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BTC 
ETH 莫斯科交易所计划推出挂钩比特币的永续合约
作为俄罗斯主要的证券和衍生品交易市场，莫斯科交易所（MOEX）正计划推出挂钩比特币及其他加密货币指数的永续期货合约。此举将使符合条件的市场参与者能够通过一家大型国有关联交易所，获得受监管的加密货币价格敞口。
关键要点
- 产品规划：莫斯科交易所计划推出参考比特币及其他加密货币指数的永续期货合约。
- 合约结构：这些合约被设计为指数挂钩衍生品，而非直接交付基础加密货币。
- 核心优势：计划的工具将为合格交易者提供通过受监管渠道接触比特币价格的机会，而无需直接持有该资产。
- 业务扩展：莫斯科交易所一直在扩大其加密货币衍生品服务，此前已宣布推出挂钩索拉纳（Solana）、瑞波币（XRP）、波场（Tron），以及比特币和以太坊的期货合约。
挂钩加密货币指数的永续合约运作机制
永续期货与有到期日的传统期货在关键方面存在差异：它们没有固定的到期日。相反，它们利用定期资金费率机制，将合约价格锚定在接近基础指数的水平。当合约交易价格高于或低于指数时，持仓交易者需支付或收取资金费用。
由于莫斯科交易所计划的合约挂钩的是加密货币指数而非现货资产，因此持仓并不代表对比特币或其他数字资产的所有权。交易者根据指数价格波动获利或亏损，所有结算均在交易所的清算框架内完成。最终合约规格，包括保证金要求、杠杆限制、仓位上限及合格参与者资格，应通过莫斯科交易所官方产品披露信息进行核实。
此次发布对加密货币市场准入的意义
俄罗斯正在构建受监管的加密货币交易框架。俄罗斯已指定比特币、以太坊和泰达币（USDT）用于公开交易，并设有零售额度上限，这表明该国有意将数字资产整合到受监督的基础设施中。莫斯科交易所推出的永续期货会将这一框架延伸至衍生品领域。
Regulated perpetual futures products can serve two distinct functions: speculative price exposure and hedging. Participants who already hold positions tied to Bitcoin can use such tools to offset downside risks without having to liquidate their spot positions. Conversely, traders who do not have access to offshore cryptocurrency exchanges can gain leveraged index exposure through domestically regulated platforms.
At the same time, Russia's Federal Reserve Bank (Sberbank) is building a separate cryptocurrency trading infrastructure for the launch at the end of the year, indicating that multiple Russian financial institutions are promoting cryptocurrency-related products in parallel. Whether the Moscow Exchange's perpetual futures are open to retail participants, institutional investors or both still depends on the qualification rules announced by the exchange.
Potential participants should pay close attention to official announcements from the Moscow Stock Exchange for contract release dates, underlying index methodology, settlement currency, and applicable capital or qualification requirements. Derivatives pose risks that go beyond the scope of spot assets, including the cost of capital, forcing risk, and the basis risk between the index and the actual Bitcoin price discovery in global markets.
