> For the complete documentation index, see [llms.txt](https://support.backpack.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://support.backpack.exchange/support-docs/cn/jiao-yi-suo/jiao-yi/xian-huo/xian-huo-gang-gan/xian-huo-gang-gan-vs-he-yue.md).

# 现货杠杆 VS 合约

#### 现货杠杆与合约有哪些区别？

| 功能                                  | 现货杠杆 (Spot Margin)      | 合约 (Futures)                   |
| ----------------------------------- | ----------------------- | ------------------------------ |
| **交易标的 (Instrument)**               | 您持有**标的资产**（借入或自有）      | 您交易的是跟踪指数价格的**衍生合约**           |
| **杠杆倍数 (Leverage)**                 | 通常较低（约 2×–5×），视资产和抵押品而定 | 通常较高（约 10×–75×），视市场而定          |
| **持仓/持续成本 (Carry / Ongoing costs)** | 交易手续费 **+ 借款利息**        | 交易手续费 **± 资金费率**（可能支付或收取）      |
| **结算方式 (Settlement)**               | 现货结算；钱包余额发生变化           | 永续合约；盈亏通过资金费率持续结算              |
| **使用场景 (Use case)**                 | 对标的资产的方向性敞口；通过借币做空；库存对冲 | 无需持有标的资产即可获得方向性敞口；对冲；基差/资金费率策略 |


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