> For the complete documentation index, see [llms.txt](https://docs.ts.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ts.finance/termmax-doc-cn/xie-yi-ji-zhi/alpha-market.md).

# Alpha Market

## 什么是 TermMax Alpha

TermMax Alpha 是将「固定利率借贷」升级为「期权式杠杆交易」的创新金融工具，让用户以可预测成本参与杠杆交易，且完全无清算风险。它打通了可控风险与杠杆交易之间的桥梁，让用户以更简单、更安全、更高效的方式获取收益。

TermMax Alpha 与 Binance Alpha 生态深度协同：Binance 负责发现与上线新代币，TermMax Alpha 则在这些代币尚未登陆永续合约前，提供提前的价格发现、杠杆、对冲与收益策略。同时，TermMax Alpha 也是 BNB 生态重要的衍生品基础设施，通过期权机制帮助投资者捕捉代币早期波动红利，并助力项目方进一步激活社区、提升用户参与度。

## 平台核心术语

* **Long：**在 TermMax Alpha 指买进看涨期权
* **Short：**在 TermMax Alpha 指买进看跌期权
* **Dual Investment：**Long/Short 期权的对手方，实际上为期权卖家，为 Long/Short 期权提供流动性。
* **Maturity：**期权到期日 
* **Strike Price ：**是期权合约中约定的买入或卖出底层资产的价格，即行权价
* **Current Price ：**当前该代币在市场的价格
* **Max Cost：**买期权时支付的费用，即为权利金，同时也是用户在该仓位中可能损失的最大金额。（为方便阅读和理解，下文均以“权利金”表示 Max Cost）
* **Underlying Asset:** 标的资产，在 TermMax Alpha 指某一上架的 Alpha Token。 
* **Quote Asset:** 计价资产，用来表示标的资产价格的资产，包括行权价和结算价。当前在 TermMax Alpha 主要指 USDT。


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