交割合约账户和永续合约账户的区别是什么？
When exploring cryptocurrency derivatives trading, two of the most commonly used instruments are delivery contract accounts and perpetual contract accounts. While both allow traders to profit from price movements in digital assets through leveraged positions, they operate under fundamentally different mechanisms. Understanding the distinction between these two types of contracts is crucial for making informed trading decisions, managing risk, and aligning strategies with market goals.
This guide breaks down the core differences between delivery and perpetual contracts—focusing on expiration dates, funding mechanisms, and pricing models—while also evaluating their respective advantages and ideal use cases.
Key Differences Between Delivery and Perpetual Contracts
The primary distinctions between delivery and perpetual contracts lie in three critical areas: expiration date, funding fees, and price calculation methodology. Each of these factors significantly impacts how traders interact with the market and manage their positions over time.
1. Expiration Date: Time-Bound vs. Open-Ended Holding
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One of the most fundamental differences is the presence or absence of an expiration date.
Delivery Contracts (also known as Futures Contracts) have a fixed maturity or delivery date. These are typically structured around weekly, bi-weekly, quarterly, or even bi-quarterly cycles (e.g., "this week," "next week," "this quarter"). When the contract reaches its expiration, all open positions are automatically settled based on a predefined settlement price, usually calculated as the arithmetic average of the underlying asset’s spot price (such as BTC/USD index) over a specific window—often the last hour before expiry.
This means traders must either close their position before expiry or accept settlement in the underlying asset (or cash, depending on the platform).
- Perpetual Contracts, by contrast, do not expire. As the name suggests, they can be held indefinitely—provided the trader maintains sufficient margin to avoid liquidation. This design offers greater flexibility, especially for long-term speculative or hedging strategies.
Because perpetuals never expire, there’s no need to roll over positions ahead of settlement dates—a common requirement in traditional futures markets that can incur additional costs and execution risks.
2. Funding Fees: Aligning Price with Market Reality
Since perpetual contracts lack an expiration date, they require a mechanism to ensure that their prices remain closely pegged to the underlying spot market. Without this alignment, traders could exploit price divergences between the perpetual contract and real-world asset value.
That’s where the funding rate mechanism comes into play.
- The funding rate is a periodic payment exchanged between long and short traders, typically every 8 hours.
- When the perpetual contract trades above the spot price (indicating bullish sentiment), longs pay shorts.
- When it trades below spot (bearish bias), shorts pay longs.
- This incentivizes traders to open offsetting positions, helping bring the contract price back in line with actual market value.
In contrast, delivery contracts naturally converge with spot prices as they approach expiration due to arbitrage opportunities, eliminating the need for funding fees.
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3. Price Setting & Risk Management: Mark Price and Liquidation Control
Another critical difference lies in how unrealized profits and losses are calculated—and how platforms prevent unfair liquidations during volatile market swings.
- Perpetual contracts use a mark price—a composite value derived from major exchange spot prices and often incorporating a fair price marking model.
- This mark price determines liquidation triggers and unrealized PnL, protecting traders from sudden, manipulative price spikes or "flash crashes" on a single exchange.
- For example, if BTC briefly drops 20% on one exchange due to low liquidity, the mark price prevents mass liquidations across perpetual markets.
Delivery contracts may also use similar safeguards, but because they settle at expiry using a time-weighted average price, they are inherently less sensitive to short-term volatility near expiration.
Which Is Better: Delivery or Perpetual Contracts?
There is no one-size-fits-all answer. The choice depends heavily on your trading style, risk tolerance, and strategic objectives.
Advantages of Delivery Contracts
- ✅ Predictable settlement: Ideal for traders who want exposure until a specific date.
- ✅ Physical delivery option: Useful for institutions or investors seeking actual asset ownership.
- ✅ No funding fees: Reduces holding costs compared to perpetuals in certain market conditions.
- ✅ Natural price convergence: Eliminates prolonged basis risk as expiry approaches.
However:
- ❌ Limited flexibility due to fixed expiry.
- ❌ Requires proactive position management (rollover or closure).
- ❌ Less suitable for short-term scalpers or indefinite holding strategies.
Advantages of Perpetual Contracts
- ✅ No expiration: Positions can be held indefinitely.
- ✅ High liquidity: Most popular among retail and algorithmic traders.
- ✅ Funding mechanism ensures price accuracy: Keeps contract prices anchored to reality.
- ✅ Ideal for leveraged speculation: Especially effective in trending markets.
But keep in mind:
- ❌ Funding fees can accumulate—costly for long-term holders during strong trends.
- ❌ Slightly more complex pricing logic (mark price, funding intervals).
- ❌ Risk of compounding fees if not monitored.
Frequently Asked Questions (FAQ)
Q: Can I hold a delivery contract forever?
No. Delivery contracts have a fixed expiration date. You must close or settle the position by that date. Holding beyond expiry is not possible—the system will automatically settle outstanding positions.
Q: How often are funding fees charged in perpetual contracts?
Most platforms charge funding fees every 8 hours. Payments are made at set intervals (e.g., UTC 00:00, 08:00, 16:00). The rate varies based on market conditions and is publicly displayed in advance.
Q: Do I receive actual cryptocurrency when a delivery contract expires?
It depends on the platform. Some exchanges offer physical delivery (you receive BTC or ETH), while others provide cash settlement in stablecoins like USDT. Always check the contract specifications before trading.
Q: Are perpetual contracts riskier than delivery contracts?
Not inherently. Both carry leverage-related risks. However, perpetuals introduce ongoing funding costs and indefinite exposure, which can increase risk if not managed properly. Proper use of stop-losses and position sizing is essential.
Q: Why do perpetual contracts track spot prices so closely?
Thanks to the funding rate mechanism, which creates economic incentives for traders to correct deviations between contract and spot prices. Arbitrageurs quickly act when mispricing occurs, ensuring tight correlation.
Q: Which type of contract is better for beginners?
Perpetual contracts are generally more beginner-friendly due to their simplicity and lack of expiration management. Many new traders start with perpetuals to learn leverage, margin, and risk control without worrying about rollover dates.
Final Thoughts: Choose Based on Strategy, Not Popularity
While perpetual contracts dominate trading volume across major crypto exchanges due to their flexibility and ease of use, delivery contracts still serve vital roles—especially for institutional hedging, structured products, and traders seeking defined time horizons.
👉 Compare contract types side-by-side and start testing strategies with real-time data.
Ultimately, your decision should align with your goals:
- Prefer predictable timelines and no funding costs? Consider delivery contracts.
- Want maximum flexibility and continuous trading? Go for perpetuals.
Regardless of your choice, always employ sound risk management practices: set stop-losses, monitor funding rates, understand liquidation prices, and never trade with capital you can't afford to lose.
By mastering the nuances between delivery and perpetual contract accounts, you position yourself to trade smarter—not just harder—in the dynamic world of crypto derivatives.