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交易术语说明

开平仓

无限易的 开平 选项默认是 自动（平今优先）。

基本规则

• 只有 上期所（SHFE） 和 能源中心（INE） 在平仓时支持区分 平仓（平昨） 和 平今 。

• 其他交易所不能指定先平今仓还是昨仓，统一按 先开先平 处理。

• 如果登录站点为 CTP 柜台，对于不支持 平今 指令的交易所，即使下的是平今单，CTP 也会自动转换为 平仓 单。

• 这里的 平仓顺序 只针对持仓类型，不代表交易所手续费的实际扣除顺序。

• 可平量 是当前可用于 平仓 或 平今 的数量，不等于持仓总量。若已有平仓单未成交，这部分数量会先占用可平量。

自动开平

自动开平模式的共同规则是：先平后开。有 可平量 时优先平仓；没有可平量时才开仓。

补充说明：

• 当 自动（平今 + 平仓） 或 自动（平仓 + 平今） 的委托数量超过 可平量 时，系统会自动调整为可平数量。

• 当 可平量为 0 时，普通委托不会发单，并弹窗提醒；策略单会直接终止。

指定开平

指定开平表示委托只按明确指定的开平方向执行。

指定方向开平

指定方向开平表示买入和卖出分别固定为不同的开平方向。

上期所 / 能源中心 标准套利

在 上期所（SHFE） 和 能源中心（INE） 的 标准套利 中，开平模式需要分别确认套利组合前后两腿合约的开平类型，即 开仓、平仓 或 平今 。

前一项对应前腿合约，后一项对应后腿合约。

例如：套利组合为 SP A&B，如果开平模式为 开仓平今，则表示：

• A 合约执行 开仓

• B 合约执行 平今

其他组合模式以此类推。

使用标准套利下单前，建议先确认前后两腿合约当前是否存在对应的可开仓量、可平仓量或可平今量，避免因开平类型选择不一致而导致委托失败。

平仓常见问题

如果持仓存在，但平仓被拒并提示 平仓时持仓数量不足 ，常见原因有两类：

• 选错了 平仓 / 平今 指令。

• 可平量 已被其他未成交的平仓单占用。

平仓占用 也叫 平仓冻结 。

例如：某合约持有多单 2 手，已报入 卖出平仓 2 手 且尚未成交，那么这 2 手可平量会被全部占用。此时如果再以自动开平模式卖出 1 手，该笔委托会被识别为 卖出开仓 。

可平量可在 实时持仓 窗口查看。

时态

GFD（Good for Day）

当日有效。普通委托默认使用 GFD。

FAK（Fill and Kill）

部分成交、剩余撤销。若报单手数只能部分成交，则已成交部分保留，未成交部分立即撤单。

上交所（SSE） 和 深交所（SZSE） 不支持 FAK。

FOK（Fill or Kill）

全部成交或全部撤销。若不能一次性全部成交，则整笔立即撤单。

郑商所（CZCE） 不支持 FOK。

注意：

FAK、FOK 指令会被计入 交易所异常撤单次数，请留意不要超限。

GIS（Good in Session）

仅在当前交易小结内有效，过期后自动撤销。

只支持 大商所（DCE）合约，且 不支持标准套利。

推文：休盘即撤单？大商所 GIS 指令有了，其他交易所怎么办？

价格类型

最新价：市场最新一笔成交价。

对手价：对手方最优价。

排队价：本方最优价。

市价：交易所定义的市价指令。不同交易所支持方式不同，详见后文“市价”。

账户类型

投机

默认账户属性。一般情况下保持默认即可。

套保

套保账户属性。需由机构向经纪商申请，申请成功后才能选择 套保 下单。

在 上期所（SHFE） 和 能源中心（INE） 的 标准套利 中，前后两腿支持分别选择 投机 或 套保 。

例如：投机投机、套保投机。

套利

仅用于 中金所（CFFEX）。需向经纪商申请，在普通持仓限额之外，增加经批准的套利持仓空间。 不是指下套利单 。

备兑

仅用于 上交所（SSE） 和 深交所（SZSE）。卖出开仓认购期权时，可使用标的物充抵保证金。

详见 股票期权备兑开仓 。

超价

超价 是按合约最小变动价位 Tick 加减后的委托偏移量，不是一个固定价格。

例如：股指期货 IC 的 1 Tick = 0.2。

• 买入时：在原价格基础上 + n Tick

• 卖出时：在原价格基础上 - n Tick

追单时，以 追单超价 为参考。

部分下单板支持按 对手价 / 最新价 / 排队价 + 超价 的方式委托。

操作按钮

平净仓

按净持仓方向进行平仓，使多头持仓与空头持仓数量相同。执行前会先撤销全部挂单。

是否先撤单、如何平仓，可在 系统 → 交易设置 中配置。

例如：当前持有多单 5 手、空单 7 手，执行后将变为 多单 5 手、空单 5 手。

锁净仓

通过开仓对锁，使多头持仓与空头持仓数量相同。执行前也会先撤销全部挂单。

例如：当前持有多单 5 手、空单 7 手，执行后将变为 多单 7 手、空单 7 手。

注：锁净仓 的示例截图来自 交易设置 → 快捷键。该功能需要先设置快捷键，再通过快捷键执行。

锁仓

按对手价建立一笔与当前仓位数量相同、方向相反的新仓位。

反手

先将当前仓位 平净仓，再按对手价开出一笔 数量相同、方向相反 的新仓位。

平仓规则可在 系统 → 交易设置 中配置。

行权

对期权合约执行行权指令。

自对冲

用于期权结算业务。详见 期权行权与自对冲 。

盈亏计算

持仓均价

由 昨结算价（对应昨仓）和 开仓价（对应今仓）共同计算出的持仓均价。

开仓均价

仅根据开仓成交价计算的均价。

持仓盈亏

按逐日盯市口径计算，即 持仓均价 vs 最新价 得出的当日盈亏。

浮动盈亏

按逐笔对冲口径计算，即 开仓均价 vs 最新价 得出的历史盈亏。

平仓盈亏

按逐日盯市口径计算：

• 昨仓部分：结算价 vs 平仓价

• 今仓部分：开仓价 vs 平仓价

平仓盈亏（逐笔）

按逐笔对冲口径计算，即 开仓价 vs 平仓价 得出的历史盈亏。

推文：赚了还是亏了？账户盈亏如何看？

视频：逐日结算搞明白，安心躺平不再难 by 王鼎

市价

无限易在 快捷下单 、 四键下单 、 任务下单 等支持选择 价格类型 的下单窗口中，可委托市价单。

非证券合约的市价选择

• 无限下单 窗口中的 市买、市卖 按钮，使用的都是 市价 FAK

大商所（DCE）与广期所（GFEX）

市价指令会按 涨跌停板价格 参与交易。

DCE、GFEX 的 期权合约 不支持市价。

郑商所（CZCE）

按当时市场上可成交的最优报价成交。

中金所（CFFEX）

无限易这里使用的是中金所 最优一档市价指令，即不限定价格，以对手方实时最优一档价格成交。

中金所（CFFEX）期权 和 远期季月合约 不支持市价。

上期所（SHFE）/ 能源中心（INE）

自 2026 年 7 月 6 日 起，上期所（SHFE） 和 能源中心（INE） 支持市价指令。

市价申报时，价格输入框需填写 市价保护价：

• 买入时填写可接受的最高价

• 卖出时填写可接受的最低价

• 成交价和转限价后的申报价都不会突破这个保护价

上交所（SSE）期权

按市场可执行的最优价格成交。

补充说明：

• 若 市价 FOK 全部成交会触发期权熔断标准，则该申报为无效申报。

• 若期权交易已触发熔断并进入集合竞价，则未成交剩余部分按 本方申报最新成交价格 转为限价申报并进入集合竞价。

证券合约市价选择

上交所（SSE）证券

证券市价申报时，价格输入框需填写 市价保护价：

• 买入时填写可接受的最高价

• 卖出时填写可接受的最低价

成交价和转限价后的申报价都不会突破这个保护价。

深交所（SZSE）证券

市价申报仅适用于 有涨跌幅限制 的证券。

中文 | En

Trading Terms Explained

Open/Close

In InfiniTrader, the default O/C mode is Auto(DayTrade First).

Basic Rules

• Only SHFE and INE let you distinguish between Close (close yesterday's position) and Close Today when closing a position.

• Other exchanges do not support choosing the close sequence for today's and yesterday's positions. They are handled on a first-open, first-close basis.

• When you log in through a CTP gateway, a Close Today order on an exchange that does not support this instruction is converted by CTP into a Close order.

• The close sequence described here applies only to position type. It does not represent the order in which exchange fees are charged.

• Closable Qty is the quantity currently available for Close or Close Today. It is not the same as the total position quantity. Unfilled closing orders occupy the available closable quantity.

Auto Modes

The shared rule for auto modes is close first, then open. The system closes first when closable quantity is available and opens only when no closable quantity is available.

Additional notes:

• If the order quantity in Auto(Close Today + Close) or Auto(Close + Close Today) exceeds Closable Qty, the system automatically reduces it to the closable quantity.

• If Closable Qty is 0, a regular order is not sent and a pop-up warning appears; a strategy order is terminated.

Fixed Open/Close Modes

Fixed open/close modes submit orders only in the explicitly selected open/close direction.

Fixed Direction Modes

Fixed direction modes assign different open/close behaviors to buy and sell orders.

SHFE / INE Standard Spread

For standard spreads on SHFE and INE, the open/close mode must be confirmed separately for the front leg and back leg of the spread combination, using Open , Close , or Close Today.

The first term applies to the front leg, and the second term applies to the back leg.

Example: for SP A&B, if the open/close mode is Open Close Today, then:

• contract A uses Open

• contract B uses Close Today

Other combinations follow the same rule.

Before placing a standard spread order, make sure the front and back legs have the required opening quantity, closable quantity, or closable-today quantity. Otherwise, the order may fail because the selected open/close types do not match the actual position state.

Common Closing Issue

If a position exists but the close order is rejected with a message indicating insufficient position quantity for closing, the usual reasons are:

• the wrong Close / Close Today instruction was selected

• Closable Qty is already occupied by another unfilled closing order

Close occupancy, also called close freeze, means the closable quantity is temporarily locked by pending closing orders.

Example: if you hold 2 long lots and have already submitted a Sell Close order for 2 lots that has not yet traded, all 2 lots of closable quantity are occupied. If you then sell 1 more lot in an automatic O/C mode, the system treats that order as Sell Open.

You can view the available closable quantity in the Position window.

TIF

GFD (Good for Day)

The order remains valid for the trading day. This is the default TIF for regular orders.

FAK (Fill and Kill)

The order can be partially filled, and any unfilled portion is canceled immediately.

SSE and SZSE do not support FAK.

FOK (Fill or Kill)

The order must be filled in full immediately, or it is canceled entirely.

CZCE does not support FOK.

Notes:

FAK and FOK orders are counted toward the exchange's abnormal cancellation count. Make sure you do not exceed the limit.

GIS (Good in Session)

The order remains valid for the current trading session summary and is canceled automatically when it expires.

It is supported only for DCE contracts and is not supported for standard spread trading.

Article: DCE GIS Orders and Session-End Cancellation

Price Type

Last: the latest traded price in the market.

Aggressive: the opposite-side best price.

Passive: the same-side best price.

Market: the exchange-defined market order instruction. Support rules vary by exchange.

Account Type

Speculation

The default account type. In most cases, keep this setting unchanged.

Hedge

This account type must be approved by the broker before it can be used.

For standard spreads on SHFE and INE, the front leg and back leg can use Speculation and Hedge separately.

Examples: Speculation Speculation and Hedge Speculation.

Arbitrage

Used only for CFFEX. This account type requires broker approval and adds approved arbitrage position capacity beyond the regular position limit. It does not mean placing a spread order.

Covered

Used only for SSE and SZSE. When selling to open a call option, the underlying asset can be used as margin collateral.

See Covered Call Opening for Stock Options .

Pay up

Pay up is an offset in ticks from the base price, not a fixed price value.

For example, in stock index futures IC, 1 Tick = 0.2.

• For a buy order, the system places the order at the base price plus n ticks.

• For a sell order, the system places the order at the base price minus n ticks.

For chase orders, Pay up follows the chase setting.

Some order panels support placing orders based on Aggressive / Last / Passive + Pay up.

Action Buttons

Close Net

Closes positions based on the net position so that long and short positions become equal. All working orders are canceled before execution.

The close behavior can be configured in Systems → Settings.

Example: if you hold 5 long lots and 7 short lots, after Close Net you will hold 5 long lots and 5 short lots.

Lock Position

Opens offsetting positions so that long and short positions become equal. All working orders are canceled before execution.

Example: if you hold 5 long lots and 7 short lots, after Lock Position you will hold 7 long lots and 7 short lots.

Note: the Lock Position example image comes from Settings → Shortcut Key. You must assign the shortcut first and then trigger the function with that shortcut.

Lock

Opens a new position at the Aggressive price with the same quantity as the current position but in the opposite direction.

Reverse

Closes the current net position first, then opens a new position of the same quantity in the opposite direction at the Aggressive price.

The close rule can be configured in Systems → Settings.

Exercise

Submits an exercise instruction for an option contract.

Offset

Used for option settlement processing. See Option Exercise and Offset.

P/L Calculation

Position Average Price

The average position price calculated from yesterday's settlement price for overnight positions and the open price for today's positions.

Average Open Price

The average price calculated only from opening trades.

MTM P/L

Daily mark-to-market profit and loss, calculated from Position Average Price vs Last.

Accum. P/L

Historical floating profit and loss based on per-trade matching, calculated from Average Open Price vs Last.

Realized P/L

Daily realized profit and loss based on mark-to-market rules:

• yesterday's position: settlement price vs close price

• today's position: open price vs close price

Realized P/L (per-trade matching)

Historical realized profit and loss based on open price vs close price under per-trade matching.

Market Orders

InfiniTrader supports market-order placement in order windows that let you choose a Price Type, including Easy Trader , Classic Trader , and Designated Trader .

• In the InfiniTrader order window, the Market Buy and Market Sell buttons use Market FAK

DCE and GFEX

These market orders participate in trading at the daily limit-up or limit-down price.

Options on DCE and GFEX do not support market orders.

CZCE

These orders trade at the best executable quote available at that time.

CFFEX

InfiniTrader uses the CFFEX best-level market order, which does not specify a price and trades at the real-time best opposite-side quote.

Options and far-quarter contracts on CFFEX do not support market orders.

SHFE / INE

Starting from July 6, 2026, SHFE and INE support market-order instructions.

When placing a market order, you must enter a market protection price in the price field:

• for buys, the highest acceptable price

• for sells, the lowest acceptable price

• neither the trade price nor the converted limit price will exceed this protection price

SSE Options

These orders trade at the best executable market price.

Additional notes:

• If a fully filled Market FOK order would trigger the option circuit-breaker threshold, the order is invalid.

• If option trading has already entered call auction because of a circuit breaker, the remaining unfilled quantity is converted into a limit order at the latest executed price of the same-side order and enters the call auction.

SSE Securities

When using market orders for securities, you must enter a market protection price in the price field:

• for buys, the highest acceptable price

• for sells, the lowest acceptable price

Neither the trade price nor the converted limit price will exceed this protection price.

SZSE Securities

Market orders apply only to securities with daily price limits.