\u9700\u8981\u5411\u7a7a\u5934\u5934\u5bf8\uff08Short positions\uff09\u652f\u4ed8\u8d44\u91d1\u8d39\uff1b\u5f53\u8d44\u91d1\u8d39\u7387\u4e3a\u8d1f\u65f6\uff0c\u5219\u7531\u7a7a\u5934\u5411\u591a\u5934\u652f\u4ed8\u3002\u5728\u5927\u591a\u6570\u6c38\u7eed\u5408\u7ea6\u5e02\u573a\u4e2d\uff0c\u8d44\u91d1\u8d39\u7387\u901a\u5e38\u7ef4\u6301\u5728\u6b63\u503c\u3002<\/p>\n<h3 class=\"ql-align-justify\"><strong>\u8be5\u7b56\u7565\u7684\u8fd0\u4f5c\u903b\u8f91\uff1a<\/strong><\/h3>\n<ul>\n<li class=\"ql-align-justify\">\u5728\u4e00\u5bb6 DEX \u4e0a\u5f00\u8bbe\u591a\u5934\u5934\u5bf8\u3002<\/li>\n<li class=\"ql-align-justify\">\u5728\u53e6\u4e00\u5bb6 DEX \u4e0a\u5f00\u8bbe\u7b49\u989d\u7684\u7a7a\u5934\u5934\u5bf8\u3002<\/li>\n<li class=\"ql-align-justify\">\u4ee5\u6b64\u6355\u83b7\u8d44\u91d1\u8d39\u7387\u6536\u76ca\u3002<\/li>\n<li class=\"ql-align-justify\">\u540c\u65f6\u4e3a\u8d26\u53f7\u4ea7\u751f\u6301\u7eed\u7684\u4ea4\u6613\u91cf\uff0c\u7528\u4e8e\u79ef\u5206\u7d2f\u79ef\u548c\u5956\u52b1\u83b7\u53d6\u3002<\/li>\n<\/ul>\n<h3 class=\"ql-align-justify\"><strong>\u7b80\u5355\u6765\u8bf4\uff0c\u5047\u8bbe\uff1a<\/strong><\/h3>\n<ul>\n<li class=\"ql-align-justify\">BTC \u73b0\u8d27\u4ef7\u683c\uff1a$50,000<\/li>\n<li class=\"ql-align-justify\">BTC \u6c38\u7eed\u5408\u7ea6\u4ef7\u683c\uff1a$50,100<\/li>\n<li class=\"ql-align-justify\">\u8d44\u91d1\u8d39\u7387\uff1a\u6bcf 8 \u5c0f\u65f6 +0.01%\uff08\u6b63\u503c\uff09<\/li>\n<\/ul>\n<h3 class=\"ql-align-justify\"><strong>\u4f60\u9700\u8981\u8fdb\u884c\u5982\u4e0b\u64cd\u4f5c\uff1a<\/strong><\/h3>\n<p class=\"ql-align-justify\">\u5728\u4e00\u5bb6 DEX \u5f00\u591a $10,000 \u7684 BTC\uff0c\u540c\u65f6\u5728\u53e6\u4e00\u5bb6 DEX \u5f00\u7a7a $10,000 \u7684 BTC\u3002<\/p>\n<p class=\"ql-align-justify\">\u8fd9\u6837\u4e00\u6765\uff0c\u65e0\u8bba BTC \u4ef7\u683c\u4e0a\u6da8\u8fd8\u662f\u4e0b\u8dcc\uff0c\u4f60\u7684\u6536\u76ca\u548c\u4e8f\u635f\u90fd\u4f1a\u76f8\u4e92\u62b5\u6d88\uff08\u5bf9\u51b2\uff09\u3002\u4f46\u7531\u4e8e\u8d44\u91d1\u8d39\u7387\u4e3a +0.01%\uff0c\u4f60\u7684\u7a7a\u5934\u5934\u5bf8\u6bcf 8 \u5c0f\u65f6\u5c31\u80fd\u6536\u5230\u4e00\u7b14\u8d44\u91d1\u8d39\uff1a<\/p>\n<p class=\"ql-align-justify\">$10,000 \\\\times 0.01\\\\% = \\\\$1$\uff08\u6bcf 8 \u5c0f\u65f6\uff09\u3002<\/p>\n<p class=\"ql-align-justify\">\u5982\u679c\u8d39\u7387\u4fdd\u6301\u7a33\u5b9a\uff1a\u6bcf\u5929\u6536\u76ca $3\uff0c\u6bcf\u6708\u6536\u76ca $90\u3002\u8fd9\u4e00\u5207\u90fd\u4e0d\u53d7 BTC \u5267\u70c8\u4ef7\u683c\u6ce2\u52a8\u7684\u5f71\u54cd\u3002<\/p>\n<p class=\"ql-align-justify\">\u4e4b\u6240\u4ee5\u9009\u62e9\u5728\u4e0d\u540c\u7684 DEX \u800c\u975e\u540c\u4e00\u5e73\u53f0\u5f00\u8bbe\u591a\u7a7a\u5934\u5bf8\uff0c\u662f\u4e3a\u4e86\u907f\u514d\u5973\u5deb\u653b\u51fb\uff08Sybil Detection\uff09\u68c0\u6d4b\u4ee5\u53ca\u53ef\u80fd\u7684\u9ed1\u540d\u5355\u98ce\u9669\u3002\u8d44\u91d1\u8d39\u7387\u5957\u5229\u8ba9\u7528\u6237\u65e0\u9700\u4f9d\u8d56\u4ef7\u683c\u6ce2\u52a8\uff0c\u5373\u53ef\u5728\u5404\u4e2a Perp DEX \u4e0a\u8fdb\u884c\u201c\u64b8\u6bdb\u201d\uff08Farm\uff09\u3002<\/p>\n<p class=\"ql-align-justify\">\u8fd9\u79cd\u7b56\u7565\u6548\u679c\u663e\u8457\uff0c\u56e0\u4e3a\u5b83\u5373\u4f7f\u5728\u9002\u5ea6\u6760\u6746\u4e0b\u4e5f\u80fd\u4ea7\u751f\u5229\u6da6\u3002\u6b64\u5916\uff0c\u4ea4\u6613\u8005\u65e0\u9700\u62c5\u5fc3\u6ce2\u52a8\u7684\u884c\u60c5\uff0c\u5e76\u80fd\u8f7b\u677e\u5237\u51fa\u6301\u7eed\u7684\u4ea4\u6613\u91cf\u6765\u7d2f\u79ef\u79ef\u5206\u3002<\/p>\n<h3 class=\"ql-align-justify\"><strong>\u5fc5\u987b\u4e86\u89e3\u7684\u6838\u5fc3\u98ce\u9669\uff1a<\/strong><\/h3>\n<p class=\"ql-align-justify\">\u867d\u7136\u8d44\u91d1\u8d39\u7387\u5957\u5229\u964d\u4f4e\u4e86\u98ce\u9669\u655e\u53e3\uff0c\u4f46\u5b83\u5e76\u975e\u4e07\u65e0\u4e00\u5931\u3002\u4e00\u4e9b\u98ce\u9669\u662f\u4e0d\u53ef\u907f\u514d\u7684\uff0c\u4f8b\u5982\u7a7a\u5934\u4fa7\u88ab\u5f3a\u5e73\uff08Liquidation\uff09\u6216\u8d44\u91d1\u8d39\u7387\u8f6c\u8d1f\u3002\u56e0\u6b64\uff0c\u5fc5\u987b\u91c7\u53d6\u4ee5\u4e0b\u5b9e\u9645\u6b65\u9aa4\u6765\u8fdb\u4e00\u6b65\u964d\u4f4e\u98ce\u9669\uff1a<\/p>\n<ol>\n<li class=\"ql-align-justify\">\u6301\u7eed\u76d1\u63a7\u5934\u5bf8\uff1a \u79ef\u6781\u7ba1\u7406\u672a\u5e73\u4ed3\u5934\u5bf8\u4ee5\u907f\u514d\u5f3a\u5e73\u3002<\/li>\n<li class=\"ql-align-justify\">\u8bbe\u7f6e\u6b62\u635f\uff08SL\uff09\u548c\u6b62\u76c8\uff08TP\uff09\uff1a \u8fd9\u662f\u9632\u6b62\u5f3a\u5e73\u7684\u786c\u6027\u4fdd\u969c\uff0c\u5c24\u5176\u662f\u9488\u5bf9\u7a7a\u5934\u5934\u5bf8\u3002<\/li>\n<li class=\"ql-align-justify\">\u907f\u514d\u9ad8\u6760\u6746\u3002<\/li>\n<\/ol>\n<h3 class=\"ql-align-justify\"><strong>\u8d44\u91d1\u8d39\u7387\u673a\u5668\u4eba\u4e0e\u5de5\u5177\uff1a<\/strong><\/h3>\n<p class=\"ql-align-justify\">\u8ffd\u8e2a\u8d44\u91d1\u8d39\u7387\u975e\u5e38\u8017\u8d39\u7cbe\u529b\u3002\u6280\u672f\u578b\u201c\u519c\u6c11\u201d\u901a\u5e38\u4f7f\u7528\u673a\u5668\u4eba\uff0c\u4f46\u7ecf\u9a8c\u8f83\u5c11\u7684\u7a7a\u6295\u7528\u6237\u4e5f\u53ef\u4ee5\u901a\u8fc7\u4ee5\u4e0b\u5de5\u5177\u83b7\u76ca\u3002\u8fd9\u4e9b\u5de5\u5177\u53ef\u4ee5\u5c06\u5404\u5927\u4e3b\u8981 Perp DEX \u4e4b\u95f4\u7684\u6700\u4f73\u8d44\u91d1\u8d39\u7387\u5957\u5229\u673a\u4f1a\u53ef\u89c6\u5316\u3002<\/p>\n<p class=\"ql-align-justify\">\u4f8b\u5982\uff0c\u5b83\u4eec\u4f1a\u663e\u793a\u5e74\u5316\u6536\u76ca\u7387\uff08APR\uff09\u4ee5\u53ca\u5b9e\u73b0\u8be5\u6536\u76ca\u6240\u9700\u7684\u5177\u4f53\u64cd\u4f5c\uff08\u5982\uff1a\u5728\u67d0\u4ea4\u6613\u6240\u5f00\u591a\uff0c\u5728\u53e6\u4e00\u5bb6\u5f00\u7a7a\uff09\u3002<\/p>\n<ul>\n<li class=\"ql-align-justify\"><strong>@LorisTools<\/strong><strong>\uff1a<\/strong> \u4e00\u4e2a\u5b8c\u6574\u7684\u4eea\u8868\u76d8\u548c\u7b5b\u9009\u5668\uff0c\u805a\u5408\u4e86 CEX \u548c DEX \u5e73\u53f0\u7684\u8d44\u91d1\u8d39\u7387\uff0c\u5bf9\u4e8e\u53d1\u73b0\u8de8\u4ea4\u6613\u6240\u5957\u5229\u975e\u5e38\u6709\u6548\u3002<\/li>\n<li class=\"ql-align-justify\"><strong>@Arbitraxdexs<\/strong><strong>\uff1a<\/strong> \u4ecd\u5904\u4e8e\u5f00\u53d1\u9636\u6bb5\uff0c\u4f46\u53ef\u7528\u4e8e\u67e5\u770b\u4ee3\u5e01 APR\u3001\u4ef7\u5dee\uff08Spreads\uff09\u4ee5\u53ca\u5404\u4ea4\u6613\u6240\u95f4\u7684\u8d44\u91d1\u8d39\u5dee\u5f02\u3002<\/li>\n<li class=\"ql-align-justify\"><strong>@cexchange_sh<\/strong><strong>\uff1a<\/strong> \u62e5\u6709\u5185\u7f6e\u7684\u8d44\u91d1\u8d39\u7387\u5957\u5229\u805a\u5408\u5668\uff0c\u4e13\u6ce8\u4e8e DEX \u4ea4\u6613\u5bf9\u4e4b\u95f4\u7684\u8d39\u7387\u7b56\u7565\u3002<\/li>\n<li class=\"ql-align-justify\"><strong>@fundingviewapp<\/strong><strong>\uff1a<\/strong> \u8d44\u91d1\u8d39\u7387\u5957\u5229\u7b56\u7565\u641c\u7d22\u5668\u3002\u5b83\u80fd\u5e2e\u52a9\u4ea4\u6613\u8005\u8bc6\u522b\u5386\u53f2\u4e0a\u76c8\u5229\u7684\u5957\u5229\u5bf9\uff0c\u5e76\u8ba1\u7b97\u591a\u4e2a\u65f6\u95f4\u6bb5\u7684\u5e73\u5747 APR\u3002<\/li>\n<li class=\"ql-align-justify\"><strong>@p2p_army_here<\/strong><strong>\uff1a<\/strong> \u53e6\u4e00\u6b3e\u96c6\u6210\u4e86\u5206\u6790\u5de5\u5177\u7684\u5957\u5229\u626b\u63cf\u5668\uff0c\u7528\u4e8e\u8bc6\u522b\u5404\u4ea4\u6613\u6240\u95f4\u7684\u8d44\u91d1\u8d39\u5229\u5dee\u3002\u5b83\u8fd8\u63d0\u4f9b\u5b9e\u65f6\u5dee\u4ef7\u626b\u63cf\u3001\u5386\u53f2\u8d39\u7387\u8868\u548c\u9884\u8b66\u529f\u80fd\u3002<\/li>\n<li class=\"ql-align-justify\"><strong>@dextrabot<\/strong><strong>\uff1a<\/strong> \u4f5c\u4e3a\u4e00\u4e2a\u81ea\u52a8\u5316\u5e73\u53f0\uff0c\u4e13\u6ce8\u4e8e\u5728 Lighter\u3001Aster\u3001Hyperliquid\u3001Extended \u548c Variational \u7b49\u6c38\u7eed\u5408\u7ea6 DEX \u4e0a\u8fdb\u884c\u7a7a\u6295\u79ef\u5206\u83b7\u53d6\u548c\u8ddf\u5355\u4ea4\u6613\uff0c\u5f3a\u8c03 Delta \u4e2d\u6027\u673a\u5668\u4eba\u548c\u7f51\u683c\u4ea4\u6613\u7b49\u4f4e\u6210\u672c\u7b56\u7565\u3002<\/li>\n<\/ul>\n<h2 class=\"ql-align-justify\"><strong>\u7ed3\u8bed<\/strong><\/h2>\n<p class=\"ql-align-justify\">2025 \u5e74\u4ece\u5404\u65b9\u9762\u6765\u770b\u90fd\u662f Perp \u4ea4\u6613\u8005\u548c\u4ea4\u6613\u6240\u7684\u5173\u952e\u4e00\u5e74\u3002\u4ece\u6210\u529f\u7684\u7a7a\u6295\u5230 10 \u6708 10-11 \u65e5\u7684\u5e02\u573a\u5927\u5d29\u76d8\uff08\u52a0\u5bc6\u5386\u53f2\u4e0a\u5355\u65e5\u6700\u5927\u7684\u5e02\u573a\u5d29\u76d8\u4e4b\u4e00\uff09\uff0c\u81ea\u52a8\u51cf\u4ed3\uff08ADL\uff09\u5faa\u73af\u88ab\u89e6\u53d1\uff0c\u5bfc\u81f4\u5373\u4f7f\u662f\u64cd\u4f5c\u8d44\u91d1\u8d39\u7387\u5957\u5229\u7b56\u7565\u7684\u4ea4\u6613\u8005\u4e5f\u906d\u53d7\u4e86\u5de8\u5927\u635f\u5931\u3002<\/p>\n<p class=\"ql-align-justify\">\u7136\u800c\uff0cPerp DEX \u4ecd\u5728\u5d1b\u8d77\uff0c\u4f46\u8fd9\u4e00\u6b21\u4ea4\u6613\u8005\u5e94\u5f53\u66f4\u52a0\u8c28\u614e\u3002\u6838\u5fc3\u6559\u8bad\u662f\uff1a\u4f60\u5728\u54ea\u91cc\u4ea4\u6613\u4e0e\u4f60\u4ea4\u6613\u4ec0\u4e48\u540c\u6837\u91cd\u8981\u3002 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