{"id":15612,"date":"2026-10-28T14:58:02","date_gmt":"2026-10-28T14:58:02","guid":{"rendered":"https:\/\/bjftradinggroup.com\/?p=15612"},"modified":"2026-10-28T14:58:02","modified_gmt":"2026-10-28T14:58:02","slug":"cash-and-carry-arbitrage-crypto","status":"publish","type":"post","link":"https:\/\/bjftradinggroup.com\/vi\/cash-and-carry-arbitrage-crypto\/","title":{"rendered":"Ch\u00eanh l\u1ec7ch gi\u00e1 cash-and-carry trong crypto: gi\u1ea3i th\u00edch giao d\u1ecbch basis giao ngay\u2013h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai b\u1eb1ng con s\u1ed1"},"content":{"rendered":"

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\nBJF TRADING GROUP \u00b7 CH\u00caNH L\u1ec6CH GI\u00c1 CRYPTO<\/span><\/p>\n

Ch\u00eanh l\u1ec7ch gi\u00e1 cash-and-carry trong crypto: Gi\u1ea3i th\u00edch giao d\u1ecbch basis giao ngay–h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai b\u1eb1ng con s\u1ed1<\/span><\/h2>\n

Khi h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai bitcoin theo qu\u00fd giao d\u1ecbch cao h\u01a1n gi\u00e1 giao ngay, b\u1ea1n c\u00f3 th\u1ec3 mua coin, b\u00e1n h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 ch\u1ed1t ph\u1ea7n ch\u00eanh l\u1ec7ch. \u0110\u00f3 l\u00e0 ch\u00eanh l\u1ec7ch gi\u00e1 cash-and-carry. Nghe c\u00f3 v\u1ebb kh\u00f4ng c\u00f3 r\u1ee7i ro, v\u00e0 r\u1ee7i ro gi\u00e1 th\u1ef1c s\u1ef1 \u0111\u00e3 \u0111\u01b0\u1ee3c ph\u00f2ng ng\u1eeba, nh\u01b0ng l\u1ee3i nhu\u1eadn th\u1ef1c t\u1ebf ph\u1ee5 thu\u1ed9c v\u00e0o ph\u00ed, c\u1ea5u tr\u00fac k\u00fd qu\u1ef9, chi ph\u00ed v\u1ed1n c\u1ee7a b\u1ea1n v\u00e0 \u0111i\u1ec1u g\u00ec x\u1ea3y ra v\u1edbi v\u1ebf b\u00e1n n\u1ebfu th\u1ecb tr\u01b0\u1eddng t\u0103ng 30%. H\u01b0\u1edbng d\u1eabn n\u00e0y tr\u00ecnh b\u00e0y to\u00e0n b\u1ed9 giao d\u1ecbch b\u1eb1ng c\u00e1c con s\u1ed1 c\u1ee5 th\u1ec3.<\/p>\n<\/div>\n

\nTrong h\u01b0\u1edbng d\u1eabn n\u00e0y<\/strong><\/p>\n
    \n
  1. Ch\u00eanh l\u1ec7ch gi\u00e1 cash-and-carry l\u00e0 g\u00ec<\/a><\/li>\n
  2. Basis, contango v\u00e0 backwardation<\/a><\/li>\n
  3. V\u00ed d\u1ee5 t\u00ednh to\u00e1n v\u1edbi BTC<\/a><\/li>\n
  4. V\u00ec sao basis t\u1ed3n t\u1ea1i<\/a><\/li>\n
  5. H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai c\u00f3 k\u1ef3 h\u1ea1n v\u00e0 funding c\u1ee7a h\u1ee3p \u0111\u1ed3ng v\u0129nh c\u1eedu<\/a><\/li>\n
  6. H\u1ee3p \u0111\u1ed3ng tuy\u1ebfn t\u00ednh v\u00e0 ngh\u1ecbch \u0111\u1ea3o: l\u1ef1a ch\u1ecdn k\u00fd qu\u1ef9<\/a><\/li>\n
  7. Chi ph\u00ed, \u0111i\u1ec3m h\u00f2a v\u1ed1n v\u00e0 hurdle rate c\u1ee7a b\u1ea1n<\/a><\/li>\n
  8. T\u1eebng b\u01b0\u1edbc: th\u1ef1c hi\u1ec7n giao d\u1ecbch<\/a><\/li>\n
  9. Tho\u00e1t s\u1edbm, gi\u1eef \u0111\u1ebfn \u0111\u00e1o h\u1ea1n v\u00e0 chuy\u1ec3n k\u1ef3 h\u1ea1n<\/a><\/li>\n
  10. Nh\u1eefng r\u1ee7i ro c\u00f2n l\u1ea1i sau khi ph\u00f2ng ng\u1eeba<\/a><\/li>\n
  11. Nh\u1eefng sai l\u1ea7m th\u01b0\u1eddng g\u1eb7p<\/a><\/li>\n
  12. Gi\u00e1m s\u00e1t v\u00e0 t\u1ef1 \u0111\u1ed9ng h\u00f3a<\/a><\/li>\n
  13. C\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p<\/a><\/li>\n<\/ol>\n<\/div>\n

    Ch\u00eanh l\u1ec7ch gi\u00e1 cash-and-carry l\u00e0 g\u00ec<\/h2>\n

    Tr\u1ea3 l\u1eddi ng\u1eafn:<\/strong> ch\u00eanh l\u1ec7ch gi\u00e1 cash-and-carry ngh\u0129a l\u00e0 mua m\u1ed9t t\u00e0i s\u1ea3n tr\u00ean th\u1ecb tr\u01b0\u1eddng giao ngay (spot), \u0111\u1ed3ng th\u1eddi b\u00e1n m\u1ed9t h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai (futures) tr\u00ean c\u00f9ng t\u00e0i s\u1ea3n \u0111\u00f3 \u0111ang giao d\u1ecbch \u1edf m\u1ee9c gi\u00e1 cao h\u01a1n. Hai v\u1ecb th\u1ebf tri\u1ec7t ti\u00eau r\u1ee7i ro gi\u00e1 c\u1ee7a nhau. Khi \u0111\u00e1o h\u1ea1n, gi\u00e1 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai h\u1ed9i t\u1ee5 v\u1ec1 gi\u00e1 giao ngay, v\u00ec v\u1eady ph\u1ea7n ch\u00eanh l\u1ec7ch b\u1ea1n \u0111\u00e3 ch\u1ed1t khi v\u00e0o l\u1ec7nh (basis) tr\u1edf th\u00e0nh l\u1ee3i nhu\u1eadn g\u1ed9p c\u1ee7a b\u1ea1n, b\u1ea5t k\u1ec3 coin bi\u1ebfn \u0111\u1ed9ng th\u1ebf n\u00e0o trong th\u1eddi gian \u0111\u00f3.<\/p>\n

    T\u00ean g\u1ecdi n\u00e0y b\u1eaft ngu\u1ed3n t\u1eeb th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a truy\u1ec1n th\u1ed1ng: b\u1ea1n tr\u1ea3 ti\u1ec1n m\u1eb7t (cash) cho h\u00e0ng h\u00f3a v\u1eadt ch\u1ea5t v\u00e0 n\u1eafm gi\u1eef (carry) n\u00f3, t\u1ee9c l\u00e0 l\u01b0u kho, b\u1ea3o hi\u1ec3m v\u00e0 t\u00e0i tr\u1ee3 v\u1ed1n, cho \u0111\u1ebfn ng\u00e0y giao h\u00e0ng c\u1ee7a h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai. Trong crypto kh\u00f4ng c\u00f3 kho b\u00e3i, nh\u01b0ng chi ph\u00ed n\u1eafm gi\u1eef v\u1eabn t\u1ed3n t\u1ea1i: v\u1ed1n b\u1ecb gi\u1eef trong coin, k\u00fd qu\u1ef9 cho v\u1ecb th\u1ebf b\u00e1n, ph\u00ed giao d\u1ecbch v\u00e0 r\u1ee7i ro khi \u0111\u1ec3 ti\u1ec1n tr\u00ean s\u00e0n giao d\u1ecbch.<\/p>\n

    Cash-and-carry l\u00e0 giao d\u1ecbch trung l\u1eadp v\u1edbi th\u1ecb tr\u01b0\u1eddng, d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb t\u01b0\u01a1ng \u0111\u1ed1i. N\u00f3 kh\u00f4ng c\u1ed1 d\u1ef1 \u0111o\u00e1n bitcoin s\u1ebd \u0111i v\u1ec1 \u0111\u00e2u. N\u00f3 ki\u1ebfm kho\u1ea3n l\u1ee3i su\u1ea5t m\u00e0 th\u1ecb tr\u01b0\u1eddng tr\u1ea3 cho ng\u01b0\u1eddi s\u1eb5n s\u00e0ng b\u00e1n h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai cho nh\u1eefng ng\u01b0\u1eddi mua d\u00f9ng \u0111\u00f2n b\u1ea9y. \u0110\u00f3 l\u00e0 l\u00fd do n\u00f3 ph\u1ed5 bi\u1ebfn v\u1edbi c\u00e1c qu\u1ef9 v\u00e0 b\u1ed9 ph\u1eadn qu\u1ea3n l\u00fd ng\u00e2n qu\u1ef9, v\u00e0 c\u0169ng l\u00e0 l\u00fd do l\u1ee3i su\u1ea5t thu h\u1eb9p khi c\u00f3 qu\u00e1 nhi\u1ec1u v\u1ed1n \u0111\u1ed5 v\u00e0o.<\/p>\n

    N\u1ebfu b\u1ea1n m\u1edbi l\u00e0m quen v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 n\u00e0y, h\u00e3y b\u1eaft \u0111\u1ea7u v\u1edbi b\u00e0i gi\u1ea3i th\u00edch c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 th\u1ecb tr\u01b0\u1eddng giao ngay<\/a>. H\u01b0\u1edbng d\u1eabn n\u00e0y gi\u1ea3 \u0111\u1ecbnh b\u1ea1n \u0111\u00e3 bi\u1ebft h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 k\u00fd qu\u1ef9 l\u00e0 g\u00ec.<\/p>\n

    Basis, contango v\u00e0 backwardation<\/h2>\n

    Basis<\/strong> l\u00e0 ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 gi\u00e1 giao ngay. Trader bi\u1ec3u th\u1ecb n\u00f3 theo ba c\u00e1ch:<\/p>\n

    \n
    F − S<\/span>Basis tuy\u1ec7t \u0111\u1ed1i<\/span>t\u00ednh b\u1eb1ng \u0111\u00f4 la tr\u00ean m\u1ed7i coin, v\u00ed d\u1ee5 $101,800 − $100,000 = $1,800<\/span><\/div>\n
    (F − S) \/ S<\/span>Basis, %<\/span>l\u1ee3i nhu\u1eadn b\u1ea1n ch\u1ed1t cho \u0111\u1ebfn khi \u0111\u00e1o h\u1ea1n: $1,800 \/ $100,000 = 1.80%<\/span><\/div>\n
    × 365 \/ days<\/span>Basis quy \u0111\u1ed5i theo n\u0103m<\/span>gi\u00fap so s\u00e1nh c\u00e1c h\u1ee3p \u0111\u1ed3ng c\u00f3 k\u1ef3 h\u1ea1n kh\u00e1c nhau: 1.80% × 365 \/ 91 = 7.22% m\u1ed7i n\u0103m<\/span><\/div>\n<\/div>\n

    Quy \u0111\u1ed5i theo n\u0103m \u0111\u01a1n gi\u1ea3n (kh\u00f4ng t\u00ednh l\u00e3i k\u00e9p), l\u00e0 c\u00e1ch h\u1ea7u h\u1ebft c\u00e1c b\u1ea3ng \u0111i\u1ec1u khi\u1ec3n hi\u1ec3n th\u1ecb. S\u1ed1 li\u1ec7u t\u00ednh l\u00e3i k\u00e9p cao h\u01a1n m\u1ed9t ch\u00fat.<\/p>\n

    Khi h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai giao d\u1ecbch cao h\u01a1n<\/strong> gi\u00e1 giao ngay, th\u1ecb tr\u01b0\u1eddng \u1edf tr\u1ea1ng th\u00e1i contango<\/strong>. \u0110\u00e2y l\u00e0 tr\u1ea1ng th\u00e1i b\u00ecnh th\u01b0\u1eddng c\u1ee7a crypto, v\u00ec ph\u1ea7n l\u1edbn trader d\u00f9ng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai mu\u1ed1n c\u00f3 v\u1ecb th\u1ebf mua s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y. Cash-and-carry c\u1ea7n contango.<\/p>\n

    Khi h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai giao d\u1ecbch th\u1ea5p h\u01a1n<\/strong> gi\u00e1 giao ngay, th\u1ecb tr\u01b0\u1eddng \u1edf tr\u1ea1ng th\u00e1i backwardation<\/strong>. \u0110i\u1ec1u n\u00e0y x\u1ea3y ra sau c\u00e1c \u0111\u1ee3t s\u1eadp gi\u00e1, trong qu\u00e1 tr\u00ecnh gi\u1ea3m \u0111\u00f2n b\u1ea9y c\u01b0\u1ee1ng b\u1ee9c ho\u1eb7c khi chi ph\u00ed vay coin \u0111\u1eaft \u0111\u1ecf. V\u1ec1 l\u00fd thuy\u1ebft, b\u1ea1n c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n giao d\u1ecbch theo chi\u1ec1u ng\u01b0\u1ee3c l\u1ea1i (b\u00e1n kh\u1ed1ng giao ngay, mua h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai), nh\u01b0ng b\u00e1n kh\u1ed1ng crypto giao ngay \u0111\u00f2i h\u1ecfi ph\u1ea3i vay coin k\u00fd qu\u1ef9, vi\u1ec7c n\u00e0y th\u01b0\u1eddng b\u1ecb h\u1ea1n ch\u1ebf v\u00e0 t\u1ed1n k\u00e9m. Ph\u1ea7n l\u1edbn ng\u01b0\u1eddi th\u1ef1c h\u00e0nh ch\u1ec9 \u0111\u01a1n gi\u1ea3n ch\u1edd contango quay l\u1ea1i.<\/p>\n

    \u0110\u1eb7c t\u00ednh then ch\u1ed1t l\u00e0 s\u1ef1 h\u1ed9i t\u1ee5<\/strong>: h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai c\u00f3 k\u1ef3 h\u1ea1n \u0111\u01b0\u1ee3c thanh to\u00e1n theo ch\u1ec9 s\u1ed1 giao ngay khi \u0111\u00e1o h\u1ea1n, n\u00ean basis bu\u1ed9c ph\u1ea3i gi\u1ea3m v\u1ec1 0 v\u00e0o ng\u00e0y \u0111\u00e1o h\u1ea1n. Tr\u01b0\u1edbc th\u1eddi \u0111i\u1ec3m \u0111\u00f3, basis bi\u1ebfn \u0111\u1ed9ng t\u1ef1 do: n\u00f3 c\u00f3 th\u1ec3 n\u1edbi r\u1ed9ng, thu h\u1eb9p ho\u1eb7c t\u1ea1m th\u1eddi \u00e2m. H\u1ed9i t\u1ee5 l\u00e0 th\u1eddi \u0111i\u1ec3m duy nh\u1ea5t k\u1ebft qu\u1ea3 \u0111\u01b0\u1ee3c c\u1ed1 \u0111\u1ecbnh.<\/p>\n

    \"Gi\u00e1
    M\u00f4 ph\u1ecfng minh h\u1ecda: gi\u00e1 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai (v\u00e0ng) n\u1eb1m tr\u00ean gi\u00e1 giao ngay (xanh lam) trong su\u1ed1t qu\u00fd v\u00e0 g\u1eb7p nhau khi \u0111\u00e1o h\u1ea1n. Bi\u1ec3u \u0111\u1ed3 ph\u00eda d\u01b0\u1edbi cho th\u1ea5y basis t\u00ednh theo % gi\u1ea3m v\u1ec1 0. Di\u1ec5n bi\u1ebfn th\u1ef1c t\u1ebf bi\u1ebfn \u0111\u1ed9ng nhi\u1ec1u h\u01a1n.<\/figcaption><\/figure>\n

    V\u00ed d\u1ee5 t\u00ednh to\u00e1n v\u1edbi BTC<\/h2>\n

    T\u1ea5t c\u1ea3 c\u00e1c m\u1ee9c gi\u00e1 d\u01b0\u1edbi \u0111\u00e2y l\u00e0 s\u1ed1 tr\u00f2n minh h\u1ecda, \u0111\u01b0\u1ee3c ch\u1ecdn \u0111\u1ec3 d\u1ec5 theo d\u00f5i ph\u00e9p t\u00ednh, kh\u00f4ng ph\u1ea3i gi\u00e1 ni\u00eam y\u1ebft c\u1ee7a m\u1ed9t ng\u00e0y c\u1ee5 th\u1ec3.<\/p>\n