Deri Protocol

Deri 是一个去中心化衍生品交易平台，目前支持的交易产品包括永续期货（Perpetuals/Perpetual Futures）和永续期权（Everlasting Options）产品。
永续期货是 2016 年 BitMex 所创立的一种新型的衍生品产品，由于其具有无需交割、流动性聚合等等特点，目前已经中心化交易平台（CEX）内交易量最高的品种。
永续期权则是今年刚刚诞生的新的产品，其理念由&nbsp;FTX&nbsp;创始人 Sam Bankman-Fried 以及加密投资机构 Paradigm 的研究员 Dave White 在今年 5 月份提出，而 Deri 是第一个真正实现这个产品的协议。与永续期货类似，永续期权也具有无需交割和流动性聚合的特点。
永续期货 Perpetual Futures
在 Deri 的永续期货的设计中，主要有两类角色：Trader （交易员）和 Liquidity Provider （也就是 LP）：
交易员在存入基础资产之后，可以在 Deri 无滑点的对各项资产进行交易，交易按照预言机价格实时成交，且收益可以实时结算提取。
LP 将基础资产存入流动池中，流动池始终充当交易的对手方，包括开仓、平仓、强制平仓等操作，交易员都是与流动池来直接交互。交易员和 LP 之间时直接的博弈：如果将 LP 和交易员分别看做一个整体，交易员的损失就是 LP 的收益，交易员的收益就是 LP 的损失。
这种设计最初来自合成资产协议&nbsp;Synthetix，Synthetix 也是所有的 LP 来共同承担对交易员的兑付，交易员的损失就是 LP 的收益，交易员的收益就是 LP 的损失。
这种设计我们可以抽象为「交易按照预言机价格成交，全体 LP 承担兑付」。对于交易员而言，这种设计的好处是显而易见的：由于交易并不需要直接的对手方，而是直接按照预言机价格成交，所以交易深度无限，同时也不会有滑点。
永续期权 Everlasting Options
Deri 的永续期权产品是（地球上）第一个永续期权产品，基于 Paradigm 研究员 Dave White 和 Sam Bankman-Fried 在今年 5 月份发表的一篇论文实现。
要了解永续期权，我们需要先来简单了解一下期权。一个典型的期权产品是这样的「BTC-21OCT30-55000-C」：
其中 BTC 是指交易标的；21OCT30 是指到期日；55000 是行权价格；C （CALL）是指期权方向，这个期权为看涨期权，与之对应的是看跌期权 P （PUT）。
所以上述「BTC-21OCT30-55000-C」表示的含义是，在 2021 年 10 月 30 日，BTC 行权价为 55000 美元的看涨期权。除此之外，期权还分为欧式期权（到期日前不能行权）和美式期权（到期日前可以行权）等等。
可以看出，交易日不同、或者行权价格不同、或者方向不同，都会形成新的期权产品，所以期权的流动性分割现象会比到期期货更为显著。
Deri 期权产品的交易对象是永续期权，永续期权的价格是依据 Black-Scholes 定价模型（通用的期权定价模型），通过预言机获取现货价格和波动率两个数据之后，依据 Deri 自己推导的永续期权定价公式计算得来的。
在做市算法方面，Deri 的永续期权产品使用了 DPMM （Derivative Positive Market Maker，衍生品主动做市商算法）机制。DPMM 基于现货交易平台 DODO 所创造的 PMM 算法，PMM 也是一种自动做市算法 (AMM)，但是与 Uniswap 等采用恒定乘积做市商（CPMM）的区别在于，PMM 机制会主动的将池内流动性向当前价格聚集，从而实现更好的交易深度。

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Deri Protocol (DERI) 简介

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1. API Usage Responsibility: The individual operator acknowledges and confirms that binding the trading API is for executing contract trades. All transactions executed via the API are independent of the order recipient’s decisions, and the order recipient assumes full responsibility for the trading results.

2. Security: The order recipient is responsible for safeguarding their API key. Unauthorized access or use may result in financial loss. Brokers must immediately notify the platform in writing of any unauthorized use.

3. Trading Risks: Using the trading API involves market risks, including but not limited to price fluctuations and slippage. Leaders should independently assess market risks. Individual members should also independently assess market risks, and the platform bears no responsibility for losses caused by market fluctuations.

4. Technical Issues: The use of the trading API may be affected by technical issues, including but not limited to system failures and network interruptions. The platform is not responsible for losses resulting from technical issues.

5. API Key Protection: The order recipient must properly safeguard their API key and not share it with any third party. Any loss caused by the leakage of the API key shall be borne by the order recipient.

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