{"id":40326,"date":"2026-09-08T14:46:52","date_gmt":"2026-09-08T07:46:52","guid":{"rendered":"https:\/\/edutrade.vn\/?p=40326"},"modified":"2026-09-08T17:02:57","modified_gmt":"2026-09-08T10:02:57","slug":"hop-dong-spread-la-gi","status":"publish","type":"post","link":"https:\/\/edutrade.vn\/en\/hop-dong-spread-la-gi\/","title":{"rendered":"H\u1ee3p \u0111\u1ed3ng Spread trong giao d\u1ecbch h\u00e0ng h\u00f3a l\u00e0 g\u00ec?"},"content":{"rendered":"

Trong giao d\u1ecbch h\u00e0ng h\u00f3a, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 t\u1eadp trung v\u00e0o ch\u00eanh l\u1ec7ch gi\u00e1 gi\u1eefa hai h\u1ee3p \u0111\u1ed3ng thay v\u00ec theo d\u00f5i m\u1ed9t h\u1ee3p \u0111\u1ed3ng ri\u00eang l\u1ebb. \u0110\u00e2y l\u00e0 n\u1ec1n t\u1ea3ng c\u1ee7a giao d\u1ecbch Spread.\u00a0<\/span><\/p>\n

B\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y s\u1ebd gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi hi\u1ec3u kh\u00e1i ni\u1ec7m, c\u01a1 ch\u1ebf ho\u1ea1t \u0111\u1ed9ng, c\u00e1c lo\u1ea1i Spread ph\u1ed5 bi\u1ebfn c\u00f9ng l\u1ee3i \u00edch v\u00e0 r\u1ee7i ro c\u1ea7n l\u01b0u \u00fd.\u00a0<\/span><\/p>\n

H\u1ee3p \u0111\u1ed3ng Spread trong giao d\u1ecbch h\u00e0ng h\u00f3a l\u00e0 g\u00ec?<\/b><\/h2>\n

Thu\u1eadt ng\u1eef h\u1ee3p \u0111\u1ed3ng Spread \u0111\u01b0\u1ee3c d\u00f9ng \u0111\u1ec3 m\u00f4 t\u1ea3 m\u1ed9t c\u1ea5u tr\u00fac giao d\u1ecbch. N\u00f3 d\u1ef1a tr\u00ean s\u1ef1 ch\u00eanh l\u1ec7ch gi\u00e1 gi\u1eefa hai h\u1ee3p \u0111\u1ed3ng ph\u00e1i sinh. Hi\u1ec3u \u0111\u00fang b\u1ea3n ch\u1ea5t s\u1ebd gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 qu\u1ea3n tr\u1ecb v\u1ed1n hi\u1ec7u qu\u1ea3 h\u01a1n.<\/span><\/p>\n

Kh\u00e1i ni\u1ec7m h\u1ee3p \u0111\u1ed3ng Spread<\/b><\/h3>\n

H\u1ee3p \u0111\u1ed3ng Spread l\u00e0 m\u1ed9t s\u1ea3n ph\u1ea9m ph\u00e1i sinh cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 giao d\u1ecbch \u0111\u1ed3ng th\u1eddi hai h\u1ee3p \u0111\u1ed3ng c\u00f3 li\u00ean quan, nh\u1eb1m khai th\u00e1c s\u1ef1 thay \u0111\u1ed5i trong ch\u00eanh l\u1ec7ch gi\u00e1 gi\u1eefa ch\u00fang.<\/b> H\u1ee3p \u0111\u1ed3ng Spread \u0111\u01b0\u1ee3c h\u00ecnh th\u00e0nh t\u1eeb hai v\u1ecb th\u1ebf \u0111\u1ed1i \u1ee9ng, g\u1ed3m m\u1ed9t v\u1ecb th\u1ebf mua v\u00e0 m\u1ed9t v\u1ecb th\u1ebf b\u00e1n.<\/span><\/p>\n

Hai h\u1ee3p \u0111\u1ed3ng trong Spread c\u00f3 th\u1ec3 l\u00e0 <\/span>c\u00f9ng m\u1ed9t h\u00e0ng h\u00f3a nh\u01b0ng kh\u00e1c k\u1ef3 h\u1ea1n, hai h\u00e0ng h\u00f3a c\u00f3 li\u00ean quan ho\u1eb7c \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft tr\u00ean hai S\u1edf giao d\u1ecbch kh\u00e1c nhau<\/b>. V\u00ec v\u1eady, k\u1ebft qu\u1ea3 giao d\u1ecbch ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ee9c thay \u0111\u1ed5i t\u01b0\u01a1ng \u0111\u1ed1i gi\u1eefa hai h\u1ee3p \u0111\u1ed3ng, thay v\u00ec bi\u1ebfn \u0111\u1ed9ng ri\u00eang l\u1ebb c\u1ee7a m\u1ed9t h\u1ee3p \u0111\u1ed3ng.<\/span><\/p>\n

T\u1ea1i th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam, <\/span>S\u1edf giao d\u1ecbch MXV<\/strong><\/a> ch\u00ednh th\u1ee9c t\u1ed5 ch\u1ee9c giao d\u1ecbch Spread t\u1eeb ng\u00e0y 10\/06\/2021. Spread \u0111\u01b0\u1ee3c cung c\u1ea5p b\u00ean c\u1ea1nh c\u00e1c s\u1ea3n ph\u1ea9m nh\u01b0 Futures (H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai) v\u00e0 Options (H\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn).\u00a0<\/span><\/p>\n

V\u1ec1 b\u1ea3n ch\u1ea5t, giao d\u1ecbch Spread g\u1ed3m hai v\u1ecb th\u1ebf \u0111\u1ed1i \u1ee9ng: nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ed3ng th\u1eddi mua m\u1ed9t h\u1ee3p \u0111\u1ed3ng v\u00e0 b\u00e1n m\u1ed9t h\u1ee3p \u0111\u1ed3ng kh\u00e1c. <\/span>Hai h\u1ee3p \u0111\u1ed3ng c\u00f3 th\u1ec3 l\u00e0 c\u00f9ng m\u1ed9t h\u00e0ng h\u00f3a nh\u01b0ng kh\u00e1c k\u1ef3 h\u1ea1n, hai h\u00e0ng h\u00f3a c\u00f3 li\u00ean quan ho\u1eb7c \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft tr\u00ean hai S\u1edf giao d\u1ecbch kh\u00e1c nhau.<\/b>\u00a0<\/span><\/p>\n

M\u1ee5c ti\u00eau kh\u00f4ng ph\u1ea3i l\u00e0 d\u1ef1 \u0111o\u00e1n gi\u00e1 m\u1ed9t h\u1ee3p \u0111\u1ed3ng t\u0103ng hay gi\u1ea3m, m\u00e0 l\u00e0 d\u1ef1 \u0111o\u00e1n ch\u00eanh l\u1ec7ch gi\u00e1 gi\u1eefa hai h\u1ee3p \u0111\u1ed3ng s\u1ebd m\u1edf r\u1ed9ng hay thu h\u1eb9p.<\/span><\/p>\n

Spread trong giao d\u1ecbch h\u00e0ng h\u00f3a kh\u00f4ng \u0111\u1ed3ng ngh\u0129a v\u1edbi Bid-Ask Spread.<\/span> Bid-Ask Spread l\u00e0 kho\u1ea3ng c\u00e1ch gi\u1eefa gi\u00e1 mua v\u00e0 gi\u00e1 b\u00e1n c\u1ee7a c\u00f9ng m\u1ed9t s\u1ea3n ph\u1ea9m. Trong khi \u0111\u00f3, giao d\u1ecbch Spread s\u1eed d\u1ee5ng hai h\u1ee3p \u0111\u1ed3ng \u0111\u1ed1i \u1ee9ng \u0111\u1ec3 theo d\u00f5i s\u1ef1 thay \u0111\u1ed5i trong m\u1ed1i quan h\u1ec7 gi\u00e1 gi\u1eefa ch\u00fang.<\/span><\/p>\n

C\u01a1 ch\u1ebf ho\u1ea1t \u0111\u1ed9ng c\u1ee7a h\u1ee3p \u0111\u1ed3ng Spread<\/b><\/h3>\n

M\u1ed9t giao d\u1ecbch Spread lu\u00f4n c\u00f3 m\u1ed9t ch\u00e2n mua v\u00e0 m\u1ed9t ch\u00e2n b\u00e1n. Hai v\u1ecb th\u1ebf n\u00e0y \u0111\u01b0\u1ee3c h\u00ecnh th\u00e0nh \u0111\u1ed3ng th\u1eddi tr\u00ean h\u1ec7 th\u1ed1ng giao d\u1ecbch.\u00a0<\/span><\/p>\n

C\u00f4ng th\u1ee9c t\u00ednh to\u00e1n ch\u00eanh l\u1ec7ch gi\u00e1:\u00a0<\/b><\/p>\n

Spread = Gi\u00e1 h\u1ee3p \u0111\u1ed3ng mua – Gi\u00e1 h\u1ee3p \u0111\u1ed3ng b\u00e1n.<\/b><\/p>\n

C\u00e1ch \u0111\u1eb7t d\u1ea5u c\u00f3 th\u1ec3 thay \u0111\u1ed5i t\u00f9y theo chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch. \u0110i\u1ec1u quan tr\u1ecdng l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i duy tr\u00ec c\u00e1ch t\u00ednh nh\u1ea5t qu\u00e1n trong su\u1ed1t qu\u00e1 tr\u00ecnh theo d\u00f5i v\u1ecb th\u1ebf.<\/span><\/p>\n

Gi\u1ea3 s\u1eed, nh\u00e0 \u0111\u1ea7u t\u01b0 mua h\u1ee3p \u0111\u1ed3ng A \u1edf m\u1ee9c 500 USD v\u00e0 \u0111\u1ed3ng th\u1eddi b\u00e1n h\u1ee3p \u0111\u1ed3ng B \u1edf m\u1ee9c 510 USD.<\/span><\/p>\n

Spread ban \u0111\u1ea7u \u0111\u01b0\u1ee3c t\u00ednh nh\u01b0 sau: <\/span>500 \u2212 510 = -10 USD<\/b><\/p>\n

Sau \u0111\u00f3, gi\u00e1 h\u1ee3p \u0111\u1ed3ng A t\u0103ng l\u00ean 505 USD, trong khi gi\u00e1 h\u1ee3p \u0111\u1ed3ng B t\u0103ng l\u00ean 512 USD.<\/span><\/p>\n

Spread m\u1edbi l\u00e0: <\/span>505 \u2212 512 = -7 USD<\/b><\/p>\n

Nh\u01b0 v\u1eady, ch\u00eanh l\u1ec7ch \u0111\u00e3 t\u0103ng 3 USD so v\u1edbi l\u00fac m\u1edf v\u1ecb th\u1ebf.\u00a0<\/span><\/p>\n

L\u1ee3i nhu\u1eadn ho\u1eb7c thua l\u1ed7 ph\u1ee5 thu\u1ed9c v\u00e0o di\u1ec5n bi\u1ebfn c\u1ee7a ch\u00eanh l\u1ec7ch gi\u00e1 gi\u1eefa hai h\u1ee3p \u0111\u1ed3ng v\u00e0 chi\u1ec1u giao d\u1ecbch ban \u0111\u1ea7u. Khi mu\u1ed1n k\u1ebft th\u00fac giao d\u1ecbch, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch \u0111\u1ed1i \u1ee9ng \u0111\u1ec3 \u0111\u00f3ng c\u00e1c v\u1ecb th\u1ebf \u0111ang m\u1edf. V\u00ec v\u1eady, vi\u1ec7c theo d\u00f5i bi\u1ebfn \u0111\u1ed9ng t\u01b0\u01a1ng \u0111\u1ed1i gi\u1eefa hai h\u1ee3p \u0111\u1ed3ng l\u00e0 y\u1ebfu t\u1ed1 c\u1ea7n \u0111\u01b0\u1ee3c c\u00e2n nh\u1eafc trong qu\u00e1 tr\u00ecnh giao d\u1ecbch.\u00a0<\/span><\/p>\n

Ph\u00e2n lo\u1ea1i giao d\u1ecbch Spread trong th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a<\/b><\/h2>\n
\"Ph\u00e2n
Ph\u00e2n lo\u1ea1i giao d\u1ecbch Spread trong th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a<\/figcaption><\/figure>\n

T\u1ea1i<\/span> th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a<\/b><\/a> Vi\u1ec7t Nam, giao d\u1ecbch Spread r\u1ea5t \u0111a d\u1ea1ng. S\u1edf giao d\u1ecbch MXV ph\u00e2n lo\u1ea1i th\u00e0nh ba d\u1ea1ng ch\u00ednh \u0111\u1ec3 nh\u00e0 \u0111\u1ea7u t\u01b0 d\u1ec5 n\u1eafm b\u1eaft. C\u00e1c d\u1ea1ng n\u00e0y d\u1ef1a tr\u00ean m\u1ed1i quan h\u1ec7 gi\u00e1 gi\u1eefa hai h\u1ee3p \u0111\u1ed3ng c\u1ea5u th\u00e0nh.<\/span><\/p>\n

Inter-month \u2013 Giao d\u1ecbch Spread li\u00ean k\u1ef3 h\u1ea1n<\/b><\/h3>\n

Inter-month l\u00e0 d\u1ea1ng giao d\u1ecbch gi\u1eefa c\u00e1c k\u1ef3 h\u1ea1n c\u1ee7a c\u00f9ng m\u1ed9t lo\u1ea1i h\u00e0ng h\u00f3a. Hai h\u1ee3p \u0111\u1ed3ng n\u00e0y c\u00f3 chung t\u00e0i s\u1ea3n c\u01a1 s\u1edf nh\u01b0ng <\/span>kh\u00e1c th\u00e1ng \u0111\u00e1o h\u1ea1n<\/b>. Nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd mua m\u1ed9t k\u1ef3 h\u1ea1n v\u00e0 b\u00e1n kh\u1ed1ng m\u1ed9t k\u1ef3 h\u1ea1n kh\u00e1c. H\u1ecd theo d\u00f5i s\u1ef1 thu h\u1eb9p ho\u1eb7c m\u1edf r\u1ed9ng kho\u1ea3ng gi\u00e1 gi\u1eefa hai m\u1ed1c th\u1eddi gian.<\/span><\/p>\n

V\u00ed d\u1ee5, nh\u00e0 \u0111\u1ea7u t\u01b0 theo d\u00f5i hai h\u1ee3p \u0111\u1ed3ng c\u00e0 ph\u00ea:<\/span><\/p>\n