\u0645\u0631\u0627\u062c\u062d\u0629 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 (Cash-and-Carry) \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629: \u0634\u0631\u062d \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0623\u0633\u0627\u0633 \u0628\u064a\u0646 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0641\u0648\u0631\u064a\u0629 \u0648\u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629 \u0628\u0627\u0644\u0623\u0631\u0642\u0627\u0645<\/span><\/h2>\n\u0639\u0646\u062f\u0645\u0627 \u064a\u064f\u062a\u062f\u0627\u0648\u0644 \u0639\u0642\u062f \u0622\u062c\u0644 \u0631\u0628\u0639 \u0633\u0646\u0648\u064a \u0639\u0644\u0649 \u0627\u0644\u0628\u064a\u062a\u0643\u0648\u064a\u0646 \u0628\u0633\u0639\u0631 \u0623\u0639\u0644\u0649 \u0645\u0646 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0641\u0648\u0631\u064a\u060c \u064a\u0645\u0643\u0646\u0643 \u0634\u0631\u0627\u0621 \u0627\u0644\u0639\u0645\u0644\u0629 \u0648\u0628\u064a\u0639 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0622\u062c\u0644 \u0648\u062a\u062b\u0628\u064a\u062a \u0627\u0644\u0641\u0627\u0631\u0642. \u0647\u0630\u0647 \u0647\u064a \u0645\u0631\u0627\u062c\u062d\u0629 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 (Cash-and-Carry). \u062a\u0628\u062f\u0648 \u062e\u0627\u0644\u064a\u0629 \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0648\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0639\u0631 \u0645\u062d\u0648\u0651\u0637\u0629 \u0641\u0639\u0644\u0627\u064b\u060c \u0644\u0643\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u062d\u0642\u064a\u0642\u064a \u064a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0627\u0644\u0631\u0633\u0648\u0645 \u0648\u0647\u064a\u0643\u0644 \u0627\u0644\u0647\u0627\u0645\u0634 \u0648\u062a\u0643\u0644\u0641\u0629 \u0631\u0623\u0633 \u0645\u0627\u0644\u0643 \u0648\u0645\u0627 \u064a\u062d\u062f\u062b \u0644\u0644\u0633\u0627\u0642 \u0627\u0644\u0642\u0635\u064a\u0631\u0629 \u0625\u0630\u0627 \u0627\u0631\u062a\u0641\u0639 \u0627\u0644\u0633\u0648\u0642 \u0628\u0646\u0633\u0628\u0629 30%. \u064a\u0633\u062a\u0639\u0631\u0636 \u0647\u0630\u0627 \u0627\u0644\u062f\u0644\u064a\u0644 \u0627\u0644\u0635\u0641\u0642\u0629 \u0643\u0627\u0645\u0644\u0629 \u0628\u0627\u0644\u0623\u0631\u0642\u0627\u0645.<\/p>\n<\/div>\n
\n\u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u062f\u0644\u064a\u0644<\/strong><\/p>\n\n- \u0645\u0627 \u0647\u064a \u0645\u0631\u0627\u062c\u062d\u0629 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638<\/a><\/li>\n
- \u0627\u0644\u0623\u0633\u0627\u0633 \u0648\u0627\u0644\u0643\u0648\u0646\u062a\u0627\u0646\u063a\u0648 \u0648\u0627\u0644\u0628\u0627\u0643\u0648\u0631\u062f\u064a\u0634\u0646<\/a><\/li>\n
- \u0645\u062b\u0627\u0644 \u0645\u062d\u0633\u0648\u0628 \u0639\u0644\u0649 BTC<\/a><\/li>\n
- \u0644\u0645\u0627\u0630\u0627 \u064a\u0648\u062c\u062f \u0627\u0644\u0623\u0633\u0627\u0633<\/a><\/li>\n
- \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629 \u0645\u062d\u062f\u062f\u0629 \u0627\u0644\u0623\u062c\u0644 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0641\u064a \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u062f\u0627\u0626\u0645\u0629<\/a><\/li>\n
- \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u062e\u0637\u064a\u0629 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0639\u0643\u0633\u064a\u0629: \u0642\u0631\u0627\u0631 \u0627\u0644\u0647\u0627\u0645\u0634<\/a><\/li>\n
- \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641 \u0648\u0646\u0642\u0637\u0629 \u0627\u0644\u062a\u0639\u0627\u062f\u0644 \u0648\u0627\u0644\u062d\u062f \u0627\u0644\u0623\u062f\u0646\u0649 \u0644\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u0637\u0644\u0648\u0628<\/a><\/li>\n
- \u062e\u0637\u0648\u0629 \u0628\u062e\u0637\u0648\u0629: \u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0635\u0641\u0642\u0629<\/a><\/li>\n
- \u0627\u0644\u062e\u0631\u0648\u062c \u0627\u0644\u0645\u0628\u0643\u0631 \u0648\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u062d\u062a\u0649 \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642 \u0648\u0627\u0644\u062a\u062f\u0648\u064a\u0631<\/a><\/li>\n
- \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062a\u0628\u0642\u064a\u0629 \u0628\u0639\u062f \u0627\u0644\u062a\u062d\u0648\u0637<\/a><\/li>\n
- \u0627\u0644\u0623\u062e\u0637\u0627\u0621 \u0627\u0644\u0634\u0627\u0626\u0639\u0629<\/a><\/li>\n
- \u0627\u0644\u0645\u0631\u0627\u0642\u0628\u0629 \u0648\u0627\u0644\u0623\u062a\u0645\u062a\u0629<\/a><\/li>\n
- \u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629<\/a><\/li>\n<\/ol>\n<\/div>\n
\u0645\u0627 \u0647\u064a \u0645\u0631\u0627\u062c\u062d\u0629 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638<\/h2>\n
\u0627\u0644\u0625\u062c\u0627\u0628\u0629 \u0627\u0644\u0645\u062e\u062a\u0635\u0631\u0629:<\/strong> \u062a\u0639\u0646\u064a \u0645\u0631\u0627\u062c\u062d\u0629 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 (Cash-and-Carry) \u0634\u0631\u0627\u0621 \u0623\u0635\u0644 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0641\u0648\u0631\u064a\u0629 \u0648\u0628\u064a\u0639 \u0639\u0642\u062f \u0622\u062c\u0644 \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0644 \u0646\u0641\u0633\u0647 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0630\u0627\u062a\u0647 \u0639\u0646\u062f\u0645\u0627 \u064a\u064f\u062a\u062f\u0627\u0648\u0644 \u0628\u0633\u0639\u0631 \u0623\u0639\u0644\u0649. \u064a\u0644\u063a\u064a \u0627\u0644\u0645\u0631\u0643\u0632\u0627\u0646 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0639\u0631 \u0644\u062f\u0649 \u0643\u0644 \u0645\u0646\u0647\u0645\u0627. \u0648\u0639\u0646\u062f \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642 \u064a\u062a\u0642\u0627\u0631\u0628 \u0633\u0639\u0631 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0622\u062c\u0644 \u0645\u0639 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0641\u0648\u0631\u064a\u060c \u0641\u064a\u0635\u0628\u062d \u0627\u0644\u0641\u0627\u0631\u0642 \u0627\u0644\u0630\u064a \u062b\u0628\u0651\u062a\u0651\u0647 \u0639\u0646\u062f \u0627\u0644\u062f\u062e\u0648\u0644 (\u0627\u0644\u0623\u0633\u0627\u0633) \u0647\u0648 \u0631\u0628\u062d\u0643 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u060c \u0623\u064a\u0627\u064b \u0643\u0627\u0646 \u0645\u0627 \u0641\u0639\u0644\u062a\u0647 \u0627\u0644\u0639\u0645\u0644\u0629 \u0641\u064a \u0627\u0644\u0623\u062b\u0646\u0627\u0621.<\/p>\n\u064a\u0623\u062a\u064a \u0627\u0644\u0627\u0633\u0645 \u0645\u0646 \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0633\u0644\u0639 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629: \u062a\u062f\u0641\u0639 \u0646\u0642\u062f\u0627\u064b (cash) \u062b\u0645\u0646 \u0627\u0644\u0633\u0644\u0639\u0629 \u0627\u0644\u0645\u0627\u062f\u064a\u0629 \u0648\u062a\u062d\u062a\u0641\u0638 \u0628\u0647\u0627 (carry) \u2013 \u0623\u064a \u062a\u062e\u0632\u0651\u0646\u0647\u0627 \u0648\u062a\u0624\u0645\u0651\u0646 \u0639\u0644\u064a\u0647\u0627 \u0648\u062a\u0645\u0648\u0651\u0644\u0647\u0627 \u2013 \u062d\u062a\u0649 \u0645\u0648\u0639\u062f \u062a\u0633\u0644\u064a\u0645 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0622\u062c\u0644. \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0644\u0627 \u064a\u0648\u062c\u062f \u0645\u0633\u062a\u0648\u062f\u0639\u060c \u0644\u0643\u0646 \u062a\u0628\u0642\u0649 \u0647\u0646\u0627\u0643 \u062a\u0643\u0644\u0641\u0629 \u0627\u062d\u062a\u0641\u0627\u0638 \u0645\u0639 \u0630\u0644\u0643: \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u062c\u0645\u0651\u062f \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u0629\u060c \u0648\u0627\u0644\u0647\u0627\u0645\u0634 \u0627\u0644\u0645\u0637\u0644\u0648\u0628 \u0644\u0644\u0645\u0631\u0643\u0632 \u0627\u0644\u0642\u0635\u064a\u0631\u060c \u0648\u0631\u0633\u0648\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u0648\u0645\u062e\u0627\u0637\u0631 \u0625\u0628\u0642\u0627\u0621 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0639\u0644\u0649 \u0645\u0646\u0635\u0629 \u062a\u062f\u0627\u0648\u0644.<\/p>\n
\u0635\u0641\u0642\u0629 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0635\u0641\u0642\u0629 \u0645\u062d\u0627\u064a\u062f\u0629 \u062a\u062c\u0627\u0647 \u0627\u0644\u0633\u0648\u0642 \u062a\u0642\u0648\u0645 \u0639\u0644\u0649 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0646\u0633\u0628\u064a\u0629. \u0641\u0647\u064a \u0644\u0627 \u062a\u062d\u0627\u0648\u0644 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0627\u062a\u062c\u0627\u0647 \u0627\u0644\u0628\u064a\u062a\u0643\u0648\u064a\u0646\u060c \u0628\u0644 \u062a\u062d\u0642\u0642 \u0639\u0627\u0626\u062f\u0627\u064b \u064a\u062f\u0641\u0639\u0647 \u0627\u0644\u0633\u0648\u0642 \u0644\u0645\u0646 \u064a\u0631\u063a\u0628 \u0641\u064a \u0628\u064a\u0639 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629 \u0644\u0644\u0645\u0634\u062a\u0631\u064a\u0646 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u064a\u0646 \u0644\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629. \u0648\u0644\u0647\u0630\u0627 \u062a\u062d\u0638\u0649 \u0628\u0634\u0639\u0628\u064a\u0629 \u0644\u062f\u0649 \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642 \u0648\u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u062e\u0632\u064a\u0646\u0629\u060c \u0648\u0644\u0647\u0630\u0627 \u0623\u064a\u0636\u0627\u064b \u064a\u062a\u0642\u0644\u0635 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0646\u062f\u0645\u0627 \u064a\u0637\u0627\u0631\u062f\u0647 \u0631\u0623\u0633 \u0645\u0627\u0644 \u0643\u0628\u064a\u0631.<\/p>\n
\u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0647\u0630\u0647 \u0627\u0644\u0623\u062f\u0648\u0627\u062a \u062c\u062f\u064a\u062f\u0629 \u0639\u0644\u064a\u0643\u060c \u0641\u0627\u0628\u062f\u0623 \u0628\u0634\u0631\u062d\u0646\u0627 \u062d\u0648\u0644 \u0643\u064a\u0641 \u062a\u062e\u062a\u0644\u0641 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629 \u0639\u0646 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0641\u0648\u0631\u064a\u0629<\/a>. \u064a\u0641\u062a\u0631\u0636 \u0647\u0630\u0627 \u0627\u0644\u062f\u0644\u064a\u0644 \u0623\u0646\u0643 \u062a\u0639\u0631\u0641 \u0645\u0627 \u0647\u0648 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0622\u062c\u0644 \u0648\u0645\u0627 \u0647\u0648 \u0627\u0644\u0647\u0627\u0645\u0634.<\/p>\n\u0627\u0644\u0623\u0633\u0627\u0633 \u0648\u0627\u0644\u0643\u0648\u0646\u062a\u0627\u0646\u063a\u0648 \u0648\u0627\u0644\u0628\u0627\u0643\u0648\u0631\u062f\u064a\u0634\u0646<\/h2>\n
\u0627\u0644\u0623\u0633\u0627\u0633 (Basis)<\/strong> \u0647\u0648 \u0627\u0644\u0641\u0631\u0642 \u0628\u064a\u0646 \u0633\u0639\u0631 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0622\u062c\u0644 \u0648\u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0641\u0648\u0631\u064a. \u0648\u064a\u0639\u0628\u0651\u0631 \u0639\u0646\u0647 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0648\u0646 \u0628\u062b\u0644\u0627\u062b \u0637\u0631\u0642:<\/p>\n\nF − S<\/span>\u0627\u0644\u0623\u0633\u0627\u0633 \u0627\u0644\u0645\u0637\u0644\u0642<\/span>\u0628\u0627\u0644\u062f\u0648\u0644\u0627\u0631 \u0644\u0643\u0644 \u0639\u0645\u0644\u0629\u060c \u0645\u062b\u0644\u0627\u064b $101,800 − $100,000 = $1,800<\/span><\/div>\n(F − S) \/ S<\/span>\u0627\u0644\u0623\u0633\u0627\u0633\u060c %<\/span>\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0630\u064a \u062a\u062b\u0628\u0651\u062a\u0647 \u062d\u062a\u0649 \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642: $1,800 \/ $100,000 = 1.80%<\/span><\/div>\n× 365 \/ \u0627\u0644\u0623\u064a\u0627\u0645<\/span>\u0627\u0644\u0623\u0633\u0627\u0633 \u0627\u0644\u0633\u0646\u0648\u064a<\/span>\u064a\u062c\u0639\u0644 \u0627\u0644\u0639\u0642\u0648\u062f \u0630\u0627\u062a \u062a\u0648\u0627\u0631\u064a\u062e \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u0645\u0642\u0627\u0631\u0646\u0629: 1.80% × 365 \/ 91 = 7.22% \u0633\u0646\u0648\u064a\u0627\u064b<\/span><\/div>\n<\/div>\n\u062d\u0633\u0627\u0628 \u0633\u0646\u0648\u064a \u0628\u0633\u064a\u0637 (\u063a\u064a\u0631 \u0645\u0631\u0643\u0651\u0628)\u060c \u0648\u0647\u064a \u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062a\u064a \u062a\u0639\u0631\u0636\u0647 \u0628\u0647\u0627 \u0645\u0639\u0638\u0645 \u0644\u0648\u062d\u0627\u062a \u0627\u0644\u0645\u062a\u0627\u0628\u0639\u0629. \u0623\u0645\u0627 \u0627\u0644\u0623\u0631\u0642\u0627\u0645 \u0627\u0644\u0645\u0631\u0643\u0651\u0628\u0629 \u0641\u062a\u0643\u0648\u0646 \u0623\u0639\u0644\u0649 \u0642\u0644\u064a\u0644\u0627\u064b.<\/p>\n
\u0639\u0646\u062f\u0645\u0627 \u062a\u064f\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629 \u0641\u0648\u0642<\/strong> \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0641\u0648\u0631\u064a \u064a\u0643\u0648\u0646 \u0627\u0644\u0633\u0648\u0642 \u0641\u064a \u062d\u0627\u0644\u0629 \u0643\u0648\u0646\u062a\u0627\u0646\u063a\u0648 (contango)<\/strong>. \u0648\u0647\u0630\u0647 \u0647\u064a \u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u0637\u0628\u064a\u0639\u064a\u0629 \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629\u060c \u0644\u0623\u0646 \u0645\u0639\u0638\u0645 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u064a\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u0633\u062a\u062e\u062f\u0645\u0648\u0646 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629 \u064a\u0631\u064a\u062f\u0648\u0646 \u0627\u0646\u0643\u0634\u0627\u0641\u0627\u064b \u0634\u0631\u0627\u0626\u064a\u0627\u064b \u0628\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629. \u0648\u062a\u062d\u062a\u0627\u062c \u0645\u0631\u0627\u062c\u062d\u0629 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0625\u0644\u0649 \u0627\u0644\u0643\u0648\u0646\u062a\u0627\u0646\u063a\u0648.<\/p>\n\u0639\u0646\u062f\u0645\u0627 \u062a\u064f\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629 \u062f\u0648\u0646<\/strong> \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0641\u0648\u0631\u064a \u064a\u0643\u0648\u0646 \u0627\u0644\u0633\u0648\u0642 \u0641\u064a \u062d\u0627\u0644\u0629 \u0628\u0627\u0643\u0648\u0631\u062f\u064a\u0634\u0646 (backwardation)<\/strong>. \u0648\u064a\u062d\u062f\u062b \u0630\u0644\u0643 \u0628\u0639\u062f \u0627\u0644\u0627\u0646\u0647\u064a\u0627\u0631\u0627\u062a\u060c \u0623\u0648 \u0623\u062b\u0646\u0627\u0621 \u062a\u0642\u0644\u064a\u0635 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0642\u0633\u0631\u064a\u060c \u0623\u0648 \u0639\u0646\u062f\u0645\u0627 \u064a\u0643\u0648\u0646 \u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u0639\u0645\u0644\u0629 \u0645\u0643\u0644\u0641\u0627\u064b. \u0646\u0638\u0631\u064a\u0627\u064b \u064a\u0645\u0643\u0646\u0643 \u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0635\u0641\u0642\u0629 \u0628\u0627\u0644\u0639\u0643\u0633 (\u0628\u064a\u0639 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0641\u0648\u0631\u064a\u0629 \u0648\u0634\u0631\u0627\u0621 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0622\u062c\u0644)\u060c \u0644\u0643\u0646 \u0627\u0644\u0628\u064a\u0639 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0644\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0641\u0648\u0631\u064a\u0629 \u064a\u062a\u0637\u0644\u0628 \u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u0639\u0645\u0644\u0629 \u0628\u0627\u0644\u0647\u0627\u0645\u0634\u060c \u0648\u0647\u0648 \u063a\u0627\u0644\u0628\u0627\u064b \u0645\u062d\u062f\u0648\u062f \u0648\u0645\u0643\u0644\u0641. \u0648\u0645\u0639\u0638\u0645 \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u064a\u0646 \u064a\u0646\u062a\u0638\u0631\u0648\u0646 \u0628\u0628\u0633\u0627\u0637\u0629 \u0639\u0648\u062f\u0629 \u0627\u0644\u0643\u0648\u0646\u062a\u0627\u0646\u063a\u0648.<\/p>\n\u0627\u0644\u062e\u0627\u0635\u064a\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0647\u064a \u0627\u0644\u062a\u0642\u0627\u0631\u0628<\/strong>: \u0641\u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0622\u062c\u0644 \u0645\u062d\u062f\u062f \u0627\u0644\u0623\u062c\u0644 \u064a\u064f\u0633\u0648\u0651\u0649 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0645\u0624\u0634\u0631 \u0627\u0644\u0641\u0648\u0631\u064a \u0639\u0646\u062f \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642\u060c \u0648\u0644\u0630\u0644\u0643 \u064a\u062c\u0628 \u0623\u0646 \u064a\u0646\u062e\u0641\u0636 \u0627\u0644\u0623\u0633\u0627\u0633 \u0625\u0644\u0649 \u0627\u0644\u0635\u0641\u0631 \u0641\u064a \u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642. \u0648\u0642\u0628\u0644 \u0630\u0644\u0643 \u064a\u062a\u062d\u0631\u0643 \u0627\u0644\u0623\u0633\u0627\u0633 \u0628\u062d\u0631\u064a\u0629: \u0641\u0642\u062f \u064a\u062a\u0633\u0639 \u0623\u0648 \u064a\u0636\u064a\u0642 \u0623\u0648 \u064a\u0635\u0628\u062d \u0633\u0627\u0644\u0628\u0627\u064b \u0644\u0641\u062a\u0631\u0629 \u0648\u062c\u064a\u0632\u0629. \u0648\u0627\u0644\u062a\u0642\u0627\u0631\u0628 \u0647\u0648 \u0627\u0644\u0646\u0642\u0637\u0629 \u0627\u0644\u0648\u062d\u064a\u062f\u0629 \u0627\u0644\u062a\u064a \u062a\u0643\u0648\u0646 \u0641\u064a\u0647\u0627 \u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0645\u062d\u062f\u062f\u0629.<\/p>\n![\"\u062a\u0642\u0627\u0631\u0628](\"https:\/\/bjftradinggroup.com\/wp-content\/uploads\/2026\/10\/basis-convergence-cash-and-carry-arbitrage-crypto-1760x800-1.webp\")
\u0645\u062d\u0627\u0643\u0627\u0629 \u062a\u0648\u0636\u064a\u062d\u064a\u0629: \u064a\u0628\u0642\u0649 \u0633\u0639\u0631 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0622\u062c\u0644 (\u0627\u0644\u0630\u0647\u0628\u064a) \u0641\u0648\u0642 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0641\u0648\u0631\u064a (\u0627\u0644\u0623\u0632\u0631\u0642) \u062e\u0644\u0627\u0644 \u0627\u0644\u0631\u0628\u0639 \u0648\u064a\u0644\u062a\u0642\u064a \u0628\u0647 \u0639\u0646\u062f \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642. \u0648\u064a\u064f\u0638\u0647\u0631 \u0627\u0644\u0644\u0648\u062d \u0627\u0644\u0633\u0641\u0644\u064a \u0627\u0644\u0623\u0633\u0627\u0633 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0627\u0644\u0645\u0626\u0648\u064a\u0629 \u0648\u0647\u0648 \u064a\u0646\u062e\u0641\u0636 \u0625\u0644\u0649 \u0627\u0644\u0635\u0641\u0631. \u0627\u0644\u0645\u0633\u0627\u0631\u0627\u062a \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0623\u0643\u062b\u0631 \u062a\u0630\u0628\u0630\u0628\u0627\u064b.<\/figcaption><\/figure>\n\u0645\u062b\u0627\u0644 \u0645\u062d\u0633\u0648\u0628 \u0639\u0644\u0649 BTC<\/h2>\n
\u062c\u0645\u064a\u0639 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0623\u062f\u0646\u0627\u0647 \u0623\u0631\u0642\u0627\u0645 \u062a\u0642\u0631\u064a\u0628\u064a\u0629 \u062a\u0648\u0636\u064a\u062d\u064a\u0629 \u0627\u062e\u062a\u064a\u0631\u062a \u0644\u062a\u0633\u0647\u064a\u0644 \u0645\u062a\u0627\u0628\u0639\u0629 \u0627\u0644\u062d\u0633\u0627\u0628\u060c \u0648\u0644\u064a\u0633\u062a \u0623\u0633\u0639\u0627\u0631\u0627\u064b \u0645\u0646 \u064a\u0648\u0645 \u0645\u062d\u062f\u062f.<\/p>\n
\n- \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0641\u0648\u0631\u064a \u0644\u0640 BTC: $100,000<\/strong><\/li>\n
- \u0639\u0642\u062f BTC \u0627\u0644\u0622\u062c\u0644 \u0627\u0644\u0631\u0628\u0639 \u0633\u0646\u0648\u064a\u060c 91 \u064a\u0648\u0645\u0627\u064b \u062d\u062a\u0649 \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642: $101,800<\/strong><\/li>\n
- \u0627\u0644\u0623\u0633\u0627\u0633: $1,800 = 1.80%<\/strong>\u060c \u0633\u0646\u0648\u064a\u0627\u064b 7.22%<\/strong><\/li>\n
- \u062d\u062c\u0645 \u0627\u0644\u0635\u0641\u0642\u0629: 1 BTC<\/strong> \u0634\u0631\u0627\u0621 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0641\u0648\u0631\u064a\u0629\u060c 1 BTC<\/strong> \u0628\u064a\u0639 \u0639\u0642\u062f \u0622\u062c\u0644 (\u0628\u0647\u0627\u0645\u0634 USDT)<\/li>\n<\/ul>\n
\u0639\u0646\u062f \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642 \u064a\u064f\u0633\u0648\u0651\u0649 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0622\u062c\u0644 \u0628\u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0641\u0648\u0631\u064a \u0623\u064a\u0627\u064b \u0643\u0627\u0646. \u0648\u0625\u0644\u064a\u0643 \u0645\u0627 \u064a\u062d\u062f\u062b \u0641\u064a \u062b\u0644\u0627\u062b\u0629 \u0623\u0633\u0648\u0627\u0642 \u0645\u062e\u062a\u0644\u0641\u0629 \u062a\u0645\u0627\u0645\u0627\u064b:<\/p>\n
\n
- \n
- \u0645\u0627 \u0647\u064a \u0645\u0631\u0627\u062c\u062d\u0629 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638<\/a><\/li>\n
- \u0627\u0644\u0623\u0633\u0627\u0633 \u0648\u0627\u0644\u0643\u0648\u0646\u062a\u0627\u0646\u063a\u0648 \u0648\u0627\u0644\u0628\u0627\u0643\u0648\u0631\u062f\u064a\u0634\u0646<\/a><\/li>\n
- \u0645\u062b\u0627\u0644 \u0645\u062d\u0633\u0648\u0628 \u0639\u0644\u0649 BTC<\/a><\/li>\n
- \u0644\u0645\u0627\u0630\u0627 \u064a\u0648\u062c\u062f \u0627\u0644\u0623\u0633\u0627\u0633<\/a><\/li>\n
- \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629 \u0645\u062d\u062f\u062f\u0629 \u0627\u0644\u0623\u062c\u0644 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0641\u064a \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u062f\u0627\u0626\u0645\u0629<\/a><\/li>\n
- \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u062e\u0637\u064a\u0629 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0639\u0643\u0633\u064a\u0629: \u0642\u0631\u0627\u0631 \u0627\u0644\u0647\u0627\u0645\u0634<\/a><\/li>\n
- \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641 \u0648\u0646\u0642\u0637\u0629 \u0627\u0644\u062a\u0639\u0627\u062f\u0644 \u0648\u0627\u0644\u062d\u062f \u0627\u0644\u0623\u062f\u0646\u0649 \u0644\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u0637\u0644\u0648\u0628<\/a><\/li>\n
- \u062e\u0637\u0648\u0629 \u0628\u062e\u0637\u0648\u0629: \u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0635\u0641\u0642\u0629<\/a><\/li>\n
- \u0627\u0644\u062e\u0631\u0648\u062c \u0627\u0644\u0645\u0628\u0643\u0631 \u0648\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u062d\u062a\u0649 \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642 \u0648\u0627\u0644\u062a\u062f\u0648\u064a\u0631<\/a><\/li>\n
- \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062a\u0628\u0642\u064a\u0629 \u0628\u0639\u062f \u0627\u0644\u062a\u062d\u0648\u0637<\/a><\/li>\n
- \u0627\u0644\u0623\u062e\u0637\u0627\u0621 \u0627\u0644\u0634\u0627\u0626\u0639\u0629<\/a><\/li>\n
- \u0627\u0644\u0645\u0631\u0627\u0642\u0628\u0629 \u0648\u0627\u0644\u0623\u062a\u0645\u062a\u0629<\/a><\/li>\n
- \u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629<\/a><\/li>\n<\/ol>\n<\/div>\n
\u0645\u0627 \u0647\u064a \u0645\u0631\u0627\u062c\u062d\u0629 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638<\/h2>\n
\u0627\u0644\u0625\u062c\u0627\u0628\u0629 \u0627\u0644\u0645\u062e\u062a\u0635\u0631\u0629:<\/strong> \u062a\u0639\u0646\u064a \u0645\u0631\u0627\u062c\u062d\u0629 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 (Cash-and-Carry) \u0634\u0631\u0627\u0621 \u0623\u0635\u0644 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0641\u0648\u0631\u064a\u0629 \u0648\u0628\u064a\u0639 \u0639\u0642\u062f \u0622\u062c\u0644 \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0644 \u0646\u0641\u0633\u0647 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0630\u0627\u062a\u0647 \u0639\u0646\u062f\u0645\u0627 \u064a\u064f\u062a\u062f\u0627\u0648\u0644 \u0628\u0633\u0639\u0631 \u0623\u0639\u0644\u0649. \u064a\u0644\u063a\u064a \u0627\u0644\u0645\u0631\u0643\u0632\u0627\u0646 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0639\u0631 \u0644\u062f\u0649 \u0643\u0644 \u0645\u0646\u0647\u0645\u0627. \u0648\u0639\u0646\u062f \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642 \u064a\u062a\u0642\u0627\u0631\u0628 \u0633\u0639\u0631 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0622\u062c\u0644 \u0645\u0639 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0641\u0648\u0631\u064a\u060c \u0641\u064a\u0635\u0628\u062d \u0627\u0644\u0641\u0627\u0631\u0642 \u0627\u0644\u0630\u064a \u062b\u0628\u0651\u062a\u0651\u0647 \u0639\u0646\u062f \u0627\u0644\u062f\u062e\u0648\u0644 (\u0627\u0644\u0623\u0633\u0627\u0633) \u0647\u0648 \u0631\u0628\u062d\u0643 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u060c \u0623\u064a\u0627\u064b \u0643\u0627\u0646 \u0645\u0627 \u0641\u0639\u0644\u062a\u0647 \u0627\u0644\u0639\u0645\u0644\u0629 \u0641\u064a \u0627\u0644\u0623\u062b\u0646\u0627\u0621.<\/p>\n
\u064a\u0623\u062a\u064a \u0627\u0644\u0627\u0633\u0645 \u0645\u0646 \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0633\u0644\u0639 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629: \u062a\u062f\u0641\u0639 \u0646\u0642\u062f\u0627\u064b (cash) \u062b\u0645\u0646 \u0627\u0644\u0633\u0644\u0639\u0629 \u0627\u0644\u0645\u0627\u062f\u064a\u0629 \u0648\u062a\u062d\u062a\u0641\u0638 \u0628\u0647\u0627 (carry) \u2013 \u0623\u064a \u062a\u062e\u0632\u0651\u0646\u0647\u0627 \u0648\u062a\u0624\u0645\u0651\u0646 \u0639\u0644\u064a\u0647\u0627 \u0648\u062a\u0645\u0648\u0651\u0644\u0647\u0627 \u2013 \u062d\u062a\u0649 \u0645\u0648\u0639\u062f \u062a\u0633\u0644\u064a\u0645 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0622\u062c\u0644. \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0644\u0627 \u064a\u0648\u062c\u062f \u0645\u0633\u062a\u0648\u062f\u0639\u060c \u0644\u0643\u0646 \u062a\u0628\u0642\u0649 \u0647\u0646\u0627\u0643 \u062a\u0643\u0644\u0641\u0629 \u0627\u062d\u062a\u0641\u0627\u0638 \u0645\u0639 \u0630\u0644\u0643: \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u062c\u0645\u0651\u062f \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u0629\u060c \u0648\u0627\u0644\u0647\u0627\u0645\u0634 \u0627\u0644\u0645\u0637\u0644\u0648\u0628 \u0644\u0644\u0645\u0631\u0643\u0632 \u0627\u0644\u0642\u0635\u064a\u0631\u060c \u0648\u0631\u0633\u0648\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u0648\u0645\u062e\u0627\u0637\u0631 \u0625\u0628\u0642\u0627\u0621 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0639\u0644\u0649 \u0645\u0646\u0635\u0629 \u062a\u062f\u0627\u0648\u0644.<\/p>\n
\u0635\u0641\u0642\u0629 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0635\u0641\u0642\u0629 \u0645\u062d\u0627\u064a\u062f\u0629 \u062a\u062c\u0627\u0647 \u0627\u0644\u0633\u0648\u0642 \u062a\u0642\u0648\u0645 \u0639\u0644\u0649 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0646\u0633\u0628\u064a\u0629. \u0641\u0647\u064a \u0644\u0627 \u062a\u062d\u0627\u0648\u0644 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0627\u062a\u062c\u0627\u0647 \u0627\u0644\u0628\u064a\u062a\u0643\u0648\u064a\u0646\u060c \u0628\u0644 \u062a\u062d\u0642\u0642 \u0639\u0627\u0626\u062f\u0627\u064b \u064a\u062f\u0641\u0639\u0647 \u0627\u0644\u0633\u0648\u0642 \u0644\u0645\u0646 \u064a\u0631\u063a\u0628 \u0641\u064a \u0628\u064a\u0639 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629 \u0644\u0644\u0645\u0634\u062a\u0631\u064a\u0646 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u064a\u0646 \u0644\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629. \u0648\u0644\u0647\u0630\u0627 \u062a\u062d\u0638\u0649 \u0628\u0634\u0639\u0628\u064a\u0629 \u0644\u062f\u0649 \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642 \u0648\u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u062e\u0632\u064a\u0646\u0629\u060c \u0648\u0644\u0647\u0630\u0627 \u0623\u064a\u0636\u0627\u064b \u064a\u062a\u0642\u0644\u0635 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0646\u062f\u0645\u0627 \u064a\u0637\u0627\u0631\u062f\u0647 \u0631\u0623\u0633 \u0645\u0627\u0644 \u0643\u0628\u064a\u0631.<\/p>\n
\u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0647\u0630\u0647 \u0627\u0644\u0623\u062f\u0648\u0627\u062a \u062c\u062f\u064a\u062f\u0629 \u0639\u0644\u064a\u0643\u060c \u0641\u0627\u0628\u062f\u0623 \u0628\u0634\u0631\u062d\u0646\u0627 \u062d\u0648\u0644 \u0643\u064a\u0641 \u062a\u062e\u062a\u0644\u0641 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629 \u0639\u0646 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0641\u0648\u0631\u064a\u0629<\/a>. \u064a\u0641\u062a\u0631\u0636 \u0647\u0630\u0627 \u0627\u0644\u062f\u0644\u064a\u0644 \u0623\u0646\u0643 \u062a\u0639\u0631\u0641 \u0645\u0627 \u0647\u0648 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0622\u062c\u0644 \u0648\u0645\u0627 \u0647\u0648 \u0627\u0644\u0647\u0627\u0645\u0634.<\/p>\n
\u0627\u0644\u0623\u0633\u0627\u0633 \u0648\u0627\u0644\u0643\u0648\u0646\u062a\u0627\u0646\u063a\u0648 \u0648\u0627\u0644\u0628\u0627\u0643\u0648\u0631\u062f\u064a\u0634\u0646<\/h2>\n
\u0627\u0644\u0623\u0633\u0627\u0633 (Basis)<\/strong> \u0647\u0648 \u0627\u0644\u0641\u0631\u0642 \u0628\u064a\u0646 \u0633\u0639\u0631 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0622\u062c\u0644 \u0648\u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0641\u0648\u0631\u064a. \u0648\u064a\u0639\u0628\u0651\u0631 \u0639\u0646\u0647 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0648\u0646 \u0628\u062b\u0644\u0627\u062b \u0637\u0631\u0642:<\/p>\n
\nF − S<\/span>\u0627\u0644\u0623\u0633\u0627\u0633 \u0627\u0644\u0645\u0637\u0644\u0642<\/span>\u0628\u0627\u0644\u062f\u0648\u0644\u0627\u0631 \u0644\u0643\u0644 \u0639\u0645\u0644\u0629\u060c \u0645\u062b\u0644\u0627\u064b $101,800 − $100,000 = $1,800<\/span><\/div>\n(F − S) \/ S<\/span>\u0627\u0644\u0623\u0633\u0627\u0633\u060c %<\/span>\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0630\u064a \u062a\u062b\u0628\u0651\u062a\u0647 \u062d\u062a\u0649 \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642: $1,800 \/ $100,000 = 1.80%<\/span><\/div>\n× 365 \/ \u0627\u0644\u0623\u064a\u0627\u0645<\/span>\u0627\u0644\u0623\u0633\u0627\u0633 \u0627\u0644\u0633\u0646\u0648\u064a<\/span>\u064a\u062c\u0639\u0644 \u0627\u0644\u0639\u0642\u0648\u062f \u0630\u0627\u062a \u062a\u0648\u0627\u0631\u064a\u062e \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u0645\u0642\u0627\u0631\u0646\u0629: 1.80% × 365 \/ 91 = 7.22% \u0633\u0646\u0648\u064a\u0627\u064b<\/span><\/div>\n<\/div>\n\u062d\u0633\u0627\u0628 \u0633\u0646\u0648\u064a \u0628\u0633\u064a\u0637 (\u063a\u064a\u0631 \u0645\u0631\u0643\u0651\u0628)\u060c \u0648\u0647\u064a \u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062a\u064a \u062a\u0639\u0631\u0636\u0647 \u0628\u0647\u0627 \u0645\u0639\u0638\u0645 \u0644\u0648\u062d\u0627\u062a \u0627\u0644\u0645\u062a\u0627\u0628\u0639\u0629. \u0623\u0645\u0627 \u0627\u0644\u0623\u0631\u0642\u0627\u0645 \u0627\u0644\u0645\u0631\u0643\u0651\u0628\u0629 \u0641\u062a\u0643\u0648\u0646 \u0623\u0639\u0644\u0649 \u0642\u0644\u064a\u0644\u0627\u064b.<\/p>\n
\u0639\u0646\u062f\u0645\u0627 \u062a\u064f\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629 \u0641\u0648\u0642<\/strong> \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0641\u0648\u0631\u064a \u064a\u0643\u0648\u0646 \u0627\u0644\u0633\u0648\u0642 \u0641\u064a \u062d\u0627\u0644\u0629 \u0643\u0648\u0646\u062a\u0627\u0646\u063a\u0648 (contango)<\/strong>. \u0648\u0647\u0630\u0647 \u0647\u064a \u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u0637\u0628\u064a\u0639\u064a\u0629 \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629\u060c \u0644\u0623\u0646 \u0645\u0639\u0638\u0645 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u064a\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u0633\u062a\u062e\u062f\u0645\u0648\u0646 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629 \u064a\u0631\u064a\u062f\u0648\u0646 \u0627\u0646\u0643\u0634\u0627\u0641\u0627\u064b \u0634\u0631\u0627\u0626\u064a\u0627\u064b \u0628\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629. \u0648\u062a\u062d\u062a\u0627\u062c \u0645\u0631\u0627\u062c\u062d\u0629 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0625\u0644\u0649 \u0627\u0644\u0643\u0648\u0646\u062a\u0627\u0646\u063a\u0648.<\/p>\n
\u0639\u0646\u062f\u0645\u0627 \u062a\u064f\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629 \u062f\u0648\u0646<\/strong> \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0641\u0648\u0631\u064a \u064a\u0643\u0648\u0646 \u0627\u0644\u0633\u0648\u0642 \u0641\u064a \u062d\u0627\u0644\u0629 \u0628\u0627\u0643\u0648\u0631\u062f\u064a\u0634\u0646 (backwardation)<\/strong>. \u0648\u064a\u062d\u062f\u062b \u0630\u0644\u0643 \u0628\u0639\u062f \u0627\u0644\u0627\u0646\u0647\u064a\u0627\u0631\u0627\u062a\u060c \u0623\u0648 \u0623\u062b\u0646\u0627\u0621 \u062a\u0642\u0644\u064a\u0635 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0642\u0633\u0631\u064a\u060c \u0623\u0648 \u0639\u0646\u062f\u0645\u0627 \u064a\u0643\u0648\u0646 \u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u0639\u0645\u0644\u0629 \u0645\u0643\u0644\u0641\u0627\u064b. \u0646\u0638\u0631\u064a\u0627\u064b \u064a\u0645\u0643\u0646\u0643 \u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0635\u0641\u0642\u0629 \u0628\u0627\u0644\u0639\u0643\u0633 (\u0628\u064a\u0639 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0641\u0648\u0631\u064a\u0629 \u0648\u0634\u0631\u0627\u0621 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0622\u062c\u0644)\u060c \u0644\u0643\u0646 \u0627\u0644\u0628\u064a\u0639 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0644\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0641\u0648\u0631\u064a\u0629 \u064a\u062a\u0637\u0644\u0628 \u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u0639\u0645\u0644\u0629 \u0628\u0627\u0644\u0647\u0627\u0645\u0634\u060c \u0648\u0647\u0648 \u063a\u0627\u0644\u0628\u0627\u064b \u0645\u062d\u062f\u0648\u062f \u0648\u0645\u0643\u0644\u0641. \u0648\u0645\u0639\u0638\u0645 \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u064a\u0646 \u064a\u0646\u062a\u0638\u0631\u0648\u0646 \u0628\u0628\u0633\u0627\u0637\u0629 \u0639\u0648\u062f\u0629 \u0627\u0644\u0643\u0648\u0646\u062a\u0627\u0646\u063a\u0648.<\/p>\n
\u0627\u0644\u062e\u0627\u0635\u064a\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0647\u064a \u0627\u0644\u062a\u0642\u0627\u0631\u0628<\/strong>: \u0641\u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0622\u062c\u0644 \u0645\u062d\u062f\u062f \u0627\u0644\u0623\u062c\u0644 \u064a\u064f\u0633\u0648\u0651\u0649 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0645\u0624\u0634\u0631 \u0627\u0644\u0641\u0648\u0631\u064a \u0639\u0646\u062f \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642\u060c \u0648\u0644\u0630\u0644\u0643 \u064a\u062c\u0628 \u0623\u0646 \u064a\u0646\u062e\u0641\u0636 \u0627\u0644\u0623\u0633\u0627\u0633 \u0625\u0644\u0649 \u0627\u0644\u0635\u0641\u0631 \u0641\u064a \u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642. \u0648\u0642\u0628\u0644 \u0630\u0644\u0643 \u064a\u062a\u062d\u0631\u0643 \u0627\u0644\u0623\u0633\u0627\u0633 \u0628\u062d\u0631\u064a\u0629: \u0641\u0642\u062f \u064a\u062a\u0633\u0639 \u0623\u0648 \u064a\u0636\u064a\u0642 \u0623\u0648 \u064a\u0635\u0628\u062d \u0633\u0627\u0644\u0628\u0627\u064b \u0644\u0641\u062a\u0631\u0629 \u0648\u062c\u064a\u0632\u0629. \u0648\u0627\u0644\u062a\u0642\u0627\u0631\u0628 \u0647\u0648 \u0627\u0644\u0646\u0642\u0637\u0629 \u0627\u0644\u0648\u062d\u064a\u062f\u0629 \u0627\u0644\u062a\u064a \u062a\u0643\u0648\u0646 \u0641\u064a\u0647\u0627 \u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0645\u062d\u062f\u062f\u0629.<\/p>\n
\u0645\u062d\u0627\u0643\u0627\u0629 \u062a\u0648\u0636\u064a\u062d\u064a\u0629: \u064a\u0628\u0642\u0649 \u0633\u0639\u0631 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0622\u062c\u0644 (\u0627\u0644\u0630\u0647\u0628\u064a) \u0641\u0648\u0642 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0641\u0648\u0631\u064a (\u0627\u0644\u0623\u0632\u0631\u0642) \u062e\u0644\u0627\u0644 \u0627\u0644\u0631\u0628\u0639 \u0648\u064a\u0644\u062a\u0642\u064a \u0628\u0647 \u0639\u0646\u062f \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642. \u0648\u064a\u064f\u0638\u0647\u0631 \u0627\u0644\u0644\u0648\u062d \u0627\u0644\u0633\u0641\u0644\u064a \u0627\u0644\u0623\u0633\u0627\u0633 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0627\u0644\u0645\u0626\u0648\u064a\u0629 \u0648\u0647\u0648 \u064a\u0646\u062e\u0641\u0636 \u0625\u0644\u0649 \u0627\u0644\u0635\u0641\u0631. \u0627\u0644\u0645\u0633\u0627\u0631\u0627\u062a \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0623\u0643\u062b\u0631 \u062a\u0630\u0628\u0630\u0628\u0627\u064b.<\/figcaption><\/figure>\n \u0645\u062b\u0627\u0644 \u0645\u062d\u0633\u0648\u0628 \u0639\u0644\u0649 BTC<\/h2>\n
\u062c\u0645\u064a\u0639 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0623\u062f\u0646\u0627\u0647 \u0623\u0631\u0642\u0627\u0645 \u062a\u0642\u0631\u064a\u0628\u064a\u0629 \u062a\u0648\u0636\u064a\u062d\u064a\u0629 \u0627\u062e\u062a\u064a\u0631\u062a \u0644\u062a\u0633\u0647\u064a\u0644 \u0645\u062a\u0627\u0628\u0639\u0629 \u0627\u0644\u062d\u0633\u0627\u0628\u060c \u0648\u0644\u064a\u0633\u062a \u0623\u0633\u0639\u0627\u0631\u0627\u064b \u0645\u0646 \u064a\u0648\u0645 \u0645\u062d\u062f\u062f.<\/p>\n
- \n
- \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0641\u0648\u0631\u064a \u0644\u0640 BTC: $100,000<\/strong><\/li>\n
- \u0639\u0642\u062f BTC \u0627\u0644\u0622\u062c\u0644 \u0627\u0644\u0631\u0628\u0639 \u0633\u0646\u0648\u064a\u060c 91 \u064a\u0648\u0645\u0627\u064b \u062d\u062a\u0649 \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642: $101,800<\/strong><\/li>\n
- \u0627\u0644\u0623\u0633\u0627\u0633: $1,800 = 1.80%<\/strong>\u060c \u0633\u0646\u0648\u064a\u0627\u064b 7.22%<\/strong><\/li>\n
- \u062d\u062c\u0645 \u0627\u0644\u0635\u0641\u0642\u0629: 1 BTC<\/strong> \u0634\u0631\u0627\u0621 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0641\u0648\u0631\u064a\u0629\u060c 1 BTC<\/strong> \u0628\u064a\u0639 \u0639\u0642\u062f \u0622\u062c\u0644 (\u0628\u0647\u0627\u0645\u0634 USDT)<\/li>\n<\/ul>\n
\u0639\u0646\u062f \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642 \u064a\u064f\u0633\u0648\u0651\u0649 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0622\u062c\u0644 \u0628\u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0641\u0648\u0631\u064a \u0623\u064a\u0627\u064b \u0643\u0627\u0646. \u0648\u0625\u0644\u064a\u0643 \u0645\u0627 \u064a\u062d\u062f\u062b \u0641\u064a \u062b\u0644\u0627\u062b\u0629 \u0623\u0633\u0648\u0627\u0642 \u0645\u062e\u062a\u0644\u0641\u0629 \u062a\u0645\u0627\u0645\u0627\u064b:<\/p>\n
\n - \u0639\u0642\u062f BTC \u0627\u0644\u0622\u062c\u0644 \u0627\u0644\u0631\u0628\u0639 \u0633\u0646\u0648\u064a\u060c 91 \u064a\u0648\u0645\u0627\u064b \u062d\u062a\u0649 \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642: $101,800<\/strong><\/li>\n
- \u0627\u0644\u0623\u0633\u0627\u0633 \u0648\u0627\u0644\u0643\u0648\u0646\u062a\u0627\u0646\u063a\u0648 \u0648\u0627\u0644\u0628\u0627\u0643\u0648\u0631\u062f\u064a\u0634\u0646<\/a><\/li>\n
![\"\u0639\u0627\u0626\u062f](\"https:\/\/bjftradinggroup.com\/wp-content\/uploads\/2026\/10\/payoff-at-expiry-cash-and-carry-arbitrage-crypto-1760x800-1.webp\")
![\"\u0627\u0644\u0647\u0627\u0645\u0634](\"https:\/\/bjftradinggroup.com\/wp-content\/uploads\/2026\/10\/short-leg-margin-cash-and-carry-arbitrage-crypto-1760x800-1.webp\")
![\"\u0635\u0627\u0641\u064a](\"https:\/\/bjftradinggroup.com\/wp-content\/uploads\/2026\/10\/net-yield-vs-basis-cash-and-carry-arbitrage-crypto-1760x800-1.webp\")