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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