现货与期货：您实际购买的是什么

On spot you buy the coin itself: BTC in your wallet is yours — it has no expiry, pays no funding, and cannot be force-closed. On 期货 you trade a contract that tracks the coin’s price with leverage — what you hold is a margin position, not the asset. Same chart, very different machinery.

What spot means

• You own the asset. Your worst case is the price going toward zero — painful, but the position is never force-closed.
• No funding payments, no liquidation engine, no expiry date.
• What you can lose is bounded by what you paid. That boundary is the whole beginner advantage.

What futures means

• You post margin and control a larger position through leverage. Both gains and losses are multiplied by that same factor.
• A funding rate is exchanged periodically between longs and shorts. Holding a wrong-side position bleeds funding even if price stands still.
• If price moves against you far enough that margin is exhausted, the position is liquidated — closed by the exchange at market. Module m5’s cap on leverage exists precisely because this step is mechanical, not negotiable.
• You can also 做空 — take a downside position — which spot cannot do directly.

Which one, then

Spot without leverage is where every new trader should start: the failure mode is “my asset fell”, not “my account was force-closed”. Futures is a legitimate tool — hedging, shorting, capital efficiency — but it presumes everything the earlier modules teach: position sizing (m1), mandatory stops (m3), and bot-config discipline (m5). Skipping those to trade futures first inverts the order in which lessons are survivable.

See it on our data: the public 策略分析器 ranks research strategies for spot and futures lanes separately — replay both markets on the same data and watch how the risk profile, not the chart, changes the outcome. Figures are historical backtests, not guarantees.