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CFD vs 永續合約：有什麼區別？
Two derivative instruments dominate commodity trading today: Contracts for Difference (CFDs) offered by regulated Forex brokers, and perpetual contracts available on crypto exchanges. Both allow traders to speculate on gold, oil, and other commodities without owning the underlying asset — but they differ fundamentally in fee structure, regulation, trading hours, and counterparty risk. This guide breaks down both instruments so you can choose the right one for your trading style.
How CFDs Work
A CFD is an over-the-counter (OTC) derivative contract between you and your broker. When you open a CFD position on gold or oil, the broker acts as the counterparty to your trade. There is no centralised order book — the broker sets the bid and ask price, and the difference between them (the spread) is your primary trading cost.
CFD spreads are quoted in pips. For example, a broker may offer XAUUSD with a spread of 0.3 pips, meaning you pay roughly $0.30 per unit of gold traded. Spreads are variable and can widen during off-hours or high-volatility events. Some brokers also charge overnight swap fees for positions held past the daily rollover.
CFD brokers operate under financial regulators such as the FCA (UK), ASIC (Australia), and CySEC (EU). These regulators mandate segregated client funds, negative balance protection for retail accounts, and leverage caps — typically 1:20 for gold and 1:10 for oil in the EU/UK.
How Perpetual Contracts Work
A perpetual contract (often called a "perp") is a derivative that tracks the price of an asset indefinitely. Unlike traditional futures, perps have no expiry date and no physical settlement. They are traded on centralised order books, where buyers and sellers are matched directly.
The key mechanism that keeps a perp's price aligned with the spot market is the funding rate. Every 8 hours, a small fee is exchanged between long and short holders. If the perp trades above spot, longs pay shorts; if below, shorts pay longs. This creates a self-correcting incentive that prevents the contract from drifting far from the underlying price.
Fees on perpetual contracts are explicit: exchanges charge a maker fee (typically 0.02%) for limit orders and a taker fee (typically 0.05%–0.06%) for market orders. These are percentage-based and transparent, deducted at the time of trade execution. Perps trade 24 hours a day, 7 days a week, including weekends and holidays.
Cost Comparison
CFD costs and perpetual contract costs are structured differently, making direct comparison nuanced. CFDs embed their cost in the spread — a wider spread means a higher implicit fee. Perpetual contracts charge explicit percentage-based fees plus a funding rate that accrues every 8 hours.
Example: Trading $10,000 of Gold (XAUUSD)
- CFD (0.3-pip spread): ~$3.00 round-trip cost (spread only, excluding overnight swap)
- Perpetual (0.05% taker): ~$10.00 round-trip cost (entry + exit), plus/minus funding rate
- Perpetual (0.02% maker): ~$4.00 round-trip cost (entry + exit), plus/minus funding rate
For short-term trades settled within a single session, CFDs can be cheaper on tight-spread brokers. For traders who use limit orders (maker fees) and hold positions across weekends, perps may offer better value due to continuous market access.
Platform Fees — Gold (XAUUSD)
比較 9 個 黃金 (XAU/USD) 平台
| 平台 | 類別 | 類型 | 費用 / 點差 | 交易時段 | 最低入金 | 監管機構 | 訪問 |
|---|---|---|---|---|---|---|---|
 Bybit | 加密貨幣 | 永續合約（USDT結算） | Maker 0.02% / Taker 0.055% | 24/7 | $1 | 多重監管 | 查看 Bybit → |
 Binance | 加密貨幣 | 永續合約（USDT結算） | Maker 0.02% / Taker 0.05% | 24/7 | $5 | ADGM (Abu Dhabi) | 查看 Binance → |
 OKX | 加密貨幣 | 永續合約（USDT結算） | Maker 0.02% / Taker 0.05% | 24/7 | $1 | 多重監管 | 查看 OKX → |
 Bitget | 加密貨幣 | 永續合約（USDT結算） | Maker 0.02% / Taker 0.06% | 24/7 | $5 | 多重監管 | 查看 Bitget → |
 CoinEx | 加密貨幣 | 永續合約（USDT結算） | Maker 0.03% / Taker 0.05% | 24/7 | $1 | 多重監管 | 查看 CoinEx → |
 Flipster | 加密貨幣 | 永續合約 | Maker 0.02% / Taker 0.06% | 24/7 | $1 | VARA (UAE, in-principle) | 查看 Flipster → |
 IG | 外匯 | CFD | 低至 0.3 pip | 週一至週五 | $300 | FCA, ASIC, MAS | 查看 IG → |
 Exness | 外匯 | CFD | 低至 0.16 pip | 週一至週五 | $10 | CySEC, FCA, FSCA | 查看 Exness → |
 FXCM | 外匯 | CFD | 低至 0.3 pip | 週一至週五 | $50 | FCA, ASIC | 查看 FXCM → |
Regulation & Safety
Regulation is one of the starkest differences between the two instruments. CFD brokers in major jurisdictions operate under strict regulatory frameworks. The FCA, ASIC, and CySEC require brokers to hold client funds in segregated accounts, maintain minimum capital reserves, and participate in compensation schemes that protect deposits up to a defined limit (e.g., up to GBP 85,000 under the FSCS in the UK).
Crypto exchanges offering perpetual contracts operate under a more fragmented regulatory landscape. Some exchanges hold licences in specific jurisdictions (e.g., Dubai's VARA, or EU MiCA provisions), while others operate with minimal regulatory oversight. Proof-of-reserves audits and insurance funds provide some protection, but they are not equivalent to government-backed deposit guarantee schemes.
Neither instrument is inherently "safe" — both carry significant trading risk, particularly when leverage is involved. The choice depends on whether you prioritise regulatory protection and institutional oversight (CFDs) or operational flexibility and self-custody options (perps).
Key Differences at a Glance
| Feature | CFD | Perpetual Contract |
|---|---|---|
| Fee Structure | Spread-based (embedded in price) | Maker/taker fees + funding rate |
| Trading Hours | Mon–Fri (market hours) | 24/7 including weekends |
| Leverage | Up to 1:20 gold, 1:10 oil (EU/UK retail) | Up to 100x or higher |
| Settlement | Cash-settled in account currency (USD, EUR, etc.) | USDT-settled (stablecoin) |
| Regulation | FCA, ASIC, CySEC — heavily regulated | Varies by exchange and jurisdiction |
| Counterparty | Broker (OTC, broker is counterparty) | Exchange order book (peer-to-peer matching) |
| Expiry | No expiry (rolled daily with swap fee) | No expiry (funding rate every 8 hours) |
| Minimum Deposit | $50–$300 (varies by broker) | $1–$10 (crypto deposit) |
Which Is Right for You?
Choose CFDs If You...
- Want a regulated trading environment with deposit protection
- Prefer to fund accounts via bank transfer or credit card
- Trade primarily during standard market hours
- Hold larger positions where tight spreads reduce cost
- Value institutional-grade compliance and dispute resolution
Choose Perpetual Contracts If You...
- Need 24/7 market access including weekends and holidays
- Start with a small capital base ($1–$50)
- Already hold USDT or other crypto assets
- Prefer transparent, explicit fee structures
- Want higher leverage options (with appropriate risk management)
Many experienced commodity traders maintain accounts on both types of platform — using a CFD broker for larger, longer-term positions during the trading week, and a crypto exchange for short-term or weekend opportunities.
Explore commodity trading in detail
Frequently Asked Questions
What is the main difference between a CFD and a perpetual contract?
A CFD (Contract for Difference) is an over-the-counter derivative where the broker acts as your counterparty and costs are embedded in the spread. A perpetual contract is an exchange-traded derivative with no expiry date, where pricing is maintained through a funding rate mechanism and fees are charged as explicit maker/taker percentages.
Which is cheaper for trading gold — CFDs or perpetual contracts?
For smaller positions, perpetual contracts on crypto exchanges are often cheaper due to low percentage-based fees (0.02% maker / 0.05% taker). For larger positions, CFD spreads from brokers like IG (0.3 pips on XAUUSD) can be more cost-efficient. The total cost also depends on holding period, as perps incur funding rates every 8 hours.
Do perpetual contracts expire?
No. Unlike traditional futures, perpetual contracts have no expiry or settlement date. They remain open indefinitely. A funding rate — paid between long and short holders every 8 hours — keeps the contract price anchored to the spot price of the underlying asset.
Are CFDs regulated?
Yes. CFDs are offered by brokers regulated under financial authorities such as the FCA (UK), ASIC (Australia), and CySEC (EU). These regulators enforce capital requirements, segregation of client funds, and negative balance protection for retail traders.
Can I trade oil with perpetual contracts?
Yes. Several crypto exchanges offer oil perpetual contracts (typically tracking WTI crude) settled in USDT. These trade 24/7 and offer leverage up to 50x or higher, though liquidity may be lower compared to gold perps.
What leverage is available for CFDs vs perpetual contracts?
CFD leverage is capped by regulation — typically 1:20 for gold and 1:10 for oil under ESMA rules (EU/UK retail). Perpetual contracts on crypto exchanges may offer up to 100x or more, though higher leverage significantly increases liquidation risk.