[{"data":1,"prerenderedAt":746},["ShallowReactive",2],{"\u002Fzh\u002Fguides\u002Fswap-and-carry-trade":3,"\u002Fzh\u002Fguides\u002Fswap-and-carry-trade-surround":731,"\u002Fzh\u002Fguides\u002Fswap-and-carry-trade-langs":742},{"id":4,"title":5,"authors":6,"badge":12,"body":14,"date":718,"description":719,"draft":720,"extension":721,"image":722,"meta":724,"navigation":725,"path":726,"seo":727,"stem":728,"updated":729,"__hash__":730},"posts\u002Fzh\u002F3.guides\u002F18.swap-and-carry-trade.md","库存费与套息交易：图表看似平稳，成本却在悄悄流失（{YEAR} 年版）",[7],{"name":8,"to":9,"avatar":10},"ShowMyTrades Team","https:\u002F\u002Fshowmytrades.com",{"src":11},"\u002Ficon-512.png",{"label":13},"成本",{"type":15,"value":16,"toc":704},"minimark",[17,22,26,34,37,44,48,57,60,87,90,93,103,110,117,123,127,130,133,187,194,197,201,204,209,217,224,300,307,314,330,334,341,344,347,353,358,370,374,377,446,449,463,469,483,491,495,503,537,550,554,594,598,604,610,625,639,645,655,659,683,686,697],[18,19,21],"h2",{"id":20},"策略有效账户却不赚钱","🌙 “策略有效，账户却不赚钱”",[23,24,25],"p",{},"您回测了一套系统，每笔单子持仓四五天，回测结果稳稳盈利。可实盘跑了八个月，净值曲线却是一条平线。",[23,27,28,29,33],{},"交易本身没问题，入场对得上，出场也对得上，哪儿都没坏。钱是从一行大多数交易者从来不看的数字里流走的：",[30,31,32],"strong",{},"库存费","。",[23,35,36],{},"库存费就是杠杆仓位跨过每日展期（rollover）时，您要支付或能收取的利息。它从不出现在图表上，只是以一个小小的负数挂在每笔交易后面。对持仓好几天的策略来说，它日积月累，足以决定这到底是一门生意还是一项爱好。",[23,38,39,40,43],{},"在 ShowMyTrades 上有交易历史的公开账户中，已付库存费累计达 ",[30,41,42],{},"$862,547","（2026 年 8 月）。这个数字没人会截图。本指南讲三件事：怎么读懂它，入场前怎么算出它，以及正向套息为什么比策略博客说的少见得多。",[18,45,47],{"id":46},"库存费到底是什么为什么周三要收三倍","💤 库存费到底是什么，为什么周三要收三倍",[23,49,50,51,56],{},"买入 EUR\u002FUSD，从机制上说就是借入美元、持有欧元。外汇即期交易在两个工作日后交割。仓位如果持有过了经纪商的展期时间，交割日就得再往后推一天，这次展期的价格按两种货币的",[52,53,55],"a",{"href":54},"\u002Fglossary\u002Fwhat-are-interest-rates","利率差","来算。",[23,58,59],{},"由此有三点，每一点都很重要：",[61,62,63,70,81],"ol",{},[64,65,66,69],"li",{},[30,67,68],{},"只有持仓才收费","。展期前平仓，库存费就是零，仓位再大也一样。所以日内系统天生不受它影响。",[64,71,72,80],{},[30,73,74,75,79],{},"按",[52,76,78],{"href":77},"\u002Fglossary\u002Fwhat-is-a-lot-in-forex","手","、按夜收费","，而不是按笔。10 手持有一夜，和 1 手持有十夜，成本相同。",[64,82,83,86],{},[30,84,85],{},"费率由经纪商定","，不是由市场定。利率差只是原料；您实际拿到的，是扣掉经纪商加价后的利率差，而且多空两边都要扣。",[23,88,89],{},"展期发生在经纪商每天的截止时间，通常是纽约时间 17:00，也就是大多数 MT4 和 MT5 服务器上的午夜。MT5 经纪商可能用 point、账户货币或年化百分比来表示库存费，具体是哪一种，看各品种的合约规格。",[23,91,92],{},"接下来是人人都会留意的那一夜。周三展期的仓位，交割日是周一而不是周六，因为周末不交割，所以要一次收三夜的融资费。这就是周三三倍库存费。它不是罚款，只是周末的账提前结了。这样一来，算起来反而比多数人想的简单：",[94,95,96],"blockquote",{},[23,97,98,99,102],{},"一整周下来，您付的是",[30,100,101],{},"七","夜的融资费，而不是五夜。仓位持有 30 个自然日，大约就付 30 夜的库存费，中间跨过几个周三都一样。",[23,104,105,106,109],{},"拿这条规则做文章之前，先注意两点。有些经纪商对贵金属、指数和其他 CFD 是在",[30,107,108],{},"周五","而不是周三收三倍；而且每个品种都有自己的交割惯例，别以为外汇的规则也适用于黄金、原油或股指。这两个问题，看该品种的合约规格就有答案。",[23,111,112],{},[113,114],"img",{"alt":115,"src":116},"账户曲线从周一到周五每晚下降一级，价格线却保持平稳，周三标注为三倍收费，下方注明有库存费的账户中 86.3% 是在支付库存费，而不是赚取库存费","\u002Fimages\u002Farticles\u002Fswap-bleed.svg",[23,118,119],{},[120,121,122],"em",{},"不管图表怎么走，一周五个交易日都要扣掉七夜的融资费。",[18,124,126],{"id":125},"️-正向套息远没有博客说的那么常见","⚖️ 正向套息，远没有博客说的那么常见",[23,128,129],{},"经典的套息交易很简单：做多高息货币，做空低息货币，每晚赚取利差，至于汇率波动，就当作扛得过去的噪音。",[23,131,132],{},"这个机制确实存在。但策略文章通常不提的是，零售版本两个方向的定价都对您不利：",[134,135,136,151],"table",{},[137,138,139],"thead",{},[140,141,142,145,148],"tr",{},[143,144],"th",{},[143,146,147],{},"做多高息货币",[143,149,150],{},"做空高息货币",[152,153,154,165,176],"tbody",{},[140,155,156,159,162],{},[157,158,55],"td",{},[157,160,161],{},"对您有利",[157,163,164],{},"对您不利",[140,166,167,170,173],{},[157,168,169],{},"经纪商加价",[157,171,172],{},"从您的入账中扣除",[157,174,175],{},"加到您的扣款上",[140,177,178,181,184],{},[157,179,180],{},"最终到账的",[157,182,183],{},"很小的正数，或者为零",[157,185,186],{},"明显的负数",[23,188,189,190,193],{},"几乎在任何经纪商、任何货币对上，把多头库存费和空头库存费加起来，结果都是负数。这个差额就是经纪商的抽成，不管您做哪个方向都要交。所以，在 ShowMyTrades 上有任何库存费记录的公开账户中，",[30,191,192],{},"86.3% 付出的是净负库存费","（2026 年 8 月）。融资成本能打平或者更好的，不到七分之一。",[23,195,196],{},"这并不是说正向套息不可能，而是说它是一个有待验证的说法，不能当作搭建策略的前提：先查清您的经纪商在您交易的品种上给出的两个库存费数字，别让策略凭空假设一笔可能并不存在的收入。",[18,198,200],{"id":199},"如何计算一个仓位每晚的成本","🧮 如何计算一个仓位每晚的成本",[23,202,203],{},"这一步要在入场前做，而不是出场后才算。从合约规格里查到所交易品种的库存费率，然后：",[23,205,206],{},[30,207,208],{},"每晚成本 = 每手库存费 point 数 × 按您的手数计算的一个 point 的价值 × 手数",[23,210,211,212,216],{},"如果经纪商以 point 报库存费，您需要知道一个 point 折合多少账户货币：",[52,213,215],{"href":214},"\u002Ftools\u002Fpip-calculator","点值计算器","算出的是一个点（pip）的价值，在 5 位小数报价下除以十，就是一个 point 的价值。如果库存费已经按每手多少账户货币报出，直接做乘法即可。",[23,218,219,220,223],{},"下面以一个",[30,221,222],{},"每手每晚成本 $7.40"," 的仓位为例。把数字换成您自己经纪商的，规律不变。",[134,225,226,242],{},[137,227,228],{},[140,229,230,233,236,239],{},[143,231,232],{},"持仓期",[143,234,235],{},"收费夜数",[143,237,238],{},"1 手",[143,240,241],{},"5 手",[152,243,244,258,272,286],{},[140,245,246,249,252,255],{},[157,247,248],{},"隔夜",[157,250,251],{},"1",[157,253,254],{},"-$7.40",[157,256,257],{},"-$37",[140,259,260,263,266,269],{},[157,261,262],{},"一周",[157,264,265],{},"7",[157,267,268],{},"-$51.80",[157,270,271],{},"-$259",[140,273,274,277,280,283],{},[157,275,276],{},"一个月",[157,278,279],{},"30",[157,281,282],{},"-$222",[157,284,285],{},"-$1,110",[140,287,288,291,294,297],{},[157,289,290],{},"一年",[157,292,293],{},"365",[157,295,296],{},"-$2,701",[157,298,299],{},"-$13,505",[23,301,302,303,306],{},"再把它放到账户规模里看，只有这样，这个数字才有意义。在 $10,000 的账户上持有 1 手一个月，就是",[30,304,305],{},"账户的 2.2%","，交易还没分出对错，钱就已经没了。持有一年是 27%。",[23,308,309,310,313],{},"再和整体的实际收益比一比。在 ShowMyTrades 上有交易历史的公开账户中，时间加权收益率的中位数是 ",[30,311,312],{},"+3.2%","。跟这个量级相比，每月 2.2% 的融资成本绝不是可以忽略的零头。",[23,315,316,320,321,325,326,33],{},[52,317,319],{"href":318},"\u002Ftools\u002Fposition-size-calculator","仓位计算器","帮您算出风险预算允许的手数，",[52,322,324],{"href":323},"\u002Ftools\u002Frebate-calculator","返佣计算器","显示返现能在佣金上找回多少，全套工具见",[52,327,329],{"href":328},"\u002Fguides\u002Fforex-calculators-guide","外汇计算器指南",[18,331,333],{"id":332},"这对长线持仓策略意味着什么","📉 这对长线持仓策略意味着什么",[23,335,336,337,340],{},"大多数账户根本碰不到这个问题。在 ShowMyTrades 的公开账户中，平均持仓时间的中位数是 ",[30,338,339],{},"2.4 小时","：典型账户在同一个交易日内开仓又平仓，库存费天生与它无关。",[23,342,343],{},"这个问题属于特定的一群策略：对冲篮子一挂就是几周的网格系统，“设好就不管”的波段 EA，等回调时一直扛着的马丁格尔补仓单，以及任何逆势加仓摊平的做法。这些恰恰是图表上看起来最平滑的策略，因为亏损都还没实现。可库存费没有“未实现”一说，每晚都以现金实打实地扣掉。",[23,345,346],{},"这种失败模式值得说清楚。一个篮子开了六周，余额曲线几乎不动，月度收益表里都是些小小的绿色数字。等篮子一平仓，实现的结果却比价格走势看上去差得多：六周里每一单的融资费一路都在扣，每次只是一小笔，没有哪一笔大到让人想去查。",[23,348,349],{},[113,350],{"alt":351,"src":352},"一条几乎平直的平滑余额线，下方的净值线被未平仓亏损往下拉，两者之间越拉越大的差距标注为还没人平掉的亏损","\u002Fimages\u002Farticles\u002Fequity-vs-balance.svg",[23,354,355],{},[120,356,357],{},"让亏损不出现在余额线上的那个篮子，也正是只要不平仓、每晚都在付融资费的那个篮子。",[23,359,360,361,364,365,369],{},"逆势加仓摊平会让情况加倍恶化：仓位翻倍，每晚成本也翻倍，",[120,362,363],{},"而且","持仓时间还会拉长，因为仓位越大，等到判断正确所需的时间越久。想从策略层面了解该长期跟踪哪些数字，",[52,366,368],{"href":367},"\u002Fguides\u002Ftracking-trading-performance","交易表现追踪指南","讲了看什么、多久看一次。",[18,371,373],{"id":372},"在-showmytrades-账户页面上哪里看库存费","🔍 在 ShowMyTrades 账户页面上哪里看库存费",[23,375,376],{},"库存费在页面上出现在四个地方，各自回答一个不同的问题。",[134,378,379,392],{},[137,380,381],{},[140,382,383,386,389],{},[143,384,385],{},"位置",[143,387,388],{},"您看到的内容",[143,390,391],{},"它回答的问题",[152,393,394,407,420,433],{},[140,395,396,401,404],{},[157,397,398],{},[30,399,400],{},"高级统计 → 已付库存费合计",[157,402,403],{},"历史累计数字，带正负号和颜色",[157,405,406],{},"这个账户是净支付方还是净收取方？",[140,408,409,414,417],{},[157,410,411],{},[30,412,413],{},"交易表 → 库存费列",[157,415,416],{},"每笔交易的库存费，与持续时间和佣金并列",[157,418,419],{},"损失出在哪些交易上？",[140,421,422,427,430],{},[157,423,424],{},[30,425,426],{},"交易表 → 持仓合计行",[157,428,429],{},"尚未平仓的仓位到目前为止累计的库存费",[157,431,432],{},"当前的持仓已经花了多少钱？",[140,434,435,440,443],{},[157,436,437],{},[30,438,439],{},"自定义分析 →“计算盈利时包含库存费”",[157,441,442],{},"去掉库存费后重新计算的同一组统计",[157,444,445],{},"结果中有多少来自交易，有多少来自融资？",[23,447,448],{},"三点实用提示。",[23,450,451,454,455,458,459,462],{},[30,452,453],{},"库存费列默认不显示","。打开交易表顶部的",[30,456,457],{},"显示","菜单，把它和",[30,460,461],{},"持续时间","一起打开：这两列并排一看，来龙去脉就全清楚了。这个设置保存在您的浏览器里，下次访问还在。",[23,464,465,468],{},[30,466,467],{},"已付库存费合计","带正负号显示：账户净收取时为绿色，净支付时为红色。如果一个自称做日内的账户，这个数字却是深红色，那它的描述就和实际交易对不上。",[23,470,471,474,475,478,479,482],{},[30,472,473],{},"自定义分析","侧边面板能把观察变成测量。把",[30,476,477],{},"交易持续时间（秒）"," 的最小值设为 86400，筛出所有持有超过一天的交易，运行一次；再取消勾选",[30,480,481],{},"计算盈利时包含库存费","，再运行一次。两个盈利数字之差，就是融资让系统这一部分付出的代价。如果是在控制台里看自己的账户，这组筛选可以存成预设，下个月一键就能复查；在别人的公开页面上，筛选可以实时运行，但不会保存。",[23,484,485,486,490],{},"如果其中有不熟悉的模块，",[52,487,489],{"href":488},"\u002Fguides\u002Freading-a-trading-account-dashboard","账户页面逐个模块讲解","按顺序把它们都介绍了一遍。",[18,492,494],{"id":493},"免库存费账户实事求是地看","🕌 免库存费账户：实事求是地看",[23,496,497,498,502],{},"免库存费账户也叫伊斯兰账户，为了符合宗教要求，把隔夜利息设为零。提供它的经纪商很多，误解它的人也很多。下面是一般情况，具体细节",[52,499,501],{"href":500},"\u002Fglossary\u002Fwhat-is-a-regulated-broker","因经纪商和旗下实体而异","：",[504,505,506,512,518,524],"ul",{},[64,507,508,511],{},[30,509,510],{},"零库存费通常不等于零成本","。经纪商常用每手每晚固定收取的管理费或持仓费来替代，往往在几天宽限期后开始收。",[64,513,514,517],{},[30,515,516],{},"只覆盖部分品种","。免库存费常常只适用于主要货币对和贵金属；奇异货币对、指数和加密货币 CFD 往往照收正常的融资费用。",[64,519,520,523],{},[30,521,522],{},"资格可能被收回","。有几家经纪商保留权利：如果账户利用这一身份长期持有隔夜仓位，就撤销其资格。",[64,525,526,529,530,532,533,536],{},[30,527,528],{},"成本只是换了地方，并没有消失","。持仓费如果记成佣金而不是库存费，它就会从",[30,531,467],{},"里消失，出现在",[30,534,535],{},"佣金合计","里。这两行要一起看，否则您会误以为这个账户交易不花钱。",[23,538,539,540,544,545,549],{},"不管哪种安排，账户页面显示的都是经纪商实际收取的费用，因为这些数字来自与经纪商的连接，而不是账户所有者手动填写：MT4 和 MT5 用的是",[52,541,543],{"href":542},"\u002Fglossary\u002Fwhat-is-an-mt4-investor-password","只读的投资者密码","，cTrader 和 TradeLocker 用的是平台自己的 API。这就是记录与说法的区别，",[52,546,548],{"href":547},"\u002Fguides\u002Fverified-vs-unverified-track-records","经验证与未经验证的业绩记录","专门讲的就是这一点。",[18,551,553],{"id":552},"️-库存费的五个常见误区","⚠️ 库存费的五个常见误区",[61,555,556,566,572,578,584],{},[64,557,558,561,562,565],{},[30,559,560],{},"把毛利润当成业绩","。交易表可以把",[30,563,564],{},"盈利（毛额）"," 单独显示为一列；净额 = 毛利润 + 库存费 + 佣金。优势很薄的系统，可能毛额为正、净额为负，中间的差额进了经纪商的口袋。",[64,567,568,571],{},[30,569,570],{},"以为做空就能收钱","。“做多要付钱，做空就一定能赚”，这个想法在大多数货币对上都不成立，因为加价是两个方向都扣的。先去合约规格里把两个数字都核对一遍。",[64,573,574,577],{},[30,575,576],{},"回测不计融资成本","。回测常常忽略库存费，或者把今天的费率套到五年的历史上。费率随央行政策变化；这个周期里赚钱的套息，到下个周期可能就倒过来了。",[64,579,580,583],{},[30,581,582],{},"算仓位时忘了三倍日","。周三下午开仓、周四上午平仓，要付三夜的费用，而不是一夜。对于短线持仓，这笔费用就等于全部的预期利润。",[64,585,586,589,590,593],{},[30,587,588],{},"觉得库存费小到可以忽略","。每晚看着不多，一个季度下来就很可观了。ShowMyTrades 上 ",[30,591,592],{},"53.9%"," 的公开账户自动化程度超过 90%，而 EA 不会像盯盘的人那样，注意到每晚 $7 的扣费。",[18,595,597],{"id":596},"常见问题","❓ 常见问题",[23,599,600,603],{},[30,601,602],{},"当天平仓的仓位会收取库存费吗？","\n不会。库存费只针对展期时仍持有的仓位，展期时间通常是纽约时间 17:00。在这之前平仓，仓位再大也不用付。",[23,605,606,609],{},[30,607,608],{},"为什么同一个货币对的多头和空头库存费都是负的？","\n因为经纪商的加价在利率差的两边都要扣。利差很小的货币对上，加价比利差本身还大，所以两个方向最后都是负的。",[23,611,612,615,616,619,620,624],{},[30,613,614],{},"库存费影响的是增长，还是只影响绝对增长率？","\n两者都影响。账户页面上的",[30,617,618],{},"增长","就是",[52,621,623],{"href":622},"\u002Fguides\u002Ftime-weighted-return-explained","时间加权收益率","，而库存费是真实的现金变动，会计入净值，也就会计入这个数字。它是成本，不是资金进出：和入金、出金不同，它永远不会被剔除。",[23,626,627,630,631,635,636,638],{},[30,628,629],{},"我能看到某一个策略花了我多少库存费吗？","\n可以。用自定义分析侧边面板：按",[52,632,634],{"href":633},"\u002Fguides\u002Fmagic-numbers-and-strategy-labels","魔术号","或交易注释筛选出那个 EA，再对比勾选和不勾选",[30,637,481],{},"的结果。",[23,640,641,644],{},[30,642,643],{},"免库存费账户真的免费吗？","\n通常不是。经纪商一般会在宽限期过后，按每手每晚收取固定持仓费，而且这笔费用往往记在佣金名下，而不是库存费。要比的是每手的总成本，而不是费用叫什么名字。",[23,646,647,650,651,33],{},[30,648,649],{},"有人拿一份长线持仓的业绩记录给我看，我该查什么？","\n看已付库存费合计和总盈利的对比，再看平均持仓时间和所宣称的策略是否相符。如果一份“波段”记录完全没有库存费，说明这些交易根本没有隔夜持有。完整的检查清单见",[52,652,654],{"href":653},"\u002Fguides\u002Fverifying-trading-performance-claims","如何验证交易业绩宣传",[18,656,658],{"id":657},"相关指南","🔗 相关指南",[504,660,661,667,673,678],{},[64,662,663,666],{},[52,664,665],{"href":488},"如何读懂交易账户控制台","：按顺序讲解页面上的每一项指标，成本板块也包括在内",[64,668,669,672],{},[52,670,671],{"href":367},"交易表现追踪完全指南","：每月该看哪些数字，让成本永远不会出乎意料",[64,674,675,677],{},[52,676,654],{"href":653},"：注资、跟随或购买任何东西之前，先过一遍这份取证式检查清单",[64,679,680,682],{},[52,681,329],{"href":328},"：点值、仓位规模以及本页用到的其他计算",[684,685],"hr",{},[23,687,688,691,692,696],{},[30,689,690],{},"到真实账户上看看","。从",[52,693,695],{"href":694},"\u002Fexplore","探索","点进去的每个页面都与经纪商同步；只要页面没有隐藏高级统计板块，就能在里面看到已付库存费合计，有些账户上它甚至是整页最大的数字。",[23,698,699,703],{},[52,700,702],{"href":701},"\u002Fsignup","免费连接您的账户","，看看您自己的持仓每晚都在花掉多少钱。",{"title":705,"searchDepth":706,"depth":706,"links":707},"",2,[708,709,710,711,712,713,714,715,716,717],{"id":20,"depth":706,"text":21},{"id":46,"depth":706,"text":47},{"id":125,"depth":706,"text":126},{"id":199,"depth":706,"text":200},{"id":332,"depth":706,"text":333},{"id":372,"depth":706,"text":373},{"id":493,"depth":706,"text":494},{"id":552,"depth":706,"text":553},{"id":596,"depth":706,"text":597},{"id":657,"depth":706,"text":658},"2026-08-19T00:00:00.000Z","库存费是没人会去截图的成本。本文讲清它是什么、周三三倍库存费怎么回事、为什么我们有库存费记录的公开账户中 86.3% 在付钱，以及如何估算一笔持仓的成本。",false,"md",{"src":723},"\u002Fimages\u002Fblog\u002Fswap-and-carry-trade-hero.svg",{},true,"\u002Fzh\u002Fguides\u002Fswap-and-carry-trade",{"title":5,"description":719},"zh\u002F3.guides\u002F18.swap-and-carry-trade","2026-08-29T00:00:00.000Z","H9YhKEV7-lUKM2QcxzeqnWkHO3fKGY7yS0hoByCc8eo",[732,737],{"title":733,"path":734,"stem":735,"description":736,"children":-1},"成本占比：经纪商拿走了您多少毛利润（{YEAR} 年版）","\u002Fzh\u002Fguides\u002Ftrading-cost-percentage","zh\u002F3.guides\u002F17.trading-cost-percentage","佣金和库存费不是凭空多出来的，而是从毛利润里扣走的。用账户页面上的四个字段算出这个比例，就知道经纪商拿走了多少。",{"title":738,"path":739,"stem":740,"description":741,"children":-1},"交易量分析：您的手数透露了怎样的风险（{YEAR} 年版）","\u002Fzh\u002Fguides\u002Ftrading-volume-analysis","zh\u002F3.guides\u002F19.trading-volume-analysis","在市场给出任何结果之前，手数是唯一由您自己决定的数字。把它当作风险指纹来看：马丁格尔的痕迹、固定手数带来的风险漂移，以及正确的仓位计算方法。",[743,745],{"path":744},"\u002Fguides\u002Fswap-and-carry-trade",{"path":726},1793898036771]