预测市场爆火之下的三大疑问:内幕交易、合规、缺少华语叙事市场

marsbitPublished on 2025-10-19Last updated on 2025-10-20

作者:Zhou, ChainCatcher

 

预测市场在2025年持续火爆,Kalshi Polymarket 9 月合计实现 14.4 亿美元交易量,创下历史纪录。近期两大平台均宣布完成新一轮融资:Polymarket 从纽交所母公司(ICE)筹集 20 亿美元,估值升至 90 亿美元;Kalshi 则以 50 亿美元估值融资 3 亿美元。

然而,预测市场赛道持续爆火的同时,社交媒体也出现针对这个市场的三大疑问:这个市场是否会滋生大量内幕交易?主要国家政府对预测市场的监管态度如何?为什么普遍缺乏华语叙事类型的预测事件?本文围绕这些疑问展开讨论。

内幕交易收割散户?

利用认知获利是预测市场的魔力所在,但由于预测事件本身的特性,使得部分类型的预测市场交易很容易就会滑向内幕交易,尤其是奖项获得者、经济数据等在事件结果公布前就在少部分人群中公开的信息。

20251010日,诺贝尔和平奖公布当天,上演了一场全球关注的“内幕交易”争议。

早在7月,Polymarket上就开设了“2025诺贝尔和平奖得主”市场,总交易量超过2140万美元。热门候选包括俄罗斯反对派领袖阿列克谢·纳瓦尔尼的遗孀尤利娅·纳瓦尔尼娅(Yulia Navalnaya)、美国前总统特朗普(因其调解哈马斯-以色列停火的争议功劳),以及环保活动家格蕾塔·桑伯格(Greta Thunberg)和维基解密创始人朱利安·阿桑奇(Julian Assange)。

玛丽亚·科里娜·马查多此前赔率仅3-5%,几乎无人看好。就在结果公布的约11小时前,马查多的赔率突然从3.6%暴涨到70%以上,交易量激增,总投注额超21万美元。其中,至少有三个账户大举押注马查多将获胜,最终合计获利约9万美元。

Polymarket

这件事直接引发了关于内幕交易的大辩论。

一方认为,允许内部信息交易能将市场准确率提升到92%,因为它加速了信息聚合。乔治梅森大学经济学家、预测市场最早的倡导者之一Robin Hanson曾表示,允许内幕人士交易可以提高赔率的准确性,如果预测市场的目的是获取准确的信息,那么你肯定希望允许内幕人士交易。

另一方则强调这是一场明显的内幕信息泄露、是欺诈行为,对于普通投资者而言,无疑将打击其参与积极性。

进而也引发了监管相关的讨论,Forbes员工发文表示,预测市场的模式介于期货交易所和赌博网站之间,监管机构对待它们更像是后者。美国证券交易委员会(SEC)强制执行的内幕交易法并不适用于预测市场,它们是由商品期货交易委员会(CFTC)监管的合约。KPMG2025报告曾警告,利用重大非公开信息押注事件合约,会严重扭曲市场完整性,在监管真空下容易引发连锁崩盘。

在预测市场里,内部相关人员、该领域研究颇深的专家、投机的散户,这些参与者掌握的信息量是完全不一样的,而信息的不对称已经注定了谁是赢家。

主要国家/地区对预测市场的监管态度如何?

预测市场的第二大潜在问题在于其在全球各地的法律定位模糊不清。它兼具博彩与金融衍生品特征,在不同司法辖区常落入灰色地带,甚至直接受限,存在一定的监管风险。

目前,明确提及并监管预测市场的国家以美国为代表。美国商品期货交易委员会(CFTC)将其归类为事件合约,要求平台注册为指定合约市场,并严格遵守《商品交易法》。20252月,CFTC举办圆桌会议,探讨体育和事件合约的监管框架,力求在创新与零售客户保护之间找到平衡。20255月,CFTC放弃对Kalshi政治合约的上诉,确认其合法性,但附加了透明披露和反操纵要求。KalshiCFTC监管下拿下全美50州合规牌照,而Polymarket则通过收购佛罗里达州衍生品交易所QCX,转型为受监管实体,逐步拓展美国市场。

欧洲地区的态度更为谨慎。欧洲证券和市场管理局(ESMA)在2025年《金融工具市场指令II》(MiFID II)规则中提到预测市场,要求投资公司优化订单执行政策。《加密资产市场法规》(MiCA)进一步将其纳入加密资产服务提供者许可框架,特别强调反洗钱合规,展现出一种既开放又谨慎的监管姿态

加密 KOL @Phyrex_Ni 指出,预测市场与二元期权在结构上非常相似。传统意义上的二元期权是一种衍生品合约,投资者对某一标的或某一事件做出判断,若预测正确就获得预定的收益,若预测错误则输掉投入的金额,预测市场也是类似的机制。

目前多数未明确监管预测市场的国家,往往将其与二元期权画上等号,态度普遍较为保守。例如,英国金融行为监管局(FCA)直接禁止散户交易二元期权;欧盟欧洲证券和市场管理局(ESMA)禁止二元期权相关营销;而亚洲多国家甚至直接将其视为赌博,这也是预测市场在华语区仍未“火起来”的原因之一

总体上,监管碎片化加剧了预测市场的风险,大多数国家或地区聚焦反洗钱和消费者保护,要么直接禁止此类衍生品合约,要么采取严格的进入许可。

为何缺少华语区叙事市场?

在海外,Polymarket 已经从交易产品变成一种信息化的社交游戏,用户押注事件不只是为了盈利,更是为了参与感、表达权与立场,甚至是用仓位在“押注未来”。

加密KOL @MrRyanChi调侃道,“美国大学生都已经开始玩kalshi Polymarket了,然而华语区探讨预测市场的人却寥寥无几”。

当前的预测市场缺乏华语区叙事的市场,除了监管问题之外,加密KOL @hoidya_指出,根源是流动性严重不足

而流动性不足的核心原因在于,做市商和庄家难以算清这笔收益账。在传统的永续期货市场,散户的期望收益(EV)长期是负的。

做市商凭借其统计优势,通过对冲和资金费率套利获取收益,从而形成可靠的流动性来源。对于华语类型的叙事,欧美主导的做市商或许缺乏足够的统计学、资源优势与文化背景,他们自己也无法确定能否在长期中获得正的期望收益,一旦无法量化胜率,就无法配置风险敞口,因此他们不会主动进场注入流动性。

KOL @Ru7Longcrypto指出,华人圈还在用DeFi的眼光看待预测市场,盯着TVL池子和赔率机制,完全抓错了重点。她强调,破圈的关键在于做内容,而不是做池子。

然而,华语区的监管环境严苛,公共事件选题受到限制,尤其是中国内地、香港、新加坡等地,将政治和选举类选题视为敏感议题,受到严格法律约束。相比之下,欧美如美国大选在商品期货交易委员会(CFTC)框架下获合法认可,平台选题空间更为广阔。

因此,推动预测市场在华语世界实现主流化的另一关键点在于构建本地化生活题库。比如czmention market、外卖大战赢家预测、小米新车定价、春运人数、限购政策、哪吒电影票房等等,这些事件不仅在华语区更有热度、且有明确开奖口径,都更容易引起华人投资者的兴趣和参与度。

随着这个赛道热度快速起势,很多用户把目光聚集到了BNB CHAIN,这里的华人用户密集、亚洲内容土壤更加成熟。何一也公开表示,欢迎专业团队在 BNB 链上落地预测产品,YZi Labs 愿意支持。近期多个基于 BNB Chain 的华人主导预测市场项目在推特上的营销推广势头也明显加大。

Polymarket

结语

总的来看,或许这一波预测市场的热度并非泡沫,但这把火烧得太快,市场需要一些冷静的声音和思考。尽管预测市场已走向主流,但仍存在合规和内幕交易的争议,华语区更是缺乏本土化叙事,亟待解决流动性问题,以及探索更适合华人圈的内容。

对于普通投资者而言,预测市场的确是一个全新的玩法,想象空间巨大、叙事性感。正因如此,散户更应该专注于自己熟悉的内容领域,而不是简单地进行下注“赌博”

 

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