# 高頻交易

> 高頻交易係一種自動化交易方式：倉位喺數秒到數分鐘之內開出並且平掉，賺唔賺錢取決於執行質素，而唔係取決於對市場方向嘅預測。佢每一筆交易嘅優勢喺設計上就好細，靠嘅係重複好多次，呢個意味住手續費、買賣差價同滑點唔係可以忽略嘅零頭，而係決定結果嘅主導項。一條規則喺扣除成本前賺錢、扣除成本後蝕錢，係常態而唔係運氣唔好。

Canonical HTML page: https://qanterion.com/zh-HK/glossary/high-frequency-trading
更新於: 2026-08-18
又稱: HFT, 低延遲交易, 短週期量化交易

## 計算方式

```
Net edge per trade = gross edge − fees − spread paid − slippage

At a few basis points of gross edge, the subtracted terms dominate.
Shortening the holding period multiplies how often they are paid,
so the same signal can be profitable daily and loss-making by the minute.
```

## 決定成敗嘅係摩擦，唔係預測

當平均每筆交易只係賺幾個基點嘅時候，一檔手續費或者一次差價擴闊，就足以令成個結果反號。呢個就係點解高頻策略要用實際發生嘅成本嚟評價，而唔係用訊號質素嚟評價，亦係點解淨係睇勝率講唔到咩：QANTERION 公開嘅典型勝率係加密貨幣 37%、美股 56%、貴金屬 31%，而呢啲數字只有同旁邊嘅手續費同回撤數據擺埋一齊先可以被解讀。

## 速度係約束條件，唔係策略

快本身唔會產生優勢，佢只係喺競爭者會搶走同一筆成交嘅情況下，保住一個已經存在嘅優勢。對絕大多數參與者嚟講，真正嘅約束唔係延遲而係容量：一個短週期嘅優勢通常絕對值好細，一旦交易規模大到會推動佢所依賴嘅嗰個價格，佢就唔再有效。

## 常見誤讀

高頻交易成日被當成「跑得快啲嘅普通交易」，於是任何策略只要做得更頻繁就會更好。事實啱啱相反：縮短持倉週期會成倍增加支付成本嘅次數，一條喺日線頻率上真係有優勢嘅規則，單單因為呢一點，就可能喺分鐘頻率上穩定蝕錢。

## 親手計一計

- 合約盈虧計算機: https://qanterion.com/zh-HK/tools/crypto-pnl-calculator
- 倉位規模計算機: https://qanterion.com/zh-HK/tools/position-size-calculator

## 相關詞條

- 滑點: https://qanterion.com/zh-HK/glossary/slippage
- 掛單與食單費率: https://qanterion.com/zh-HK/glossary/maker-taker-fees
- 動量交易: https://qanterion.com/zh-HK/glossary/momentum

## 參考資料

- [High-frequency trading in the foreign exchange market](https://www.bis.org/publ/mktc05.htm) — Bank for International Settlements, Markets Committee

## Other languages

- English: https://qanterion.com/glossary/high-frequency-trading
- 简体中文: https://qanterion.com/zh/glossary/high-frequency-trading
- 繁體中文（台灣）: https://qanterion.com/zh-TW/glossary/high-frequency-trading
- 日本語: https://qanterion.com/ja/glossary/high-frequency-trading
- 한국어: https://qanterion.com/ko/glossary/high-frequency-trading
- Português (Brasil): https://qanterion.com/pt-BR/glossary/high-frequency-trading
- Türkçe: https://qanterion.com/tr/glossary/high-frequency-trading
- Bahasa Indonesia: https://qanterion.com/id/glossary/high-frequency-trading
- العربية: https://qanterion.com/ar/glossary/high-frequency-trading

## Risk notice

本術語表用於教學。此處內容不構成投資建議，頁面所述任何指標都無法預測未來結果。