The price difference between the #加密市场急跌 contract and the spot price is often referred to as the "basis" or "premium/discount". The formation of this price difference is affected by the following factors:

1. Funding Rate: Perpetual contracts use a mechanism, called the funding rate mechanism, to ensure that the contract price is relatively consistent with the spot price. When the contract price is higher than the spot price, the long position needs to pay the funding rate to the short position, and vice versa. The funding rate can reflect the market's long and short sentiment. If the long position is strong, the funding rate will be high, pushing the contract price away from the spot price.

2. Market supply and demand relationship: When the demand for contracts in the market exceeds the spot, the perpetual contract price may rise, resulting in a premium. On the contrary, if the short sentiment in the contract market is strong, the contract price may be lower than the spot, resulting in a discount.

3. Liquidity: In some cases, the liquidity of the perpetual contract market may be lower than the spot market, resulting in a temporary deviation in prices.

4. Speculation: The high leverage of perpetual contracts attracts a large number of short-term speculators, whose behavior can also cause price fluctuations and deviations.

How to use spreads to guide trading:

1. Basis trading: When you find that the spread between perpetual contracts and spot prices is too large, you can consider arbitrage trading. For example, when the perpetual contract is at a premium, you can short the perpetual contract and go long the spot at the same time to lock in the premium profit.

2. Funding rate signal: The funding rate reflects market sentiment. If the funding rate is positive and high for a long time, it may mean that the market is overheated and there is a risk of a correction. On the contrary, a negative funding rate may indicate that the market is in a panic and may rebound.

3. The spread reflects market expectations: If the contract price is significantly higher than the spot, it may reflect the market's expectation of future price increases. Conversely, a contract price lower than the spot may reflect the market's pessimism.

By observing and analyzing the spread trend, and combining market sentiment and funding rates, you can make smarter decisions in cryptocurrency trading.