币琪答疑 I：无分摊机制的意义

meng8584

币琪中文版上线一周以来，得到不少国内用户的关注，在这中间不可避免会有疑问，甚至一些我们看来并不公正的批评。
例如：币琪的费率目前高于国内的期货产品，那么它的杠杆产品的吸引力究竟是什么呢？

对此币琪CEO Jeremy Glaros给出了解释：
翻译：
分摊就是答案。我们的费率或许比其它家的高，但是当交易者眼看着自己不错的盈利被系统分摊掉1/3的时候，你就会发现为几个基点的费率差纠结没有意义。
这里是2014年十一月15日的996数据。可以看到当时的周合约分摊率为25%。如果我们以1000美元的投资为例，乘以十倍杠杆，假设你在十一月8日购买的周合约，并在十一月12日交割，一下是两家的收益对比。
币琪 996
投资金额 $1,000.00 $1,000.00
杠杆量 10 10
费率 (%) 0.30% 0.03%
费用 ($) $30.00 $3.00

开仓价 (8-Nov) $344.03 $344.03
交割价 (12-Nov) $427.24 $427.24
% 回报率 24.19% 24.19%

毛盈利 $2,418.68 $2,418.68
利息 $144.00 $0.00
分摊前收益 $2,244.68 $2,415.68

分摊率 (%) 0% 25%
分摊后净利润 $2,244.68 $1,683.51
你会看到为了省很少的交易费，你需要放弃自己利润的一大部分。最大的问题是当（市场波动越明显），收益越高的时候，分摊比率也往往最高，所以交易者受到的打击更大。在人们的呼吁下，这些交易所推出了保险机制，但是这并不保证什么。
所以分摊绝对不是交易者可以忽略掉的因素。

原文：
Scale back IS the answer. Our rates may be higher, but when you lose 1/3 of your profits as soon as they are large then saving a few basis points is irrelevant.
In the example from 15 November 2014 on 996.com, the scale back for the weekly futures contract was 25%. If we use an example of a $1,000 investment at 10x leverage made on the 8th of November which was closed out on the 12th of November, here is the comparison between 996 and us after all fees:
Coinarch 996
Investment $1,000.00 $1,000.00
Leverage 10 10
Brokerage (%) 0.30% 0.03%
Fee ($) $30.00 $3.00

Opening Price (8-Nov) $344.03 $344.03
Closing Price (12-Nov) $427.24 $427.24
% Return 24.19% 24.19%

Gross $ Profit $2,418.68 $2,418.68
Interest Fees $144.00 $3.00
Pre Scale Back Profits $2,244.68 $2,415.68

Scale Back (%) 0% 25%
Post Scale Back Profit $2,244.68 $1,683.51
So to save yourself a little in brokerage you have ended up costing yourself a much larger amount in foregone profit. The worst part is the time the % scale back is largest is precisely when profits are largest meaning you get doubly hit. O***** and 996 have introduced some funds to cover scale backs because people were being hurt so badly, but these are not guaranteed to be there when it matters.
This is not something traders can afford to ignore.

Eric Mu，Head of Business Development - Greater China
邮件：[email protected]