加密货币做市终极指南：如何运作以及如何有效

做市是金融市场的基本特征，对于提供流动性和进行交易至关重要。做市商致力于随时买卖资产，从而形成交易量和市场，供其他人高效交易。

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.

做市商是金融市场的重要参与者，通过承诺随时买卖资产来提供流动性并促进交易。在加密货币领域，做市商在创建健康市场和促进价格发现方面发挥着至关重要的作用。 Yellow Capital 首席执行官 Camille Meulien 强调了有效做市的重要性，这需要强大的风险管理、战略订单下达、持续的市场监控以及对不同条件的适应能力。

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.

我们与 Yellow Capital 一起深入研究加密货币做市商的世界，探索他们的最佳绩效策略，最终为更高效、更稳定的市场做出贡献。

Why are trading volumes so important?

为什么交易量如此重要？

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.

纵观历史，加密货币市场的高交易量表明市场活跃、健康，具有足够的流动性来进出头寸。这些交易量有助于价格发现，表明对市场的信心并减少价格大幅波动的可能性。

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.

做市商通过不断下达买入和卖出订单来贡献这些交易量，旨在保持交易操作的活力并为其他市场参与者提供便利。

What is crypto market making?

什么是加密货币做市商？

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.

做市涉及通过不断买卖特定资产，为不同的加密货币交易对战略性地提供流动性，为新交易者和投资者的有机增长创造健康的交易环境。

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.

流动性是加密货币市场的命脉。没有它，市场就会变得空虚且不活跃。流动性（具有流动性）意味着资产可以轻松地在市场上买卖，并且可以在不经历太大价格变化的情况下处置。

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

MM（做市商）通过管理订单簿来增加流动性，同时提高价格的稳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，做市业务的想法是从买卖价差中受益，即买入价（买入价）和卖出价（卖出价）之间的差额。

Evolution of market making

做市商的演变

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.

虽然做市商传统上通过价差赚取主要利润，但随着时间的推移，加密货币做市商已经转移了注意力，提供了一系列服务。他们现在充当市场参与者的中间人，在早期阶段进行投资，并协助加密项目推出代币甚至孵化。可以毫不夸张地说，做市商已经成为最具影响力和最重要的加密货币市场参与者之一。

What do market makers really do?

做市商到底做什么？

Manage bid-ask spread

管理买卖价差

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).

买卖差价是买方为资产支付的价格（出价）与卖方接受的价格（要价）之间的差额。

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

做市商调整点差以减少点差，建立稳定性和交易量，创造套利机会，有时甚至获利。

They do this by following the steps below.

他们通过以下步骤来做到这一点。

Setting the bid and ask prices

设置买入价和卖出价

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

优秀的做市商会以有竞争力的方式设定出价和要价，以吸引交易，同时管理风险。他们考虑当前的市场价格、波动性和交易量。

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

例如，在剧烈波动期间，做市商可能会扩大点差，以应对价格波动风险增加的情况。

Market conditions adaptation

市场条件适应

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

市场状况可能会迅速变化，优秀的做市商必须改变订单以适应当前的市场状况。

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，当市场总体呈上升趋势时，做市商会提高出价以获得竞争优势，并稍微降低要价以捕获更多交易。

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

相反，他会在下跌趋势中降低出价并调整要价以控制风险。

Order size management

订单大小管理

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.

平衡订单规模对于做市商来说至关重要。一方面，下达的订单太大会使实体面临太大的风险，同时，下达的订单太小可能会使流动性提供业务对流动性提供者来说不值得。

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，做市商可能会在交易活动繁忙期间增加订单规模，以便能够完成大额交易。

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.

订单更新的频率使做市商保持竞争力并积极监管风险。他们使用自动交易系统根据市场走势改变价格来帮助实时调整订单。

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，如果价格因重大新闻而发生变化，系统将自动进行必要的调整，以将订单水平保持在适当的数量。

Manage order book

管理订单簿

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.

订单簿是资产的买卖订单列表，按价格水平组织。它给出了每个价格下可用的资产数量。

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

订单簿所反映的关于在不同价格点下的订单数量的市场深度表明了市场情绪和交易活动。

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

加密货币做市商负责适当的订单簿结构和深度，以保护价格免受高波动和不良行为的影响。

They do this by following the steps below.

他们通过以下步骤来做到这一点。

Manage order book depth

管理订单簿深度

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

订单簿的深度对于稳定市场至关重要。不同价格水平的买家和卖家必须有足够的订单。

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.

做市商努力确保足够的深度，在不同的价格水平下达订单，以确保流动性始终存在。这确保了不会因单笔交易而出现大幅价格波动。

Handling large orders

处理大订单

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

大订单进入市场时会对价格产生巨大影响。一个好的做市商会通过用自己的订单吸收这些交易来处理这个问题