> For the complete documentation index, see [llms.txt](https://docs.pancakeswap.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.pancakeswap.finance/chinese/jiao-yi/perpetual-trading/what-is-perpetual-trading.md).

# 什么是永续合约交易？

### **什么是永续合约？**

永续合约（Perpetuals、perpetual swaps 或 perps）是一种特殊的期货合约，没有到期日。

期货交易允许用户使用借入的资金以保证金（杠杆）方式建立仓位，从而优化资金利用。使用杠杆可让用户以超过其账户余额的规模建立仓位。例如，用户可以使用 10× 杠杆，以 10 CAKE 的价格交易 100 CAKE——在这种情况下，初始保证金为 10 CAKE，用于为杠杆仓位提供抵押。

除了杠杆之外，期货还提供了双向交易的可能性——买入（做多）和卖出（做空）。永续合约不会到期，并允许持有者在不持有标的资产的情况下交易其价格走势。

### **PancakeSwap 上的永续合约**

PancakeSwap 自 V1 起便提供永续合约交易。我们的最新版本——PCS Perps——由 Aster 的订单簿基础设施提供支持，代表着该体验的全面重构：达到 CEX 级别的执行、高达 200× 的杠杆，以及可直接从你的钱包访问的 PCS 原生前端。

之前的版本（V1 和 V2）现已成为旧版产品。


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