为什么白银的递延费总是多付空？

中文版

白银作为一种重要的贵金属，在金融市场中扮演着重要的角色。然而，在白银交易中，经常会听到关于递延费的问题，特别是关于递延费总是多付空的说法。那么，为什么会出现这种情况呢？

首先，我们需要了解递延费的概念。递延费是期货交易中的一种费用，用于平衡多空双方的持仓成本。在白银期货市场中，由于白银的供需关系、市场情绪、宏观经济环境等多种因素的影响，多头（看涨）和空头（看跌）之间的力量对比会发生变化。当多头力量强于空头时，多头持仓成本增加，因此需要支付递延费给空头，以平衡双方的持仓成本。

其次，白银市场的特性也导致了递延费的多付空现象。白银市场通常受到投机情绪的影响较大，当市场看涨时，多头持仓量增加，导致多头持仓成本上升。而空头持仓者则相对较少，他们的持仓成本相对较低。为了平衡这种成本差异，递延费就会倾向于多付给空头。

此外，交易所的设计和规则也会对递延费产生影响。一些交易所会根据市场情况调整递延费的支付方式，以平衡市场的多空力量。例如，在某些情况下，交易所可能会增加空头的递延费，以减少多头持仓量，从而稳定市场。

综上所述，白银递延费多付空的现象是由多种因素共同作用的结果。了解这些因素有助于我们更好地理解白银市场的运行机制，为投资决策提供参考。

英文版

Why Is the Deferred Fee Always Paid More to the Shorts in Silver?

Silver, as an important precious metal, plays a crucial role in financial markets. However, in silver trading, there is often a discussion about deferred fees, especially the notion that the deferred fee is always paid more to the shorts. So, why does this happen?

Firstly, we need to understand the concept of deferred fees. Deferred fees are a type of cost in futures trading used to balance the holding costs of the bulls and bears. In the silver futures market, due to various factors such as supply and demand relationships, market sentiment, macroeconomic conditions, and more, the balance of power between the bulls (who are bullish) and the bears (who are bearish) can shift. When the bulls' strength outweighs the bears', the bulls' holding costs increase, necessitating the payment of deferred fees to the bears to balance out the holding costs of both sides.

Secondly, the characteristics of the silver market also contribute to the phenomenon of deferred fees being paid more to the shorts. The silver market is often highly influenced by speculative sentiment. When the market is bullish, the number of bulls increases, leading to higher holding costs for them. On the other hand, there are relatively fewer bears, and their holding costs are relatively lower. To balance this cost difference, deferred fees tend to be paid more to the shorts.

Moreover, the design and rules of exchanges also impact deferred fees. Some exchanges adjust the payment method of deferred fees based on market conditions to balance the bulls and bears. For example, in certain situations, exchanges may increase deferred fees for the shorts to reduce the number of bulls, thereby stabilizing the market.

In conclusion, the phenomenon of deferred fees being paid more to the shorts in silver is the result of various factors working together. Understanding these factors helps us better comprehend the operating mechanisms of the silver market and provides valuable insights for investment decisions.