> For the complete documentation index, see [llms.txt](https://steakhouse.financial/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://steakhouse.financial/docs/products/zh/stablecoin-products/blocks.md).
# 构建模块
Steakhouse Financial 的金库策略由四个构件组成：Repo、Term、Carry 和 Looping。本页从三个维度（流动性、风险和杠杆）对这些策略进行拆分，展示每个构件的作用以及它在风险谱系中的位置。
* **流动性**
* 即时：存款可随时支取
* 定期：存款有一部分会被投资更长时间
* **风险**
* 优级：通过抵押品选择来缓解偿付风险
* 高收益：通过更高风险的抵押品承担更高的偿付风险
* **杠杆**
* 无杠杆：1 倍，即收益和损失线性跟踪
* 中等杠杆：1-2 倍，即仓位中的一部分权益被借出作为抵押，以有限程度放大收益和损失
* 高杠杆：>2 倍，即仓位中的相当一部分权益被借出作为抵押，以较大程度放大收益和损失
根据这些维度，可以形成各种策略：
* [**Repo**](/docs/products/zh/stablecoin-products/blocks/repo.md) （超额抵押借贷）
* 即时流动性
* 优级或高收益风险
* 无杠杆
* [**术语**](/docs/products/zh/stablecoin-products/blocks/term.md) （流动性在一段时间内被锁定）
* 定期流动性
* 优级或高收益
* 任意程度的杠杆
* [**Carry**](/docs/products/zh/stablecoin-products/blocks/carry.md) （借低贷高）
* 定期流动性
* 优级或高收益
* 通常无杠杆或中等杠杆
* [**Looping**](/docs/products/zh/stablecoin-products/blocks/looping.md) （借低贷高，且使用相关资产）
* 定期流动性
* 优级或高收益
* 通常高杠杆
存在许多名称复杂的加密策略（delta-neutral、basis trade、hedging、derivatives 等），但大多可归结为上述一种或多种类别。例如，一种 basis trade 策略：做多（买入）现货并做空（卖出）期货合约，本质上是 Carry 的一种复杂形式，它押注期货一侧的“借贷利率”会为正（取决于市场方向）。
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