论文标题
加密货币交易对的最佳设置
Optimal Settings for Cryptocurrency Trading Pairs
论文作者
论文摘要
加密货币的目标是权力下放。原则上，所有货币都具有平等的状态。与传统的股票市场不同，没有默认的面额货币（FIAT），因此可以自由设置交易对。但是，在每两种货币之间建立一个交易市场是不切实际的。为了控制管理成本并确保足够的流动性，我们必须优先考虑那些大批量交易对，并确保所有硬币都可以到达。我们注意到这是一个优化问题。它的特殊性在于：1）无法直接观察到大多数可能的交易对（> 99.5％）之间的交易量。 2）它满足连通性约束，也就是说，所有货币都可以交易。 为了解决此问题，我们使用两个阶段的过程：1）基于正规化的，截断的特征值分解填充缺失值，在该值中，正则化项用于控制丢失值应限于零的程度。 2）根据分支机构和绑定过程，搜索启发式搜索和修剪策略，搜索最佳交易对。 实验结果表明：1）如果不限于指定的硬币的数量，我们将获得更加分散的交易对设置，该设置主张直接在大型货币对之间建立交易对。 2）在所有交换中都有一定的优化空间。不当交易对的设置主要是由主观设置小硬币引用或未能及时跟踪出现的大硬币引起的。 3）交易对太少会导致覆盖范围较低；太多的交易对需要经常与市场进行调整。交流应考虑在它们之间达到适当的平衡。
The goal of cryptocurrencies is decentralization. In principle, all currencies have equal status. Unlike traditional stock markets, there is no default currency of denomination (fiat), thus the trading pairs can be set freely. However, it is impractical to set up a trading market between every two currencies. In order to control management costs and ensure sufficient liquidity, we must give priority to covering those large-volume trading pairs and ensure that all coins are reachable. We note that this is an optimization problem. Its particularity lies in: 1) the trading volume between most (>99.5%) possible trading pairs cannot be directly observed. 2) It satisfies the connectivity constraint, that is, all currencies are guaranteed to be tradable. To solve this problem, we use a two-stage process: 1) Fill in missing values based on a regularized, truncated eigenvalue decomposition, where the regularization term is used to control what extent missing values should be limited to zero. 2) Search for the optimal trading pairs, based on a branch and bound process, with heuristic search and pruning strategies. The experimental results show that: 1) If the number of denominated coins is not limited, we will get a more decentralized trading pair settings, which advocates the establishment of trading pairs directly between large currency pairs. 2) There is a certain room for optimization in all exchanges. The setting of inappropriate trading pairs is mainly caused by subjectively setting small coins to quote, or failing to track emerging big coins in time. 3) Too few trading pairs will lead to low coverage; too many trading pairs will need to be adjusted with markets frequently. Exchanges should consider striking an appropriate balance between them.
