加密貨幣做市終極指南：如何運作以及如何有效

做市是金融市場的基本特徵，對於提供流動性和交易至關重要。做市商致力於隨時買賣資產，從而形成交易量和市場，供其他人有效率地交易。

Market makers are essential participants in financial markets, providing liquidity and facilitating trading by committing to buy and sell assets at all times. In the crypto space, market makers play a crucial role in creating healthy markets and contributing to price discovery. Camille Meulien, CEO of Yellow Capital, highlights the importance of effective market making, which entails robust risk management, strategic order placement, constant market monitoring, and adaptability to varying conditions.

做市商是金融市場的重要參與者，透過承諾隨時買賣資產來提供流動性並促進交易。在加密貨幣領域，做市商在創建健康市場和促進價格發現方面發揮著至關重要的作用。 Yellow Capital 執行長 Camille Meulien 強調了有效做市的重要性，這需要強大的風險管理、策略性訂單下達、持續的市場監控以及對不同條件的適應能力。

Together with Yellow Capital, we delve into the world of crypto market makers and explore their strategies for optimal performance, ultimately contributing to more efficient and stable markets.

我們與 Yellow Capital 一起深入研究加密貨幣做市商的世界，探索他們的最佳績效策略，最終為更有效率、更穩定的市場做出貢獻。

Why are trading volumes so important?

為什麼交易量如此重要？

Throughout history, high trading volumes in crypto markets have indicated an active, healthy market with sufficient liquidity for entering and exiting positions. These volumes aid in price discovery, signaling confidence in the marketplace and reducing the likelihood of sharp price movements.

縱觀歷史，加密貨幣市場的高交易量表明市場活躍、健康，具有足夠的流動性來進出頭寸。這些交易量有助於價格發現，顯示對市場的信心並減少價格大幅波動的可能性。

Market makers contribute to these volumes by continuously placing both buy and sell orders, aiming to keep the trading operations alive and facilitate other market participants.

做市商透過不斷下達買入和賣出訂單來貢獻這些交易量，旨在保持交易操作的活力並為其他市場參與者提供便利。

What is crypto market making?

什麼是加密貨幣做市商？

Market making involves the strategic provision of liquidity for different crypto trading pairs by constantly buying and selling specific assets, creating a healthy trading environment for the organic growth of new traders and investors.

做市涉及透過不斷買賣特定資產，為不同的加密貨幣交易對策略性地提供流動性，為新交易者和投資者的有機成長創造健康的交易環境。

Liquidity is the lifeblood of the crypto market. Without it, markets become empty and inactive. Being liquid (having liquidity) means that an asset can easily be bought or sold in the market and can be disposed of without experiencing much price change.

流動性是加密貨幣市場的命脈。沒有它，市場就會變得空虛且不活躍。流動性（具有流動性）意味著資產可以輕鬆地在市場上買賣，並且可以在不經歷太大價格變化的情況下處置。

MMs (market makers) increase liquidity by managing the order book, simultaneously increasing stability in prices and confidence among traders.

MM（做市商）透過管理訂單簿來增加流動性，同時提高價格的穩定性和交易者的信心。

Initially, the idea of a market making business was to benefit from the bid-ask spread, which is the difference between the buying price (bid) and the selling price (ask).

最初，做市業務的想法是從買賣價差中受益，即買入價（買入價）和賣出價（賣出價）之間的差額。

Evolution of market making

做市商的演變

While market makers traditionally earned their primary profits through the spread, crypto market makers have shifted their focus over time, offering a range of services. They now act as a middleman for market participants, investing in early stages and assisting crypto projects with token launches and even incubation. It's no exaggeration to say that market makers have become among the most influential and important crypto market participants.

雖然做市商傳統上透過價差賺取主要利潤，但隨著時間的推移，加密貨幣做市商已經轉移了注意力，提供了一系列服務。他們現在充當市場參與者的中間人，在早期階段進行投資，並協助加密項目推出代幣甚至孵化。可以毫不誇張地說，做市商已經成為最具影響力和最重要的加密貨幣市場參與者之一。

What do market makers really do?

做市商到底做什麼？

Manage bid-ask spread

管理買賣價差

The bid-ask spread is the difference between the price a buyer will pay (bid) for an asset and the price the seller will take (ask).

買賣差價是買方為資產支付的價格（出價）與賣方接受的價格（要價）之間的差額。

Market makers adjust the spread to decrease it, build stability and trading volumes, create arbitrage opportunities and sometimes make a profit.

做市商調整點差以減少點差，建立穩定性和交易量，創造套利機會，有時甚至獲利。

They do this by following the steps below.

他們透過以下步驟來做到這一點。

Setting the bid and ask prices

設定買入價和賣出價

Good market makers set bids and ask prices competitively to attract trades while managing risk. They consider current market prices, volatility and trading volume.

優秀的做市商會以有競爭力的方式設定出價和要價，以吸引交易，同時管理風險。他們考慮當前的市場價格、波動性和交易量。

For example, during high volatility, a market maker might widen the spread to account for the increased risk of price swings.

例如，在劇烈波動期間，做市商可能會擴大點差，以應對價格波動風險增加的情況。

Market conditions adaptation

市場條件適應

Market conditions can change quickly, and a good market maker must change the orders to fit the prevailing market conditions.

市場狀況可能會迅速變化，優秀的做市商必須改變訂單以適應當前的市場狀況。

For instance, when the market is generally on an uptrend, a market maker would adjust the bids higher for a competitive edge and lower the asking price just a bit to capture more trades.

例如，當市場整體呈上升趨勢時，做市商會提高出價以獲得競爭優勢，並稍微降低要價以捕捉更多交易。

On the contrary, he would lower his bids and adjust his asks to control risk in a downtrend.

相反，他會在下跌趨勢中降低出價並調整要價以控制風險。

Order size management

訂單大小管理

Balancing order size is crucial for market makers. On the one hand, placing too big an order exposes the entity to too much risk – at the same time, placing too small an order may not make the liquidity provision business worthwhile to the liquidity provider.

平衡訂單規模對於做市商來說至關重要。一方面，下達的訂單太大會使實體面臨太大的風險，同時，下達的訂單太小可能會使流動性提供業務對流動性提供者來說不值得。

For instance, a market maker might increase order sizes in periods when trading activity is heavy to be able to fill large trades.

例如，做市商可能會在交易活動繁忙期間增加訂單規模，以便能夠完成大筆交易。

The frequency of order updates keeps market makers competitive and actively regulates risk. They use automated trading systems to help adjust orders in real time by changing their price according to market movements.

訂單更新的頻率使做市商保持競爭力並積極監管風險。他們使用自動交易系統根據市場走勢改變價格來幫助即時調整訂單。

For example, if the prices have changed due to a significant news item, the system would automatically make necessary adjustments to keep order levels at an appropriate amount.

例如，如果價格因重大新聞而發生變化，系統將自動進行必要的調整，以將訂單水準保持在適當的數量。

Manage order book

管理訂單簿

The order book is a list of buy and sell orders for an asset, organized by price level. It gives the quantity of assets available at each price.

訂單簿是資產的買賣訂單列表，按價格水平組織。它給出了每個價格下可用的資產數量。

The market depth that an order book reflects regarding how many orders are placed at various price points indicates market sentiment and trading activity.

訂單簿所反映的關於在不同價格點下的訂單數量的市場深度表明了市場情緒和交易活動。

Crypto market makers are responsible for a proper order book structure and depths to protect the price from high volatility and unwanted actions.

加密貨幣做市商負責適當的訂單簿結構和深度，以保護價格免受高波動和不良行為的影響。

They do this by following the steps below.

他們透過以下步驟來做到這一點。

Manage order book depth

管理訂單簿深度

An order book’s depth is crucial to stabilizing markets. There must be enough orders from buyers and sellers at different price levels.

訂單簿的深度對於穩定市場至關重要。不同價格水平的買家和賣家必須有足夠的訂單。

Market makers, in their endeavor to ensure adequate depth, post orders at various price levels to ensure liquidity always exists. This ensures that there is no massive price swing because of single trades.

做市商努力確保足夠的深度，在不同的價格水準下達訂單，以確保流動性始終存在。這確保了不會因單筆交易而大幅價格波動。

Handling large orders

處理大訂單

Large orders can have a huge impact on the price when they come into the market. A good market maker will handle this by absorbing those trades with their own orders

大訂單進入市場時會對價格產生巨大影響。一個好的做市商會透過用自己的訂單吸收這些交易來處理這個問題