{"id":205054,"date":"2026-07-16T18:58:38","date_gmt":"2026-07-16T09:58:38","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=205054"},"modified":"2026-07-21T18:03:30","modified_gmt":"2026-07-21T09:03:30","slug":"option-discount-factor","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-discount-factor\/","title":{"rendered":"\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5272\u5f15\u4fc2\u6570\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30d5\u30a1\u30af\u30bf\u30fc\uff09\u3068\u306f\uff1fe^(-rT)\u306e\u610f\u5473\u30fb\u8a08\u7b97\u65b9\u6cd5\u30fbBS\u30e2\u30c7\u30eb\u3067\u306e\u5f79\u5272\u3092\u5fd6\u5ea6\u306a\u304f\u89e3\u8aac"},"content":{"rendered":"\n<p class=\"u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong>ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide u-mb-ctrl u-mb-10\"\/>\n\n\n\n<ul class=\"wp-block-list -list-under-dashed is-style-index\">\n<li><strong><span class=\"swl-marker mark_yellow\">\u5272\u5f15\u4fc2\u6570\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30d5\u30a1\u30af\u30bf\u30fc\uff09\u3068\u306f\u300c\u5c06\u6765\u306e\u304a\u91d1\u3092\u4eca\u306e\u4fa1\u5024\u306b\u76f4\u3059\u300d\u305f\u3081\u306e\u4fc2\u6570<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\u3067\u306f\u9023\u7d9a\u8907\u5229\u306e <code>e^(-rT)<\/code> \u3092\u4f7f\u3046<\/li>\n\n\n\n<li>r\u306f\u7121\u30ea\u30b9\u30af\u91d1\u5229\u3001T\u306f\u6b8b\u5b58\u671f\u9593\uff08\u5e74\uff09\u3002\u91d1\u5229\u30bc\u30ed\u306a\u3089\u4fc2\u6570\u306f1\u3067\u5272\u5f15\u306f\u8d77\u304d\u306a\u3044<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u8a08\u7b97\u306f\u30b7\u30f3\u30d7\u30eb\uff5cr\uff1d5%\u30fbT\uff1d1\u5e74\u306a\u3089 e^(-0.05)\u22520.951<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>1\u5e74\u5f8c\u306e100\u30c9\u30eb\u306f\u3001\u73fe\u5728\u4fa1\u5024\u306b\u3059\u308b\u3068\u7d0495.12\u30c9\u30eb\u3068\u3044\u3046\u610f\u5473\u306b\u306a\u308b<\/li>\n\n\n\n<li>T\u304c\u9577\u3044\u307b\u3069\u5272\u5f15\u306f\u5f37\u304f\u52b9\u304f\uff08\u540c\u3058r\uff1d5%\u3067\u308210\u5e74\u306a\u3089\u7d040.607\u307e\u3067\u4e0b\u304c\u308b\uff09<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">BS\u30e2\u30c7\u30eb\u3067\u306e\u5f79\u5272\u306f\u300c\u5c06\u6765\u6255\u3046\u884c\u4f7f\u4fa1\u683cK\u3092\u3001\u4eca\u306e\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304f\u300d\u3053\u3068<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u30b3\u30fc\u30eb\u4fa1\u5024\uff1dS\u00d7N(d1) \u2212 K\u00d7e^(-rT)\u00d7N(d2)\u3002\u7b2c2\u9805\u306e\u4e2d\u306b\u5272\u5f15\u4fc2\u6570\u304c\u5165\u308b<\/li>\n\n\n\n<li>\u6e80\u671f\u304c\u8fd1\u3065\u304f\u3068K\u306e\u5272\u5f15\u304c\u5f31\u307e\u308a\u3001K\u306e\u73fe\u5728\u4fa1\u5024\u304c\u91cd\u304f\u306a\u308b\uff08\u30bb\u30fc\u30bf\u306e\u4e00\u56e0\uff09<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u7a0e\u91d1\uff5c\u6697\u53f7\u8cc7\u7523\uff1d\u7dcf\u5408\u8ab2\u7a0e\u3067\u6700\u5927\u7d0455%\uff0f\u56fd\u5185\u4e0a\u5834\u30aa\u30d7\u30b7\u30e7\u30f3\uff1d\u5206\u96e2\u8ab2\u7a0e20.315%<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u5272\u5f15\u4fc2\u6570\u306f\u8a55\u4fa1\u306e\u305f\u3081\u306e\u9053\u5177\u3067\u3042\u308a\u3001\u8ab2\u7a0e\u3055\u308c\u308b\u306e\u306f\u6c7a\u6e08\u3067\u78ba\u5b9a\u3057\u305f\u640d\u76ca<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n<div class=\"swell-block-balloon\"><div class=\"c-balloon -bln-left\" data-col=\"gray\"><div class=\"c-balloon__icon -square\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png\" alt=\"\" class=\"c-balloon__iconImg\" width=\"80px\" height=\"80px\"><span class=\"c-balloon__iconName\">\u6728\u7530 \u967d\u4ecb<\/span><\/div><div class=\"c-balloon__body -speaking -border-none\"><div class=\"c-balloon__text\">\n<p><span class=\"swl-fz u-fz-s\">\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6559\u79d1\u66f8\u3067\u5fc5\u305a\u51fa\u3066\u304f\u308b <code>e^(-rT)<\/code>\u3002\u3053\u3053\u3067\u624b\u304c\u6b62\u307e\u308b\u65b9\u306f\u672c\u5f53\u306b\u591a\u3044\u3067\u3059\u3002\u5fd6\u5ea6\u306a\u304f\u8a00\u3046\u3068\u3001\u3053\u308c\u306f\u300c\u5c06\u6765\u306e\u304a\u91d1\u306f\u4eca\u306e\u304a\u91d1\u3088\u308a\u4fa1\u5024\u304c\u4f4e\u3044\u300d\u3068\u3044\u3046\u5f53\u305f\u308a\u524d\u3092\u6570\u5f0f\u306b\u3057\u305f\u3060\u3051\u3002\u610f\u5473\u3055\u3048\u63b4\u3081\u3070\u6016\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u5b9a\u7fa9\u30fb\u8a08\u7b97\u30fbBS\u30e2\u30c7\u30eb\u3067\u306e\u5f79\u5272\u307e\u3067\u3001\u5b9f\u969b\u306e\u5206\u6790\u3067\u3069\u3046\u52b9\u304f\u304b\u3082\u542b\u3081\u3066\u6574\u7406\u3057\u307e\u3059\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n<div class=\"p-blogParts post_content\" data-partsID=\"201302\">\n<div class=\"wp-block-columns pc_only border_main\">\n<div class=\"wp-block-column\">\n<div class=\"swell-block-columns u-mb-ctrl u-mb-0\"><div class=\"swell-block-columns__inner\">\n<div class=\"swell-block-column swl-has-mb--s\" style=\"--clmn-w--pc:20%\">\n<figure class=\"wp-block-image size-full is-resized is-style-rounded\"><img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png\" alt=\"\" class=\"wp-image-203458\" style=\"width:119px;height:auto\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png 500w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-300x300.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.3\"><strong><span class=\"swl-fz u-fz-s\">\u6728\u7530 \u967d\u4ecb<\/span><\/strong><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\"><br>(\u682a)ICHIZEN HOLDINGS<\/mark><\/span><\/p>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1\"><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\">\u4ee3\u8868\u53d6\u7de0\u5f79<\/mark><\/span><\/p>\n<\/div>\n\n\n\n<div class=\"swell-block-column swl-has-mb--s\" data-valign=\"center\" style=\"--clmn-w--pc:80%\">\n<div class=\"wp-block-columns u-mb-ctrl u-mb-0\">\n<div class=\"wp-block-column\">\n<p class=\"u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong><span style=\"text-decoration: underline;\"><span class=\"swl-fz u-fz-l\">\u3053\u306e\u8a18\u4e8b\u306e\u57f7\u7b46\u8005\/\u76e3\u4fee\u8005<\/span><\/span><\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column\">\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"https:\/\/twitter.com\/yosuke_kida\" target=\"_blank\" rel=\"noopener\" title=\"\">X<\/a>\u30fb<span class=\"swl-fz u-fz-s\"><a href=\"https:\/\/www.facebook.com\/p\/%E6%9C%A8%E7%94%B0%E9%99%BD%E4%BB%8B-100018641115746\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Facebook<\/a><\/span>\u30fb<a href=\"https:\/\/www.linkedin.com\/in\/%E9%99%BD%E4%BB%8B-%E6%9C%A8%E7%94%B0-68609327b\/?originalSubdomain=jp\" target=\"_blank\" rel=\"noopener\" title=\"\">Linkedin<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<p class=\"u-mb-ctrl u-mb-10 wp-block-paragraph\" style=\"line-height:1.4\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\"><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\">2016\u5e74\u304b\u3089\u4eee\u60f3\u901a\u8ca8\u30c8\u30ec\u30fc\u30c9\u3092\u958b\u59cb\u30022017\u5e74\u306b\u682a\u5f0f\u4f1a\u793eCoinOtaku\u3092\u5171\u540c\u3067\u5275\u696d\u3002\u540c\u5e74CoinOtaku\u306e\u4ee3\u8868\u306b\u5c31\u4efb\u30022020\u5e74\u306b\u6771\u8a3c\u4e8c\u90e8\u4e0a\u5834\u4f01\u696d\u306b6\u5104\u5186\u3067M&amp;A\u3002bitget\u306e\u6708\u9593\u53d6\u5f15\u9ad8\u3067\u4e16\u754c4\u4f4d\u3092\u7372\u5f97\u30022025\u5e74\u306bCoinOtaku\u4ee3\u8868\u3092\u9000\u4efb\u3057\u3001\u540c\u5e745\u6708\u306b\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS\u306e\u4ee3\u8868\u53d6\u7de0\u5f79\u306b\u5c31\u4efb\u3002<\/mark><\/span><\/mark><\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns border_gray sp_only\">\n<div class=\"wp-block-column\">\n<figure class=\"wp-block-image size-full is-resized is-style-rounded\"><img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png\" alt=\"\" class=\"wp-image-203458\" style=\"width:85px\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png 500w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-300x300.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-social-links has-small-icon-size u-mb-ctrl u-mb-10 is-content-justification-center is-layout-flex wp-container-core-social-links-is-layout-fe48e5de wp-block-social-links-is-layout-flex\"><li class=\"wp-social-link wp-social-link-twitter wp-block-social-link\"><a href=\"https:\/\/twitter.com\/yosuke_kida\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M22.23,5.924c-0.736,0.326-1.527,0.547-2.357,0.646c0.847-0.508,1.498-1.312,1.804-2.27 c-0.793,0.47-1.671,0.812-2.606,0.996C18.324,4.498,17.257,4,16.077,4c-2.266,0-4.103,1.837-4.103,4.103 c0,0.322,0.036,0.635,0.106,0.935C8.67,8.867,5.647,7.234,3.623,4.751C3.27,5.357,3.067,6.062,3.067,6.814 c0,1.424,0.724,2.679,1.825,3.415c-0.673-0.021-1.305-0.206-1.859-0.513c0,0.017,0,0.034,0,0.052c0,1.988,1.414,3.647,3.292,4.023 c-0.344,0.094-0.707,0.144-1.081,0.144c-0.264,0-0.521-0.026-0.772-0.074c0.522,1.63,2.038,2.816,3.833,2.85 c-1.404,1.1-3.174,1.756-5.096,1.756c-0.331,0-0.658-0.019-0.979-0.057c1.816,1.164,3.973,1.843,6.29,1.843 c7.547,0,11.675-6.252,11.675-11.675c0-0.178-0.004-0.355-0.012-0.531C20.985,7.47,21.68,6.747,22.23,5.924z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-facebook wp-block-social-link\"><a href=\"https:\/\/www.facebook.com\/p\/%E6%9C%A8%E7%94%B0%E9%99%BD%E4%BB%8B-100018641115746\/\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 2C6.5 2 2 6.5 2 12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Facebook<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-linkedin wp-block-social-link\"><a href=\"https:\/\/www.linkedin.com\/in\/%E9%99%BD%E4%BB%8B-%E6%9C%A8%E7%94%B0-68609327b\/?originalSubdomain=jp\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M19.7,3H4.3C3.582,3,3,3.582,3,4.3v15.4C3,20.418,3.582,21,4.3,21h15.4c0.718,0,1.3-0.582,1.3-1.3V4.3 C21,3.582,20.418,3,19.7,3z M8.339,18.338H5.667v-8.59h2.672V18.338z M7.004,8.574c-0.857,0-1.549-0.694-1.549-1.548 c0-0.855,0.691-1.548,1.549-1.548c0.854,0,1.547,0.694,1.547,1.548C8.551,7.881,7.858,8.574,7.004,8.574z M18.339,18.338h-2.669 v-4.177c0-0.996-0.017-2.278-1.387-2.278c-1.389,0-1.601,1.086-1.601,2.206v4.249h-2.667v-8.59h2.559v1.174h0.037 c0.356-0.675,1.227-1.387,2.526-1.387c2.703,0,3.203,1.779,3.203,4.092V18.338z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">LinkedIn<\/span><\/a><\/li><\/ul>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.7\"><span class=\"swl-fz u-fz-xs\">\u76e3\u4fee<\/span>\u3000<strong><span style=\"font-size:19px\" class=\"swl-fz\">\u6728\u7530 \u967d\u4ecb<\/span><\/strong><br><span class=\"swl-fz u-fz-xs\">\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS \u4ee3\u8868\u53d6\u7de0\u5f79<\/span><\/p>\n\n\n\n<p class=\"has-text-align-left u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.7\"><span class=\"swl-fz u-fz-xs\">2016\u5e74\u304b\u3089\u4eee\u60f3\u901a\u8ca8\u30c8\u30ec\u30fc\u30c9\u3092\u958b\u59cb\u30022017\u5e74\u306b\u682a\u5f0f\u4f1a\u793eCoinOtaku\u3092\u5171\u540c\u3067\u5275\u696d\u3002\u540c\u5e74CoinOtaku\u306e\u4ee3\u8868\u306b\u5c31\u4efb\u30022020\u5e74\u306b\u6771\u8a3c\u4e8c\u90e8\u4e0a\u5834\u4f01\u696d\u306b6\u5104\u5186\u3067M&amp;A\u3002bitget\u306e\u6708\u9593\u53d6\u5f15\u9ad8\u3067\u4e16\u754c4\u4f4d\u3092\u7372\u5f97\u30022025\u5e74\u306bCoinOtaku\u4ee3\u8868\u3092\u9000\u4efb\u3057\u3001\u540c\u5e745\u6708\u306b\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS\u306e\u4ee3\u8868\u53d6\u7de0\u5f79\u306b\u5c31\u4efb\u3002<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5272\u5f15\u4fc2\u6570\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30d5\u30a1\u30af\u30bf\u30fc\uff09\u3068\u306f\uff1f\u57fa\u672c\u60c5\u5831<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span class=\"swl-marker mark_yellow\">\u5272\u5f15\u4fc2\u6570\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30d5\u30a1\u30af\u30bf\u30fc\uff09\u3068\u306f\u3001\u5c06\u6765\u53d7\u3051\u53d6\u308b\uff08\u307e\u305f\u306f\u652f\u6255\u3046\uff09\u304a\u91d1\u3092\u3001\u73fe\u5728\u306e\u4fa1\u5024\u306b\u76f4\u3059\u305f\u3081\u306b\u639b\u3051\u308b\u4fc2\u6570\u306e\u3053\u3068\u3067\u3059\u3002<\/span><\/strong>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4e16\u754c\u3067\u306f\u3001\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\u306e\u6570\u5f0f\u306b\u767b\u5834\u3059\u308b <code>e^(-rT)<\/code> \u304c\u3053\u308c\u306b\u3042\u305f\u308a\u307e\u3059\u3002\u82f1\u8a9e\u3067\u306fdiscount factor\u3001\u65e5\u672c\u8a9e\u3067\u306f\u5272\u5f15\u7387\u3068\u6df7\u540c\u3055\u308c\u3084\u3059\u3044\u3082\u306e\u306e\u3001\u4e21\u8005\u306f\u5225\u7269\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8003\u3048\u65b9\u306e\u51fa\u767a\u70b9\u306f\u300c\u5c06\u6765\u306e100\u4e07\u5186\u3068\u3001\u4eca\u306e100\u4e07\u5186\u306f\u540c\u3058\u4fa1\u5024\u3067\u306f\u306a\u3044\u300d\u3068\u3044\u3046\u70b9\u306b\u3042\u308a\u307e\u3059\u3002\u4eca100\u4e07\u5186\u3092\u6301\u3063\u3066\u3044\u308c\u3070\u3001\u305d\u308c\u3092\u904b\u7528\u3057\u3066\u5897\u3084\u305b\u308b\u305f\u3081\u3067\u3059\u3002\u9006\u306b\u8a00\u3048\u3070\u3001<strong>\u5c06\u6765\u306e100\u4e07\u5186\u306f\u3001\u4eca\u306e\u4fa1\u5024\u306b\u76f4\u3059\u3068100\u4e07\u5186\u3088\u308a\u5c11\u3057\u8efd\u3044<\/strong>\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u300c\u8efd\u304f\u3059\u308b\u300d\u305f\u3081\u306e\u639b\u3051\u7b97\u306e\u4fc2\u6570\u304c\u5272\u5f15\u4fc2\u6570\u3067\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u9805\u76ee<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><th>\u8aad\u307f\u65b9\u30fb\u5225\u540d<\/th><td>\u308f\u308a\u3073\u304d\u3051\u3044\u3059\u3046\uff0f\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30d5\u30a1\u30af\u30bf\u30fc\uff08discount factor\uff09<\/td><\/tr><tr><th>\u610f\u5473<\/th><td>\u5c06\u6765\u306e\u304a\u91d1\u3092\u73fe\u5728\u4fa1\u5024\u306b\u76f4\u3059\u305f\u3081\u306b\u639b\u3051\u308b\u4fc2\u6570<\/td><\/tr><tr><th>BS\u30e2\u30c7\u30eb\u3067\u306e\u5f0f<\/th><td><code>e^(-rT)<\/code>\uff08\u9023\u7d9a\u8907\u5229\uff09<\/td><\/tr><tr><th>r\uff08\u30a2\u30fc\u30eb\uff09<\/th><td>\u7121\u30ea\u30b9\u30af\u91d1\u5229\uff08\u5e74\u7387\uff09<\/td><\/tr><tr><th>T\uff08\u30c6\u30a3\u30fc\uff09<\/th><td>\u6e80\u671f\u307e\u3067\u306e\u6b8b\u5b58\u671f\u9593\uff08\u5e74\u5358\u4f4d\u30023\u304b\u6708\u306a\u30890.25\uff09<\/td><\/tr><tr><th>\u5024\u306e\u7bc4\u56f2<\/th><td>r\uff1e0\u306a\u30890\u301c1\u306e\u9593\u3002T\u304c\u9577\u3044\u307b\u3069\u5c0f\u3055\u304f\u306a\u308b<\/td><\/tr><tr><th>\u5f79\u5272<\/th><td>\u5c06\u6765\u6255\u3046\u884c\u4f7f\u4fa1\u683cK\u3092\u3001\u4eca\u3044\u304f\u3089\u306e\u4fa1\u5024\u304b\u306b\u63db\u7b97\u3059\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u5272\u5f15\u4fc2\u6570\u3068\u5272\u5f15\u7387\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30ec\u30fc\u30c8\uff09\u306f\u6df7\u540c\u3055\u308c\u304c\u3061\u3067\u3059\u304c\u3001\u5f79\u5272\u304c\u9055\u3044\u307e\u3059\u3002<strong>\u5272\u5f15\u7387\u306f\u300c\u5e74\u3042\u305f\u308a\u4f55%\u5272\u308a\u5f15\u304f\u304b\u300d\u3068\u3044\u3046\u7387\uff08r\uff09\u305d\u306e\u3082\u306e<\/strong>\u3067\u3001<strong>\u5272\u5f15\u4fc2\u6570\u306f\u300c\u7d50\u5c40\u3044\u304f\u3064\u3092\u639b\u3051\u308c\u3070\u3088\u3044\u304b\u300d\u3068\u3044\u3046\u639b\u3051\u7b97\u306e\u500d\u7387<\/strong>\u3067\u3059\u3002\u7387r\u304b\u3089\u4fc2\u6570\u3092\u4f5c\u308b\u306e\u304c <code>e^(-rT)<\/code> \u3068\u3044\u3046\u8a08\u7b97\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u306a\u305c\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u8a08\u7b97\u3067\u5c06\u6765\u306e\u304a\u91d1\u3092\u5272\u308a\u5f15\u304f\u306e\u304b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u8cb7\u3046\u3068\u304d\u3001\u652f\u6255\u3046\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u300c\u4eca\u300d\u306e\u652f\u51fa\u3067\u3059\u3002\u4e00\u65b9\u3067\u3001\u30b3\u30fc\u30eb\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u884c\u4f7f\u3057\u3066<strong>\u884c\u4f7f\u4fa1\u683cK\u3092\u652f\u6255\u3046\u306e\u306f\u300c\u6e80\u671f\u300d\u3068\u3044\u3046\u5c06\u6765\u306e\u6642\u70b9<\/strong>\u306b\u306a\u308a\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u640d\u5f97\u3092\u8003\u3048\u308b\u3046\u3048\u3067\u3001\u4eca\u306e\u304a\u91d1\u3068\u5c06\u6765\u306e\u304a\u91d1\u3068\u3044\u3046\u6642\u70b9\u306e\u9055\u3046\u304a\u91d1\u304c\u6df7\u3056\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6642\u70b9\u306e\u9055\u3046\u304a\u91d1\u306f\u3001\u305d\u306e\u307e\u307e\u3067\u306f\u8db3\u3057\u5f15\u304d\u3067\u304d\u307e\u305b\u3093\u30021\u5e74\u5f8c\u306e100\u30c9\u30eb\u3068\u4eca\u306e100\u30c9\u30eb\u3092\u5358\u7d14\u306b\u6bd4\u8f03\u3059\u308b\u3068\u3001\u91d1\u5229\u3067\u5897\u3048\u308b\u5206\u3092\u7121\u8996\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u305f\u3081\u3067\u3059\u3002\u305d\u3053\u3067<strong>\u3059\u3079\u3066\u3092\u300c\u4eca\u306e\u4fa1\u5024\u300d\u306b\u63c3\u3048\u3066\u304b\u3089\u8a08\u7b97\u3059\u308b<\/strong>\u3068\u3044\u3046\u624b\u7d9a\u304d\u304c\u5fc5\u8981\u306b\u306a\u308a\u3001\u305d\u306e\u63db\u7b97\u306b\u5272\u5f15\u4fc2\u6570\u304c\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5177\u4f53\u4f8b\u3067\u78ba\u8a8d\u3057\u307e\u3059\u3002\u7121\u30ea\u30b9\u30af\u91d1\u5229r\uff1d5%\u306e\u74b0\u5883\u3067\u4eca100\u30c9\u30eb\u3092\u6301\u3063\u3066\u3044\u308c\u3070\u30011\u5e74\u5f8c\u306b\u306f\u300c100\u00d71.05\uff1d105\u30c9\u30eb\u300d\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u95a2\u4fc2\u3092\u9006\u304b\u3089\u898b\u308b\u3068\u3001<strong>1\u5e74\u5f8c\u306e100\u30c9\u30eb\u306f\u3001\u4eca\u306e\u300c100\u00f71.05\u225295.24\u30c9\u30eb\u300d\u3068\u540c\u3058\u4fa1\u5024<\/strong>\u3060\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002\u3053\u306e95.24\u30c9\u30eb\u304c\u73fe\u5728\u4fa1\u5024\u3067\u3042\u308a\u3001\u639b\u3051\u7b97\u306e\u4fc2\u6570\u300c1\u00f71.05\u22520.952\u300d\u304c\u5358\u7d14\u8907\u5229\u3067\u306e\u5272\u5f15\u4fc2\u6570\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u306a\u305c\u305d\u306e\u5024\u6bb5\u306b\u306a\u308b\u306e\u304b\u3068\u3044\u3046\u5168\u4f53\u50cf\u306f\u3001<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-premium\/\" target=\"_blank\" rel=\"noopener\">\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u8a18\u4e8b<\/a>\u3067\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u5272\u5f15\u4fc2\u6570\u306e\u8a08\u7b97\u65b9\u6cd5\uff5c\u9023\u7d9a\u8907\u5229 e^(-rT) \u3068\u5358\u7d14\u8907\u5229\u306e\u9055\u3044<\/h2>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl\"><div class=\"cap_box_ttl\"><span>\u3053\u306e\u7ae0\u306e\u5185\u5bb9<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>\u5358\u7d14\u8907\u5229\u306e\u5272\u5f15\u4fc2\u6570\uff1d1\u00f7(1\uff0br)^T<\/li>\n\n\n\n<li>\u9023\u7d9a\u8907\u5229\u306e\u5272\u5f15\u4fc2\u6570\uff1de^(-rT)\uff08\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u306f\u3053\u3061\u3089\uff09<\/li>\n\n\n\n<li>\u6b8b\u5b58\u671f\u9593T\u304c\u9577\u3044\u307b\u3069\u3001\u5272\u5f15\u306f\u5f37\u304f\u52b9\u304f<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">\u5358\u7d14\u8907\u5229\u306e\u5834\u5408\uff5c1\u00f7(1\uff0br)^T<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e74\u306b1\u56de\u3060\u3051\u5229\u606f\u304c\u3064\u304f\u524d\u63d0\u306a\u3089\u3001\u5272\u5f15\u4fc2\u6570\u306f <code>1\u00f7(1\uff0br)^T<\/code> \u3067\u6c42\u3081\u3089\u308c\u307e\u3059\u3002r\uff1d5%\u30fbT\uff1d1\u5e74\u3067\u3042\u308c\u3070\u300c1\u00f71.05\u22520.952\u300d\u3067\u3059\u30021\u5e74\u5f8c\u306e100\u30c9\u30eb\u306b0.952\u3092\u639b\u3051\u308b\u3068\u7d0495.24\u30c9\u30eb\u3068\u306a\u308a\u3001\u5148\u307b\u3069\u306e\u73fe\u5728\u4fa1\u5024\u3068\u4e00\u81f4\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u9023\u7d9a\u8907\u5229\u306e\u5834\u5408\uff5ce^(-rT)\uff08BS\u30e2\u30c7\u30eb\u304c\u4f7f\u3046\u5f62\uff09<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\u304c\u63a1\u7528\u3059\u308b\u306e\u306f\u3001\u3053\u3061\u3089\u306e<strong>\u9023\u7d9a\u8907\u5229<\/strong>\u3067\u3059\u3002\u5229\u606f\u304c\u5e741\u56de\u3067\u306f\u306a\u304f\u300c\u9023\u7d9a\u7684\u306b\u300d\u3064\u304f\u3068\u8003\u3048\u308b\u65b9\u5f0f\u3067\u3001\u5272\u5f15\u4fc2\u6570\u306f <code>e^(-rT)<\/code> \u3068\u8868\u3055\u308c\u307e\u3059\u3002e\u306f\u30cd\u30a4\u30d4\u30a2\u6570\u3068\u547c\u3070\u308c\u308b\u5b9a\u6570\u3067\u3001\u5024\u306f\u7d042.71828\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u540c\u3058\u304fr\uff1d5%\u30fbT\uff1d1\u5e74\u3067\u8a08\u7b97\u3059\u308b\u3068\u3001<strong>e^(-0.05\u00d71)\uff1de^(-0.05)\u22520.951<\/strong> \u3068\u306a\u308a\u307e\u3059\u30021\u5e74\u5f8c\u306e100\u30c9\u30eb\u306e\u73fe\u5728\u4fa1\u5024\u306f\u300c100\u00d70.951\u225295.12\u30c9\u30eb\u300d\u3067\u3059\u3002\u5358\u7d14\u8907\u5229\u306e95.24\u30c9\u30eb\u3068\u308f\u305a\u304b\u306b\u5dee\u304c\u51fa\u308b\u306e\u306f\u3001\u9023\u7d9a\u7684\u306b\u5229\u606f\u304c\u3064\u304f\u5206\u3060\u3051\u73fe\u5728\u4fa1\u5024\u304c\u5c11\u3057\u8efd\u304f\u306a\u308b\u305f\u3081\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u65b9\u5f0f<\/th><th>\u8a08\u7b97\u5f0f<\/th><th>r\uff1d5%\u30fbT\uff1d1\u5e74\u306e\u4fc2\u6570<\/th><th>1\u5e74\u5f8c100\u30c9\u30eb\u306e\u73fe\u5728\u4fa1\u5024<\/th><\/tr><\/thead><tbody><tr><td>\u5358\u7d14\u8907\u5229<\/td><td>1\u00f7(1\uff0br)^T<\/td><td>1\u00f71.05\u22520.952<\/td><td>\u7d0495.24\u30c9\u30eb<\/td><\/tr><tr><td>\u9023\u7d9a\u8907\u5229\uff08BS\uff09<\/td><td>e^(-rT)<\/td><td>e^(-0.05)\u22520.951<\/td><td>\u7d0495.12\u30c9\u30eb<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\u6b8b\u5b58\u671f\u9593T\u304c\u9577\u3044\u307b\u3069\u5272\u5f15\u306f\u5f37\u304f\u52b9\u304f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5272\u5f15\u4fc2\u6570\u306e\u6027\u8cea\u3068\u3057\u3066\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u306e\u304c\u3001<strong>T\u304c\u9577\u304f\u306a\u308b\u307b\u3069\u4fc2\u6570\u306f\u5c0f\u3055\u304f\u306a\u308b<\/strong>\u3068\u3044\u3046\u70b9\u3067\u3059\u3002\u540c\u3058\u91d1\u5229r\uff1d5%\u3067\u3082\u3001\u6b8b\u5b58\u671f\u9593\u306b\u3088\u3063\u3066\u4fc2\u6570\u306f\u6b21\u306e\u3088\u3046\u306b\u5909\u5316\u3057\u307e\u3059\u3002\u9060\u3044\u672a\u6765\u306e\u304a\u91d1\u307b\u3069\u3001\u4eca\u306e\u4fa1\u5024\u306b\u76f4\u3059\u3068\u8efd\u304f\u306a\u308b\u3068\u3044\u3046\u3053\u3068\u304c\u6570\u5024\u3067\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u6b8b\u5b58\u671f\u9593T<\/th><th>e^(-0.05\u00d7T)<\/th><th>\u5272\u5f15\u4fc2\u6570<\/th><th>\u5b9f\u8cea\u7684\u306a\u76ee\u6e1b\u308a<\/th><\/tr><\/thead><tbody><tr><td>0\u5e74\uff08\u6e80\u671f\u5f53\u65e5\uff09<\/td><td>e^0<\/td><td>1.000<\/td><td>\u5272\u5f15\u306a\u3057<\/td><\/tr><tr><td>1\u5e74<\/td><td>e^(-0.05)<\/td><td>\u7d040.951<\/td><td>\u7d045%\u5f15\u304d<\/td><\/tr><tr><td>2\u5e74<\/td><td>e^(-0.10)<\/td><td>\u7d040.905<\/td><td>\u7d0410%\u5f15\u304d<\/td><\/tr><tr><td>5\u5e74<\/td><td>e^(-0.25)<\/td><td>\u7d040.779<\/td><td>\u7d0422%\u5f15\u304d<\/td><\/tr><tr><td>10\u5e74<\/td><td>e^(-0.50)<\/td><td>\u7d040.607<\/td><td>\u7d0439%\u5f15\u304d<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"swl-fz u-fz-xs\">\u203b\u91d1\u5229r\uff1d5%\uff08\u5e74\u7387\uff09\u3092\u524d\u63d0\u3068\u3057\u305f\u9023\u7d9a\u8907\u5229\u3067\u306e\u8a08\u7b97\u4f8b\u3067\u3059\u3002\u5b9f\u969b\u306e\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6b8b\u5b58\u671f\u9593\u306f\u6570\u65e5\u301c\u6570\u304b\u6708\u304c\u4e2d\u5fc3\u3067\u3001T\u306f0.01\u301c0.5\u7a0b\u5ea6\u306e\u5c0f\u3055\u3044\u5024\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u3067\u91cd\u8981\u306a\u306e\u306f\u3001<strong>\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u3088\u3046\u306b\u6b8b\u5b58\u671f\u9593\u304c\u77ed\u3044\u5546\u54c1\u3067\u306f\u3001\u5272\u5f15\u4fc2\u6570\u306f1\u306b\u8fd1\u3044\u5024\u306b\u3068\u3069\u307e\u308b<\/strong>\u3068\u3044\u3046\u70b9\u3067\u3059\u3002\u305f\u3068\u3048\u3070\u6b8b\u5b5830\u65e5\uff08T\u22520.082\uff09\u3067r\uff1d5%\u306a\u3089\u3001\u4fc2\u6570\u306f\u7d040.996\u306b\u3059\u304e\u307e\u305b\u3093\u3002\u6e80\u671f\u306e\u8fd1\u3044\u53d6\u5f15\u306b\u304a\u3044\u3066\u3001\u5272\u5f15\u4fc2\u6570\u304c\u4fa1\u683c\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u306f\u9650\u5b9a\u7684\u3060\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\u306b\u304a\u3051\u308b\u5272\u5f15\u4fc2\u6570\u306e\u5f79\u5272<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5272\u5f15\u4fc2\u6570\u304c\u6700\u3082\u3088\u304f\u767b\u5834\u3059\u308b\u306e\u304c\u3001<strong>\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\uff08BS\u30e2\u30c7\u30eb\uff09\u306e\u30b3\u30fc\u30eb\u4fa1\u683c\u306e\u5f0f<\/strong>\u3067\u3059\u3002\u5f0f\u306f\u6b21\u306e\u5f62\u3092\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-10 wp-block-paragraph\"><strong>\u30b3\u30fc\u30eb\u4fa1\u5024 \uff1d S\u00d7N(d1) \u2212 K\u00d7e^(-rT)\u00d7N(d2)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u5f0f\u306e\u7b2c2\u9805\u300cK\u00d7e^(-rT)\u00d7N(d2)\u300d\u306e\u4e2d\u306b\u5272\u5f15\u4fc2\u6570\u304c\u5165\u3063\u3066\u3044\u307e\u3059\u3002\u305d\u308c\u305e\u308c\u306e\u8a18\u53f7\u306f\u3001S\u304c\u539f\u8cc7\u7523\u4fa1\u683c\u3001K\u304c\u884c\u4f7f\u4fa1\u683c\u3001N(d2)\u304cITM\uff08\u30a4\u30f3\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff09\u3067\u6e80\u671f\u3092\u8fce\u3048\u308b\u78ba\u7387\u306b\u3042\u305f\u308a\u307e\u3059\u3002<strong>\u5272\u5f15\u4fc2\u6570e^(-rT)\u304c\u62c5\u3046\u306e\u306f\u300c\u5c06\u6765\u6255\u3046\u884c\u4f7f\u4fa1\u683cK\u3092\u3001\u4eca\u306e\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304f\u300d\u3068\u3044\u3046\u5f79\u5272<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u306a\u305c\u5272\u308a\u5f15\u304f\u5fc5\u8981\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u30b3\u30fc\u30eb\u3092\u4fdd\u6709\u3057\u3066\u3044\u3066ITM\u3067\u6e80\u671f\u3092\u8fce\u3048\u305f\u5834\u5408\u3001K\u3092\u652f\u6255\u3046\u306e\u306f\u6e80\u671f\u6642\u70b9\u3001\u3064\u307e\u308a\u5c06\u6765\u3067\u3059\u3002\u4e00\u65b9\u3067\u7b2c1\u9805\u306eS\u00d7N(d1)\u306f\u4eca\u306e\u539f\u8cc7\u7523\u4fa1\u683c\u3092\u3082\u3068\u306b\u3057\u305f\u5024\u3067\u3042\u308a\u3001\u3059\u3067\u306b\u73fe\u5728\u306e\u4fa1\u5024\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<strong>\u6642\u70b9\u306e\u9055\u30462\u3064\u3092\u5f15\u304d\u7b97\u3059\u308b\u305f\u3081\u306b\u3001K\u306e\u5074\u3092\u73fe\u5728\u4fa1\u5024\u306b\u63c3\u3048\u308b<\/strong>\u308f\u3051\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6570\u5024\u4f8b\uff5cK\uff1d6,000\u30c9\u30eb\u30fbr\uff1d5%\u30fbT\uff1d1\u5e74\u3067\u78ba\u304b\u3081\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u969b\u306b\u6570\u5b57\u3092\u5165\u308c\u308b\u3068\u7406\u89e3\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002\u884c\u4f7f\u4fa1\u683cK\uff1d6,000\u30c9\u30eb\u3001\u91d1\u5229r\uff1d5%\u3001\u6b8b\u5b58\u671f\u9593T\uff1d1\u5e74\u3001ITM\u3067\u7d42\u308f\u308b\u78ba\u7387N(d2)\uff1d0.821\u3068\u3044\u3046\u524d\u63d0\u3067\u7b2c2\u9805\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u30b9\u30c6\u30c3\u30d7<\/th><th>\u8a08\u7b97<\/th><th>\u7d50\u679c<\/th><\/tr><\/thead><tbody><tr><td>\u2460\u5c06\u6765\u306e\u671f\u5f85\u652f\u6255\u984d<\/td><td>6,000\u30c9\u30eb\u00d70.821\uff08ITM\u78ba\u7387\uff09<\/td><td>\u7d044,926\u30c9\u30eb<\/td><\/tr><tr><td>\u2461\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304f<\/td><td>4,926\u30c9\u30eb\u00d70.951\uff08\u5272\u5f15\u4fc2\u6570\uff09<\/td><td>\u7d044,685\u30c9\u30eb<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u8aad\u307f\u65b9\u306f\u3053\u3046\u306a\u308a\u307e\u3059\u3002\u300c82.1%\u306e\u78ba\u7387\u30676,000\u30c9\u30eb\u3092\u652f\u6255\u3046\u300d\u305f\u3081\u3001\u5c06\u6765\u306e\u671f\u5f85\u652f\u6255\u984d\u306f\u7d044,926\u30c9\u30eb\u3067\u3059\u3002\u305d\u308c\u3092\u5272\u5f15\u4fc2\u65700.951\u3067\u73fe\u5728\u4fa1\u5024\u306b\u76f4\u3059\u3068\u7d044,685\u30c9\u30eb\u306b\u306a\u308a\u307e\u3059\u3002<strong>\u3053\u306e4,685\u30c9\u30eb\u304c\u300c\u5c06\u6765\u6255\u3046K\u306e\u3001\u4eca\u306e\u4fa1\u5024\u300d<\/strong>\u3067\u3042\u308a\u3001\u7b2c1\u9805\u304b\u3089\u5dee\u3057\u5f15\u304f\u3079\u304d\u91d1\u984d\u3067\u3059\u3002\u30e2\u30c7\u30eb\u5168\u4f53\u306e\u4ed5\u7d44\u307f\u306f<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/\" target=\"_blank\" rel=\"noopener\">\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\u306e\u8a18\u4e8b<\/a>\u3067\u8a73\u3057\u304f\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u91d1\u5229r\u304c\u52d5\u304f\u3068\u5272\u5f15\u4fc2\u6570\u3068\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306f\u3069\u3046\u306a\u308b\u304b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5272\u5f15\u4fc2\u6570\u3092\u7406\u89e3\u3059\u308b\u3068\u3001<strong>\u91d1\u5229\u306e\u5909\u5316\u304c\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306b\u52b9\u304f\u7d4c\u8def<\/strong>\u304c\u898b\u3048\u3066\u304d\u307e\u3059\u3002\u5f0f\u306e\u5f62\u304b\u3089\u3001<strong>\u91d1\u5229r\u304c\u4e0a\u304c\u308b\u3068 e^(-rT) \u306f\u5c0f\u3055\u304f\u306a\u308b<\/strong>\u3068\u3044\u3046\u95a2\u4fc2\u304c\u8aad\u307f\u53d6\u308c\u308b\u3067\u3057\u3087\u3046\u3002\u30de\u30a4\u30ca\u30b9\u306e\u7b26\u53f7\u304cr\u306b\u639b\u304b\u3063\u3066\u3044\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4fc2\u6570\u304c\u5c0f\u3055\u304f\u306a\u308b\u3068\u3001\u7b2c2\u9805\u306e\u300cK\u00d7e^(-rT)\u00d7N(d2)\u300d\u3082\u5c0f\u3055\u304f\u306a\u308a\u307e\u3059\u3002\u5dee\u3057\u5f15\u304f\u91d1\u984d\u304c\u6e1b\u308b\u305f\u3081\u3001<strong>\u30e2\u30c7\u30eb\u4e0a\u306f\u30b3\u30fc\u30eb\u4fa1\u5024\u304c\u4e0a\u304c\u308b\u65b9\u5411\u306b\u50cd\u304d\u307e\u3059<\/strong>\u3002\u30d7\u30c3\u30c8\u306f\u5c06\u6765K\u3092\u300c\u53d7\u3051\u53d6\u308b\u300d\u5074\u306a\u306e\u3067\u9006\u306b\u52d5\u304d\u3001\u91d1\u5229\u4e0a\u6607\u3067\u306f\u4fa1\u5024\u304c\u4e0b\u304c\u308b\u65b9\u5411\u3067\u3059\u3002\u3053\u306e\u91d1\u5229\u611f\u5fdc\u5ea6\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30ae\u30ea\u30b7\u30e3\u6307\u6a19\u3067\u306f<strong>\u30ed\u30fc\uff08rho\uff09<\/strong>\u3068\u547c\u3070\u308c\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u91d1\u5229r\u306e\u52d5\u304d<\/th><th>\u5272\u5f15\u4fc2\u6570 e^(-rT)<\/th><th>K\u00d7e^(-rT)\uff08K\u306e\u73fe\u5728\u4fa1\u5024\uff09<\/th><th>\u30e2\u30c7\u30eb\u4e0a\u306e\u30b3\u30fc\u30eb\uff0f\u30d7\u30c3\u30c8<\/th><\/tr><\/thead><tbody><tr><td>\u4e0a\u304c\u308b<\/td><td>\u5c0f\u3055\u304f\u306a\u308b<\/td><td>\u5c0f\u3055\u304f\u306a\u308b<\/td><td>\u30b3\u30fc\u30eb\u2191\uff0f\u30d7\u30c3\u30c8\u2193<\/td><\/tr><tr><td>\u4e0b\u304c\u308b<\/td><td>\u5927\u304d\u304f\u306a\u308b<\/td><td>\u5927\u304d\u304f\u306a\u308b<\/td><td>\u30b3\u30fc\u30eb\u2193\uff0f\u30d7\u30c3\u30c8\u2191<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3060\u3057\u73fe\u5b9f\u306e\u52b9\u304d\u65b9\u306f\u9650\u5b9a\u7684\u3067\u3059\u3002<strong>\u30ed\u30fc\u306f\u6b8b\u5b58\u671f\u9593T\u304c\u9577\u3044\u307b\u3069\u5927\u304d\u304f\u52b9\u304f\u6307\u6a19<\/strong>\u3067\u3042\u308a\u3001\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u3088\u3046\u306b\u6e80\u671f\u304c\u6570\u65e5\u301c\u6570\u304b\u6708\u306e\u53d6\u5f15\u3067\u306f\u3001\u91d1\u5229\u306e\u5c0f\u5e45\u306a\u5909\u5316\u304c\u4fa1\u683c\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u306f\u3054\u304f\u308f\u305a\u304b\u306b\u3068\u3069\u307e\u308a\u307e\u3059\u3002\u5b9f\u52d9\u3067IV\u3084\u30c7\u30eb\u30bf\u307b\u3069\u6ce8\u76ee\u3055\u308c\u306a\u3044\u306e\u306f\u3053\u306e\u305f\u3081\u3060\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u306f\u5272\u5f15\u4fc2\u6570\u306f\u3069\u3046\u6271\u308f\u308c\u308b\u306e\u304b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u304c\u3001\u4f1d\u7d71\u7684\u306a\u91d1\u878d\u306e\u6559\u79d1\u66f8\u3060\u3051\u3092\u8aad\u3093\u3067\u3044\u308b\u3068\u898b\u843d\u3068\u3057\u3084\u3059\u3044\u90e8\u5206\u3067\u3059\u3002\u682a\u5f0f\u3084\u65e5\u7d4c225\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u306f\u7121\u30ea\u30b9\u30af\u91d1\u5229\u306b\u56fd\u50b5\u5229\u56de\u308a\u306a\u3069\u3092\u5f53\u3066\u307e\u3059\u304c\u3001<strong>\u6697\u53f7\u8cc7\u7523\u306b\u306f\u300c\u7121\u30ea\u30b9\u30af\u91d1\u5229\u300d\u3068\u547c\u3079\u308b\u660e\u78ba\u306a\u57fa\u6e96\u304c\u5b58\u5728\u3057\u307e\u305b\u3093<\/strong>\u3002\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u306e\u8cb8\u51fa\u91d1\u5229\u304c\u5b9f\u8cea\u7684\u306b\u305d\u308c\u306b\u8fd1\u3044\u3068\u3044\u3046\u898b\u65b9\u3082\u3042\u308a\u307e\u3059\u304c\u3001\u4e00\u610f\u306b\u306f\u5b9a\u307e\u3089\u306a\u3044\u306e\u304c\u5b9f\u60c5\u3067\u3059\uff08\u203b3\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3067\u306f\u5b9f\u969b\u306e\u53d6\u5f15\u6240\u306f\u4f55\u3092\u4f7f\u3063\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002ICHIZEN Capital\u304c\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6700\u5927\u624b\u3067\u3042\u308bDeribit\u306e\u516c\u958bAPI\u3092\u5b9f\u969b\u306b\u7167\u4f1a\u3057\u305f\u3068\u3053\u308d\u3001<strong>BTC\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u91d1\u5229\u30d1\u30e9\u30e1\u30fc\u30bf\uff08interest_rate\uff09\u306f\u3001\u671f\u8fd1\u304b\u3089\u671f\u5148\u307e\u3067\u4e00\u8cab\u3057\u3066\u300c0\u300d\u3067\u63d0\u4f9b\u3055\u308c\u3066\u3044\u307e\u3057\u305f<\/strong>\u3002\u91d1\u5229\u304c0\u3067\u3042\u308c\u3070 <code>e^(-0\u00d7T)\uff1d1<\/code> \u3068\u306a\u308a\u3001<strong>\u5272\u5f15\u4fc2\u6570\u306f1\u3001\u3064\u307e\u308a\u5b9f\u8cea\u7684\u306b\u300c\u5272\u308a\u5f15\u3044\u3066\u3044\u306a\u3044\u300d<\/strong>\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-intext\"><div class=\"cap_box_ttl\"><span><strong>\u672c\u8a18\u4e8b\u306e\u691c\u8a3c\u65b9\u6cd5<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<p class=\"wp-block-paragraph\"><span class=\"swl-fz u-fz-xs\">2026\u5e747\u6708\u3001\u7de8\u96c6\u90e8\u304cDeribit\u306e\u516c\u958bAPI\uff08public\/ticker\u30fbpublic\/get_instruments\uff09\u3078\u76f4\u63a5\u7167\u4f1a\u3057\u3001BTC\u30aa\u30d7\u30b7\u30e7\u30f3\u306einterest_rate\u30fbindex_price\u30fbunderlying_price\u3092\u5b9f\u6e2c\u3002\u30d5\u30a9\u30ef\u30fc\u30c9\u306e\u5e74\u7387\u63db\u7b97\u5024\u306f\u5b9f\u6e2c\u5024\u3092\u3082\u3068\u306b\u7de8\u96c6\u90e8\u304c\u7b97\u51fa\u3057\u305f\u3082\u306e\u3067\u3059\u3002<\/span><\/p>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u5229\u3092\u7121\u8996\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<strong>\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u306f\u3001\u91d1\u5229\u306e\u60c5\u5831\u304c\u300c\u5272\u5f15\u4fc2\u6570\u300d\u3067\u306f\u306a\u304f\u300c\u30d5\u30a9\u30ef\u30fc\u30c9\u4fa1\u683c\u300d\u306e\u5074\u306b\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u307e\u3059\u3002<\/strong>\u540c\u3058\u304fDeribit\u306e\u5b9f\u6e2c\u3067\u306f\u3001\u671f\u5148\uff08\u540c\u5e7412\u6708\u6e80\u671f\uff09\u306e\u30d5\u30a9\u30ef\u30fc\u30c9\u4fa1\u683c\u306f\u30b9\u30dd\u30c3\u30c8\u4fa1\u683c\u3092\u7d041.7%\u4e0a\u56de\u3063\u3066\u3044\u307e\u3057\u305f\u3002\u3053\u308c\u3092\u5e74\u7387\u63db\u7b97\u3059\u308b\u3068\u7d043.9%\u306b\u76f8\u5f53\u3057\u3001\u91d1\u5229\u306b\u8fd1\u3044\u6c34\u6e96\u304c\u5148\u7269\u5074\u306e\u4e0a\u4e57\u305b\uff08\u30d9\u30fc\u30b7\u30b9\uff09\u3068\u3057\u3066\u73fe\u308c\u3066\u3044\u308b\u3053\u3068\u304c\u5206\u304b\u308a\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u9805\u76ee<\/th><th>\u5b9f\u6e2c\u30fb\u7b97\u51fa\u5024<\/th><th>\u6e2c\u5b9a\u6642\u70b9<\/th><\/tr><\/thead><tbody><tr><td>BTC\u30aa\u30d7\u30b7\u30e7\u30f3\u306einterest_rate<\/td><td>0\uff08\u671f\u8fd1\u301c\u671f\u5148\u3067\u4e00\u8cab\uff09<\/td><td>2026\u5e747\u6708<\/td><\/tr><tr><td>\u5272\u5f15\u4fc2\u6570 e^(-rT)\uff08r\uff1d0\u306e\u3068\u304d\uff09<\/td><td>1.000\uff08\u5272\u5f15\u306a\u3057\uff09<\/td><td>2026\u5e747\u6708<\/td><\/tr><tr><td>\u671f\u5148\u30d5\u30a9\u30ef\u30fc\u30c9\u3068\u30b9\u30dd\u30c3\u30c8\u306e\u5dee<\/td><td>\u7d04\uff0b1.7%<\/td><td>2026\u5e747\u6708<\/td><\/tr><tr><td>\u4e0a\u8a18\u3092\u5e74\u7387\u63db\u7b97\u3057\u305f\u6c34\u6e96\uff08\u7de8\u96c6\u90e8\u7b97\u51fa\uff09<\/td><td>\u7d043.9%<\/td><td>2026\u5e747\u6708<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"swl-fz u-fz-xs\">\u203bDeribit\u516c\u958bAPI\u306e\u5b9f\u6e2c\u5024\uff082026\u5e747\u6708\u6642\u70b9\uff09\u3002\u6570\u5024\u306f\u5e02\u6cc1\u306b\u3088\u308a\u5909\u52d5\u3057\u307e\u3059\u3002interest_rate\u306e\u6271\u3044\u304c\u6052\u4e45\u7684\u306a\u4ed5\u69d8\u3067\u3042\u308b\u3068\u516c\u5f0f\u306b\u660e\u8a18\u3055\u308c\u305f\u8cc7\u6599\u306f\u78ba\u8a8d\u3067\u304d\u3066\u304a\u3089\u305a\u3001\u6642\u70b9\u306e\u5024\u3068\u3057\u3066\u3054\u89a7\u304f\u3060\u3055\u3044\u3002<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5fd6\u5ea6\u306a\u304f\u8a00\u3048\u3070\u3001\u3053\u306e\u4e8b\u5b9f\u306f\u5b66\u7fd2\u8005\u306b\u3068\u3063\u3066\u6717\u5831\u3067\u3059\u3002<strong>\u77ed\u671f\u306e\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u6271\u3046\u3046\u3048\u3067\u3001\u5272\u5f15\u4fc2\u6570\u306e\u6570\u5024\u3092\u81ea\u5206\u3067\u6c17\u306b\u3059\u308b\u5834\u9762\u306f\u307b\u3068\u3093\u3069\u3042\u308a\u307e\u305b\u3093\u3002<\/strong>\u6b8b\u5b58\u304c\u77ed\u3044\u3053\u3068\u3001\u305d\u3057\u3066\u91d1\u5229\u30d1\u30e9\u30e1\u30fc\u30bf\u304c0\u3067\u904b\u7528\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u306e\u4e8c\u91cd\u306e\u7406\u7531\u3067\u3001\u5272\u5f15\u4fc2\u6570\u306f\u4fa1\u683c\u306b\u307b\u307c\u52b9\u304b\u306a\u3044\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u5272\u5f15\u4fc2\u6570\u3092\u6271\u3046\u3068\u304d\u306e\u6ce8\u610f\u70b9\uff08\u5fd6\u5ea6\u306a\u3057\uff09<\/h2>\n\n\n\n<div class=\"wp-block-group swell-block-capbox cap_box is-style-good_list\"><div class=\"wp-block-group__inner-container\">\n<ul class=\"wp-block-list\">\n<li>BS\u30e2\u30c7\u30eb\u306e\u6570\u5f0f\u304c\u300c\u4f55\u3092\u3057\u3066\u3044\u308b\u306e\u304b\u300d\u304c\u8aad\u3081\u308b\u3088\u3046\u306b\u306a\u308b<\/li>\n\n\n\n<li>\u91d1\u5229\u304c\u52d5\u3044\u305f\u3068\u304d\u306b\u30b3\u30fc\u30eb\u30fb\u30d7\u30c3\u30c8\u304c\u3069\u3061\u3089\u3078\u52d5\u304f\u304b\u7b4b\u9053\u7acb\u3066\u3066\u8aac\u660e\u3067\u304d\u308b<\/li>\n\n\n\n<li>\u30d7\u30c3\u30c8\u30fb\u30b3\u30fc\u30eb\u30fb\u30d1\u30ea\u30c6\u30a3\u306a\u3069\u3001\u4ed6\u306e\u95a2\u4fc2\u5f0f\u306e\u7406\u89e3\u306b\u3082\u305d\u306e\u307e\u307e\u4f7f\u3048\u308b<\/li>\n\n\n\n<li>\u6e80\u671f\u304c\u8fd1\u3044\u307b\u3069\u5272\u5f15\u304c\u5f31\u307e\u308b\u3068\u3044\u3046\u3001\u30bb\u30fc\u30bf\u306e\u4e00\u56e0\u3092\u7406\u89e3\u3067\u304d\u308b<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group swell-block-capbox cap_box is-style-bad_list\"><div class=\"wp-block-group__inner-container\">\n<ul class=\"wp-block-list\">\n<li>\u5272\u5f15\u4fc2\u6570\u3068\u5272\u5f15\u7387\uff08r\uff09\u306f\u5225\u7269\u3002\u4fc2\u6570\u306f\u639b\u3051\u7b97\u306e\u500d\u7387\u3001\u5272\u5f15\u7387\u306f\u5e74\u3042\u305f\u308a\u306e\u7387<\/li>\n\n\n\n<li>T\u306e\u5358\u4f4d\u306f\u300c\u5e74\u300d\u30023\u304b\u6708\u3092\u300c3\u300d\u3068\u5165\u308c\u308b\u3068\u8a08\u7b97\u304c\u58ca\u308c\u308b\uff08\u6b63\u3057\u304f\u306f0.25\uff09<\/li>\n\n\n\n<li>\u77ed\u671f\u306e\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u306f\u4fc2\u6570\u306f1\u306b\u8fd1\u304f\u3001\u4fa1\u683c\u3078\u306e\u5f71\u97ff\u306f\u5c0f\u3055\u3044<\/li>\n\n\n\n<li>\u5272\u5f15\u4fc2\u6570\u3060\u3051\u3067\u5272\u9ad8\u30fb\u5272\u5b89\u306f\u5224\u65ad\u3067\u304d\u306a\u3044\u3002\u4fa1\u683c\u3092\u4e3b\u306b\u52d5\u304b\u3059\u306e\u306fIV<\/li>\n\n\n\n<li>\u6697\u53f7\u8cc7\u7523\u306b\u300c\u7121\u30ea\u30b9\u30af\u91d1\u5229\u300d\u3092\u4f55\u3068\u7f6e\u304f\u304b\u306f\u81ea\u660e\u3067\u306f\u306a\u304f\u3001\u524d\u63d0\u306b\u5e45\u304c\u3042\u308b<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">ICHIZEN Capital\u306e\u8996\u70b9\uff5c\u5272\u5f15\u4fc2\u6570\u306f\u300c\u30bb\u30fc\u30bf\u306e\u30de\u30a4\u30ca\u30b9\u7b26\u53f7\u300d\u307e\u3067\u8aac\u660e\u3059\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">ICHIZEN Capital\u304c\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6559\u6750\u3065\u304f\u308a\u3067\u6570\u5f0f\u3092\u5206\u89e3\u3057\u3066\u304d\u305f\u306a\u304b\u3067\u3001\u5272\u5f15\u4fc2\u6570\u304c\u6700\u3082\u52b9\u3044\u3066\u304f\u308b\u3068\u8003\u3048\u3066\u3044\u308b\u306e\u304c<strong>\u30bb\u30fc\u30bf\uff08\u03b8\uff0f\u6642\u9593\u4fa1\u5024\u306e\u6e1b\u8870\uff09\u306e\u7406\u89e3<\/strong>\u3067\u3059\u3002\u591a\u304f\u306e\u89e3\u8aac\u306f\u5272\u5f15\u4fc2\u6570\u3092\u300cBS\u306e\u5f0f\u306b\u51fa\u3066\u304f\u308b\u90e8\u54c1\u300d\u3067\u7d42\u308f\u3089\u305b\u307e\u3059\u304c\u3001\u5b9f\u969b\u306b\u306f\u30bb\u30fc\u30bf\u306e\u4e00\u90e8\u3092\u4f5c\u308a\u51fa\u3057\u3066\u3044\u308b\u306e\u304c\u3053\u306e\u4fc2\u6570\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u81ea\u793e\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u5206\u6790note\u5185\u3067\u30bb\u30fc\u30bf\u306e\u6570\u5f0f\u3092\u5206\u89e3\u3057\u305f\u969b\u3001\u7b2c2\u9805\u3068\u3057\u3066\u300c\u2212r\u00d7K\u00d7e^(-rT)\u00d7N(d2)\u300d\u3068\u3044\u3046\u91d1\u5229\u8abf\u6574\u306e\u9805\u3092\u6271\u3044\u307e\u3057\u305f\u3002\u3053\u3053\u3067\u306e\u8aad\u307f\u89e3\u304d\u306f\u3053\u3046\u3067\u3059\u3002<strong>\u6642\u9593\u304c\u7d4c\u3064\u3068K\u3092\u652f\u6255\u3046\u65e5\u304c\u8fd1\u3065\u304f\u305f\u3081\u3001K\u306e\u5272\u5f15\u304c\u5f31\u307e\u308b<\/strong>\u3002\u5272\u5f15\u304c\u5f31\u307e\u308c\u3070\u3001K\u306e\u73fe\u5728\u30d9\u30fc\u30b9\u306e\u4fa1\u5024\u306f\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u3053\u304b\u3089\u5148\u304c\u809d\u5fc3\u306a\u90e8\u5206\u3067\u3059\u3002\u30b3\u30fc\u30eb\u4fa1\u5024\u306f\u300c\u53d7\u3051\u53d6\u308a \u2212 \u6255\u3046K\u306e\u4eca\u306e\u4fa1\u5024\u300d\u3068\u3044\u3046\u5f15\u304d\u7b97\u3067\u6210\u308a\u7acb\u3063\u3066\u3044\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066<strong>\u300c\u6255\u3046K\u306e\u4eca\u306e\u4fa1\u5024\u300d\u304c\u5897\u3048\u308c\u3070\u3001\u305d\u306e\u5206\u30b3\u30fc\u30eb\u4fa1\u5024\u306f\u6e1b\u308b<\/strong>\u3068\u3044\u3046\u95a2\u4fc2\u306b\u306a\u308a\u307e\u3059\u3002\u30bb\u30fc\u30bf\u306e\u7b2c2\u9805\u306b\u30de\u30a4\u30ca\u30b9\u7b26\u53f7\u304c\u4ed8\u3044\u3066\u3044\u308b\u306e\u306f\u3001\u3053\u306e\u5dee\u3057\u5f15\u304d\u5206\u3092\u8868\u73fe\u3059\u308b\u305f\u3081\u3067\u3059\u3002\u6570\u5f0f\u306e\u7b26\u53f7\u3092\u4e38\u6697\u8a18\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u5272\u5f15\u4fc2\u6570\u306e\u610f\u5473\u304b\u3089\u5c0e\u3051\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002\u30bb\u30fc\u30bf\u305d\u306e\u3082\u306e\u306e\u6319\u52d5\u306f<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-theta\/\" target=\"_blank\" rel=\"noopener\">\u30bb\u30fc\u30bf\uff08\u03b8\uff09\u306e\u8a18\u4e8b<\/a>\u3067\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3082\u3046\u4e00\u70b9\u3001\u5b9f\u52d9\u76ee\u7dda\u3067\u4ed8\u3051\u52a0\u3048\u307e\u3059\u3002BS\u30e2\u30c7\u30eb\u306e\u6570\u5f0f\u306e\u3046\u3061\u3001<strong>\u5272\u5f15\u4fc2\u6570\u306f\u300c\u552f\u4e00\u307b\u307c\u78ba\u5b9f\u306b\u8a08\u7b97\u3067\u304d\u308b\u90e8\u54c1\u300d<\/strong>\u3060\u3068\u3044\u3046\u70b9\u3067\u3059\u3002IV\u306f\u5c06\u6765\u306e\u4e88\u60f3\u3067\u3042\u308a\u8ab0\u306b\u3082\u78ba\u5b9a\u3067\u304d\u305a\u3001N(d1)\u3084N(d2)\u3082\u305d\u306e\u4e88\u60f3\u306b\u4f9d\u5b58\u3057\u307e\u3059\u3002\u4e00\u65b9\u3067r\u3068T\u306f\u89b3\u6e2c\u3067\u304d\u308b\u5024\u3067\u3042\u308a\u3001e^(-rT)\u306f\u305d\u306e\u307e\u307e\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002\u88cf\u3092\u8fd4\u305b\u3070\u3001<strong>\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u4e0d\u78ba\u5b9f\u6027\u306f\u307b\u307c\u5168\u90e8\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u5074\u306b\u3042\u308b<\/strong>\u3068\u3044\u3046\u3053\u3068\u3067\u3082\u3042\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n<div class=\"swell-block-balloon\"><div class=\"c-balloon -bln-left\" data-col=\"gray\"><div class=\"c-balloon__icon -square\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png\" alt=\"\" class=\"c-balloon__iconImg\" width=\"80px\" height=\"80px\"><span class=\"c-balloon__iconName\">\u6728\u7530 \u967d\u4ecb<\/span><\/div><div class=\"c-balloon__body -speaking -border-none\"><div class=\"c-balloon__text\">\n<p><span class=\"swl-fz u-fz-s\">\u5fd6\u5ea6\u306a\u304f\u8a00\u3048\u3070\u3001\u77ed\u671f\u306e\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u89e6\u308b\u3046\u3048\u3067\u5272\u5f15\u4fc2\u6570\u306e\u6570\u5024\u305d\u306e\u3082\u306e\u3092\u6c17\u306b\u3059\u308b\u5834\u9762\u306f\u307b\u307c\u3042\u308a\u307e\u305b\u3093\u300230\u65e5\u6e80\u671f\u306a\u3089\u4fc2\u6570\u306f0.996\u3067\u3001\u4fa1\u683c\u3078\u306e\u5bc4\u4e0e\u306f\u8aa4\u5dee\u30ec\u30d9\u30eb\u3002\u305d\u308c\u3067\u3082\u5b66\u3076\u4fa1\u5024\u304c\u3042\u308b\u306e\u306f\u3001\u6570\u5f0f\u304c\u300c\u6642\u70b9\u306e\u9055\u3046\u304a\u91d1\u3092\u63c3\u3048\u3066\u3044\u308b\u300d\u3068\u5206\u304b\u308b\u3068\u3001\u30bb\u30fc\u30bf\u306e\u7b26\u53f7\u3082\u30d1\u30ea\u30c6\u30a3\u3082\u4e00\u672c\u306e\u7b4b\u3067\u8aad\u3081\u308b\u3088\u3046\u306b\u306a\u308b\u304b\u3089\u3067\u3059\u3002\u6307\u6a19\u306f\u6697\u8a18\u3067\u306f\u306a\u304f\u610f\u5473\u3067\u899a\u3048\u308b\u3053\u3068\u3002\u3053\u308c\u304c\u9060\u56de\u308a\u306b\u898b\u3048\u3066\u4e00\u756a\u65e9\u3044\u9053\u3067\u3059\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n\n<h2 class=\"wp-block-heading\">\u5272\u5f15\u4fc2\u6570\u3068\u7a0e\u91d1\uff5c\u8ab2\u7a0e\u3055\u308c\u308b\u306e\u306f\u78ba\u5b9a\u3057\u305f\u640d\u76ca<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5272\u5f15\u4fc2\u6570\u306f\u4fa1\u683c\u3092\u8a55\u4fa1\u3059\u308b\u305f\u3081\u306e\u8a08\u7b97\u4e0a\u306e\u9053\u5177\u3067\u3042\u308a\u3001\u305d\u308c\u81ea\u4f53\u306b\u7a0e\u91d1\u304c\u304b\u304b\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<strong>\u8ab2\u7a0e\u306e\u5bfe\u8c61\u306b\u306a\u308b\u306e\u306f\u3001\u5b9f\u969b\u306b\u6c7a\u6e08\u3057\u3066\u78ba\u5b9a\u3057\u305f\u640d\u76ca<\/strong>\u3067\u3059\u3002\u73fe\u5728\u4fa1\u5024\u306b\u76f4\u3057\u305f\u8a55\u4fa1\u984d\u3084\u542b\u307f\u76ca\u306e\u6bb5\u968e\u3067\u306f\u3001\u539f\u5247\u3068\u3057\u3066\u8ab2\u7a0e\u306f\u767a\u751f\u3057\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u78ba\u5b9a\u3057\u305f\u640d\u76ca\u306e\u6271\u3044\u306f\u5546\u54c1\u306b\u3088\u3063\u3066\u5206\u304b\u308c\u307e\u3059\u3002<strong>\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306a\u3069\u6697\u53f7\u8cc7\u7523\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u30fb\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u5229\u76ca\u306f\u3001\u539f\u5247\u3068\u3057\u3066\u96d1\u6240\u5f97\u306e\u7dcf\u5408\u8ab2\u7a0e<\/strong>\u3067\u3001\u4ed6\u306e\u6240\u5f97\u3068\u5408\u7b97\u3055\u308c\u4f4f\u6c11\u7a0e\u8fbc\u307f\u3067\u6700\u5927\u7d0455%\u306e\u7a0e\u7387\u306b\u306a\u308a\u307e\u3059\uff08\u203b1\uff09\u3002\u4e00\u65b9\u3001<strong>\u65e5\u7d4c225\u30aa\u30d7\u30b7\u30e7\u30f3\u306a\u3069\u56fd\u5185\u306e\u4e0a\u5834\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u7533\u544a\u5206\u96e2\u8ab2\u7a0e\uff08\u7a0e\u738720.315%\uff09<\/strong>\u3068\u3044\u3046\u6271\u3044\u3067\u3059\uff08\u203b2\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6697\u53f7\u8cc7\u7523\u3092\u7533\u544a\u5206\u96e2\u8ab2\u7a0e\u306e\u5bfe\u8c61\u3068\u3059\u308b\u5236\u5ea6\u6539\u6b63\u306f\u8b70\u8ad6\u304c\u9032\u3093\u3067\u3044\u308b\u3082\u306e\u306e\u3001\u672c\u8a18\u4e8b\u4f5c\u6210\u6642\u70b9\u3067\u306f\u9069\u7528\u6642\u671f\u30fb\u5bfe\u8c61\u7bc4\u56f2\u3068\u3082\u306b\u8981\u78ba\u8a8d\u306e\u6bb5\u968e\u306b\u3042\u308a\u307e\u3059\u3002<strong>\u300c\u6697\u53f7\u8cc7\u7523\u306a\u3089\u4e00\u5f8b20%\u306b\u306a\u308b\u300d\u3068\u65e9\u5408\u70b9\u3057\u306a\u3044\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002<\/strong>\u6697\u53f7\u8cc7\u7523\u306e\u7a0e\u52d9\u5168\u822c\u306f<a href=\"https:\/\/ichizenholdings.co.jp\/media\/column\/crypto-tax-japan\/\" target=\"_blank\" rel=\"noopener\">\u4eee\u60f3\u901a\u8ca8\u306e\u7a0e\u91d1\u306e\u8a18\u4e8b<\/a>\u3067\u6574\u7406\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"swl-fz u-fz-s\">\u5272\u5f15\u4fc2\u6570\u306f\u8a55\u4fa1\u306e\u9053\u5177\u3067\u3042\u3063\u3066\u3001\u8ab2\u7a0e\u3055\u308c\u308b\u306e\u306f\u78ba\u5b9a\u3057\u305f\u640d\u76ca\u3067\u3059\u3002\u56fd\u5185\u4e0a\u5834\uff08\u5206\u96e220.315%\uff09\u3068\u6697\u53f7\u8cc7\u7523\uff08\u7dcf\u5408\u6700\u5927\u7d0455%\uff09\u3067\u7a0e\u7387\u304c\u5927\u304d\u304f\u7570\u306a\u308b\u70b9\u306f\u5fc5\u305a\u62bc\u3055\u3048\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002\u53d6\u5f15\u5c65\u6b74\u306f\u3053\u307e\u3081\u306b\u6b8b\u3057\u3001\u5224\u65ad\u306b\u8ff7\u3046\u5834\u5408\u306f\u7a0e\u7406\u58eb\u3078\u76f8\u8ac7\u3059\u308b\u3053\u3068\u3092\u304a\u3059\u3059\u3081\u3057\u307e\u3059\u3002<\/span><\/p>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong><span class=\"swl-marker mark_yellow\">\uff3c\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u5b9f\u969b\u306b\u53d6\u5f15\u3067\u304d\u308b\u7dcf\u5408\u578b\u306e\u5927\u624b\uff0f<\/span><\/strong><\/p>\n\n\n\n<div class=\"swell-block-button red_ -size-l is-style-btn_solid u-mb-ctrl u-mb-0\" data-id=\"option-discount-factor-bitget\"><a href=\"https:\/\/ichizenholdings.co.jp\/media\/go-bitget\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"swell-block-button__link\"><span>Bitget\u306e\u8a73\u7d30\u3092\u898b\u306b\u884c\u304f<\/span><\/a><\/div>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><a href=\"https:\/\/ichizenholdings.co.jp\/media\/go-bitget\" target=\"_blank\" rel=\"noopener\"><span class=\"swl-fz u-fz-xs\">\u516c\u5f0f\u30b5\u30a4\u30c8\u306f\u3053\u3061\u3089<\/span><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n<dl class=\"swell-block-faq\" data-q=\"fill-main\" data-a=\"fill-custom\">\n<div class=\"swell-block-faq__item\"><dt class=\"faq_q\">\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5272\u5f15\u4fc2\u6570\u3068\u306f\u4f55\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\">\n<p class=\"wp-block-paragraph\">\u5c06\u6765\u306e\u304a\u91d1\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u76f4\u3059\u305f\u3081\u306b\u639b\u3051\u308b\u4fc2\u6570\u306e\u3053\u3068\u3067\u3059\u3002\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\u3067\u306f <code>e^(-rT)<\/code> \u3068\u3044\u3046\u5f62\u3067\u767b\u5834\u3057\u3001r\u306f\u7121\u30ea\u30b9\u30af\u91d1\u5229\u3001T\u306f\u6b8b\u5b58\u671f\u9593\uff08\u5e74\uff09\u3092\u8868\u3057\u307e\u3059\u3002\u5c06\u6765\u652f\u6255\u3046\u884c\u4f7f\u4fa1\u683cK\u3092\u300c\u4eca\u3044\u304f\u3089\u306e\u4fa1\u5024\u304b\u300d\u306b\u63db\u7b97\u3059\u308b\u5f79\u5272\u3092\u62c5\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dt class=\"faq_q\">\u5272\u5f15\u4fc2\u6570\u3068\u5272\u5f15\u7387\u306e\u9055\u3044\u306f\u4f55\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\">\n<p class=\"wp-block-paragraph\">\u5272\u5f15\u7387\u306f\u300c\u5e74\u3042\u305f\u308a\u4f55%\u5272\u308a\u5f15\u304f\u304b\u300d\u3068\u3044\u3046\u7387\uff08r\uff09\u305d\u306e\u3082\u306e\u3067\u3001\u5272\u5f15\u4fc2\u6570\u306f\u300c\u7d50\u5c40\u3044\u304f\u3064\u3092\u639b\u3051\u308c\u3070\u3088\u3044\u304b\u300d\u3068\u3044\u3046\u639b\u3051\u7b97\u306e\u500d\u7387\u3067\u3059\u3002\u305f\u3068\u3048\u3070\u5272\u5f15\u7387\u304c5%\u30fb1\u5e74\u306a\u3089\u3001\u9023\u7d9a\u8907\u5229\u306e\u5272\u5f15\u4fc2\u6570\u306f\u7d040.951\u306b\u306a\u308a\u307e\u3059\u3002\u7387\u304b\u3089\u4fc2\u6570\u3092\u4f5c\u308b\u8a08\u7b97\u304c <code>e^(-rT)<\/code> \u3067\u3059\u3002<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dt class=\"faq_q\">e^(-rT)\u306ee\u3068\u306f\u4f55\u3067\u3059\u304b\uff1f\u306a\u305ce\u3092\u4f7f\u3046\u306e\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\">\n<p class=\"wp-block-paragraph\">e\u306f\u30cd\u30a4\u30d4\u30a2\u6570\u3068\u547c\u3070\u308c\u308b\u7d042.71828\u306e\u5b9a\u6570\u3067\u3059\u3002\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\u304c\u300c\u9023\u7d9a\u8907\u5229\u300d\u2015\u2015\u5229\u606f\u304c\u9023\u7d9a\u7684\u306b\u3064\u304f\u3068\u3044\u3046\u524d\u63d0\u2015\u2015\u3092\u63a1\u7528\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u305d\u306e\u5272\u5f15\u8a08\u7b97\u306b\u81ea\u7136\u306be\u304c\u73fe\u308c\u307e\u3059\u3002\u5e741\u56de\u306e\u8907\u5229\u3067\u3042\u308c\u3070 <code>1\u00f7(1\uff0br)^T<\/code> \u3068\u306a\u308a\u3001e\u306f\u767b\u5834\u3057\u307e\u305b\u3093\u3002<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dt class=\"faq_q\">\u5272\u5f15\u4fc2\u6570\u306f\u3069\u3046\u3084\u3063\u3066\u8a08\u7b97\u3057\u307e\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\">\n<p class=\"wp-block-paragraph\">\u9023\u7d9a\u8907\u5229\u306a\u3089 <code>e^(-rT)<\/code>\u3001\u5358\u7d14\u8907\u5229\u306a\u3089 <code>1\u00f7(1\uff0br)^T<\/code> \u3067\u8a08\u7b97\u3057\u307e\u3059\u3002r\uff1d5%\u30fbT\uff1d1\u5e74\u306e\u5834\u5408\u3001\u524d\u8005\u306f\u7d040.951\u3001\u5f8c\u8005\u306f\u7d040.952\u3067\u3059\u30021\u5e74\u5f8c\u306e100\u30c9\u30eb\u306f\u3001\u305d\u308c\u305e\u308c\u73fe\u5728\u4fa1\u5024\u3067\u7d0495.12\u30c9\u30eb\u30fb\u7d0495.24\u30c9\u30eb\u3068\u306a\u308a\u3001\u307b\u307c\u540c\u3058\u6c34\u6e96\u306b\u843d\u3061\u7740\u304d\u307e\u3059\u3002<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dt class=\"faq_q\">T\u306e\u5358\u4f4d\u306f\u5e74\u3067\u3059\u304b\uff1f\u6b8b\u308a3\u304b\u6708\u306e\u5834\u5408\u306f\u3069\u3046\u5165\u308c\u307e\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\">\n<p class=\"wp-block-paragraph\">T\u306e\u5358\u4f4d\u306f\u5e74\u3067\u3059\u3002\u6b8b\u308a3\u304b\u6708\u306a\u30890.25\u300130\u65e5\u306a\u3089\u7d040.082\uff0830\u00f7365\uff09\u3068\u5165\u529b\u3057\u307e\u3059\u3002\u3053\u3053\u3092\u300c3\u300d\u3084\u300c30\u300d\u3068\u5165\u308c\u308b\u3068\u8a08\u7b97\u7d50\u679c\u304c\u5927\u304d\u304f\u72c2\u3046\u305f\u3081\u3001\u521d\u5b66\u8005\u304c\u3064\u307e\u305a\u304d\u3084\u3059\u3044\u6ce8\u610f\u70b9\u306e1\u3064\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dt class=\"faq_q\">\u91d1\u5229\u304c\u4e0a\u304c\u308b\u3068\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306f\u3069\u3046\u306a\u308a\u307e\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\">\n<p class=\"wp-block-paragraph\">\u30e2\u30c7\u30eb\u4e0a\u306f\u3001\u91d1\u5229r\u304c\u4e0a\u304c\u308b\u3068\u5272\u5f15\u4fc2\u6570 <code>e^(-rT)<\/code> \u304c\u5c0f\u3055\u304f\u306a\u308a\u3001\u5dee\u3057\u5f15\u304f\u300cK\u306e\u73fe\u5728\u4fa1\u5024\u300d\u304c\u6e1b\u308b\u305f\u3081\u30b3\u30fc\u30eb\u4fa1\u5024\u306f\u4e0a\u304c\u308b\u65b9\u5411\u306b\u50cd\u304d\u307e\u3059\u3002\u30d7\u30c3\u30c8\u306f\u9006\u306b\u4e0b\u304c\u308b\u65b9\u5411\u3067\u3059\u3002\u3053\u306e\u91d1\u5229\u611f\u5fdc\u5ea6\u306f\u30ed\u30fc\uff08rho\uff09\u3068\u547c\u3070\u308c\u307e\u3059\u304c\u3001\u6e80\u671f\u306e\u77ed\u3044\u53d6\u5f15\u3067\u306f\u5f71\u97ff\u306f\u3054\u304f\u308f\u305a\u304b\u306b\u3068\u3069\u307e\u308a\u307e\u3059\u3002<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dt class=\"faq_q\">\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u7121\u30ea\u30b9\u30af\u91d1\u5229\u306b\u306f\u4f55\u3092\u4f7f\u3044\u307e\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\">\n<p class=\"wp-block-paragraph\">\u4e00\u610f\u306b\u306f\u5b9a\u307e\u308a\u307e\u305b\u3093\u3002\u56fd\u50b5\u5229\u56de\u308a\u3092\u5f53\u3066\u308b\u4f1d\u7d71\u7684\u306a\u91d1\u878d\u3068\u9055\u3044\u3001\u6697\u53f7\u8cc7\u7523\u3067\u306f\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u306e\u8cb8\u51fa\u91d1\u5229\u304c\u5b9f\u8cea\u7684\u306b\u305d\u308c\u306b\u8fd1\u3044\u3068\u3044\u3046\u898b\u65b9\u304c\u3042\u308a\u307e\u3059\uff08\u203b3\uff09\u3002\u306a\u304a\u7de8\u96c6\u90e8\u304cDeribit\u306e\u516c\u958bAPI\u3092\u5b9f\u6e2c\u3057\u305f\u3068\u3053\u308d\u3001BTC\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u91d1\u5229\u30d1\u30e9\u30e1\u30fc\u30bf\u306f0\u3067\u63d0\u4f9b\u3055\u308c\u3066\u3044\u307e\u3057\u305f\uff082026\u5e747\u6708\u6642\u70b9\uff09\u3002<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dt class=\"faq_q\">\u91d1\u5229\u304c\u30bc\u30ed\u3084\u30de\u30a4\u30ca\u30b9\u3060\u3068\u5272\u5f15\u4fc2\u6570\u306f\u3069\u3046\u306a\u308a\u307e\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\">\n<p class=\"wp-block-paragraph\">\u91d1\u5229\u304c0\u306a\u3089 <code>e^0\uff1d1<\/code> \u3068\u306a\u308a\u3001\u5272\u5f15\u306f\u8d77\u304d\u307e\u305b\u3093\uff08\u73fe\u5728\u4fa1\u5024\uff1d\u5c06\u6765\u306e\u984d\u9762\u306e\u307e\u307e\uff09\u3002\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u306e\u5834\u5408\u306f\u4fc2\u6570\u304c1\u3092\u8d85\u3048\u307e\u3059\u3002\u305f\u3068\u3048\u3070r\uff1d\u22122%\u30fbT\uff1d10\u5e74\u306a\u3089 <code>e^(0.2)\u22521.221<\/code> \u3067\u3059\u3002\u5272\u5f15\u4fc2\u6570\u306f\u5fc5\u305a1\u672a\u6e80\u3001\u3068\u3044\u3046\u601d\u3044\u8fbc\u307f\u306f\u6b63\u78ba\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dt class=\"faq_q\">\u30d7\u30c3\u30c8\u30fb\u30b3\u30fc\u30eb\u30fb\u30d1\u30ea\u30c6\u30a3\u306b\u3082\u5272\u5f15\u4fc2\u6570\u306f\u51fa\u3066\u304d\u307e\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\">\n<p class=\"wp-block-paragraph\">\u306f\u3044\u3002\u30d1\u30ea\u30c6\u30a3\u306f\u300c\u30b3\u30fc\u30eb\u4fa1\u683c \u2212 \u30d7\u30c3\u30c8\u4fa1\u683c \uff1d \u539f\u8cc7\u7523\u4fa1\u683c \u2212 \u884c\u4f7f\u4fa1\u683c\u306e\u73fe\u5728\u4fa1\u5024\u300d\u3068\u3044\u3046\u95a2\u4fc2\u5f0f\u3067\u3001\u3053\u306e\u300c\u884c\u4f7f\u4fa1\u683c\u306e\u73fe\u5728\u4fa1\u5024\u300d\u304c\u307e\u3055\u306b <code>K\u00d7e^(-rT)<\/code> \u3067\u3059\uff08\u203b4\uff09\u3002\u3053\u3053\u3067\u3082\u5272\u5f15\u4fc2\u6570\u306f\u3001\u5c06\u6765\u6255\u3046K\u3092\u4eca\u306e\u4fa1\u5024\u306b\u63c3\u3048\u308b\u5f79\u5272\u3092\u679c\u305f\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dt class=\"faq_q\">\u77ed\u671f\u306e\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u3082\u5272\u5f15\u4fc2\u6570\u3092\u6c17\u306b\u3059\u308b\u3079\u304d\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\">\n<p class=\"wp-block-paragraph\">\u6570\u5024\u3068\u3057\u3066\u306e\u91cd\u8981\u5ea6\u306f\u4f4e\u3081\u3067\u3059\u3002\u6b8b\u5b5830\u65e5\u30fbr\uff1d5%\u306a\u3089\u4fc2\u6570\u306f\u7d040.996\u3067\u3001\u4fa1\u683c\u3078\u306e\u5bc4\u4e0e\u306f\u8aa4\u5dee\u306b\u8fd1\u3044\u6c34\u6e96\u306b\u3068\u3069\u307e\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u6570\u5f0f\u306e\u610f\u5473\u3092\u7406\u89e3\u3057\u3066\u304a\u304f\u3068\u3001\u30bb\u30fc\u30bf\u306e\u7b26\u53f7\u3084\u30d1\u30ea\u30c6\u30a3\u306e\u95a2\u4fc2\u304c\u7b4b\u9053\u7acb\u3066\u3066\u8aad\u3081\u308b\u3088\u3046\u306b\u306a\u308b\u305f\u3081\u3001\u5b66\u3076\u4fa1\u5024\u306f\u5341\u5206\u306b\u3042\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<\/dd><\/div>\n<\/dl>\n<script 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class=\"wp-block-heading\">\u307e\u3068\u3081\uff5c\u5272\u5f15\u4fc2\u6570\u306f\u300c\u6642\u70b9\u306e\u9055\u3046\u304a\u91d1\u3092\u63c3\u3048\u308b\u300d\u305f\u3081\u306e\u9053\u5177<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5272\u5f15\u4fc2\u6570\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30d5\u30a1\u30af\u30bf\u30fc\uff09\u306f\u3001\u5c06\u6765\u306e\u304a\u91d1\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u76f4\u3059\u305f\u3081\u306b\u639b\u3051\u308b\u4fc2\u6570\u3067\u3042\u308a\u3001\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\u3067\u306f\u9023\u7d9a\u8907\u5229\u306e <code>e^(-rT)<\/code> \u3068\u3044\u3046\u5f62\u3067\u4f7f\u308f\u308c\u307e\u3059\u3002\u5f79\u5272\u306f\u4e00\u8cab\u3057\u3066\u3044\u3066\u3001<strong>\u6e80\u671f\u306b\u652f\u6255\u3046\u884c\u4f7f\u4fa1\u683cK\u3092\u300c\u4eca\u3044\u304f\u3089\u306e\u4fa1\u5024\u304b\u300d\u306b\u63db\u7b97\u3057\u3001\u6642\u70b9\u306e\u9055\u3046\u304a\u91d1\u3092\u8db3\u3057\u5f15\u304d\u3067\u304d\u308b\u3088\u3046\u306b\u3059\u308b\u3053\u3068<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u52d9\u7684\u306a\u91cd\u8981\u5ea6\u306f\u3001\u6b63\u76f4\u306a\u3068\u3053\u308d\u9ad8\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u6b8b\u5b58\u671f\u9593\u304c\u77ed\u3044\u307b\u3069\u4fc2\u6570\u306f1\u306b\u8fd1\u3065\u304d\u307e\u3059\u3057\u3001\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u73fe\u5834\u3067\u306f\u305d\u3082\u305d\u3082\u91d1\u5229\u30d1\u30e9\u30e1\u30fc\u30bf\u304c0\u3067\u6271\u308f\u308c\u3001\u91d1\u5229\u60c5\u5831\u306f\u30d5\u30a9\u30ef\u30fc\u30c9\u4fa1\u683c\u306e\u5074\u306b\u79fb\u3063\u3066\u3044\u307e\u3059\u3002\u305d\u308c\u3067\u3082\u62bc\u3055\u3048\u308b\u4fa1\u5024\u304c\u3042\u308b\u306e\u306f\u3001\u3053\u306e\u4fc2\u6570\u306e\u610f\u5473\u304c\u5206\u304b\u308b\u3068\u30bb\u30fc\u30bf\u306e\u7b26\u53f7\u3084\u30d7\u30c3\u30c8\u30fb\u30b3\u30fc\u30eb\u30fb\u30d1\u30ea\u30c6\u30a3\u304c\u4e00\u672c\u306e\u7b4b\u3067\u8aad\u307f\u89e3\u3051\u308b\u3088\u3046\u306b\u306a\u308b\u305f\u3081\u3067\u3059\u3002<strong>\u6570\u5f0f\u306f\u6697\u8a18\u3059\u308b\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u610f\u5473\u304b\u3089\u5c0e\u304f\u3082\u306e<\/strong>\u3060\u3068\u8003\u3048\u306a\u304c\u3089\u3001\u4ed6\u306e\u30ae\u30ea\u30b7\u30e3\u6307\u6a19\u306e\u5b66\u7fd2\u306b\u3082\u9032\u3093\u3067\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"swl-fz u-fz-s\">\u6700\u5f8c\u306b\u6574\u7406\u3057\u307e\u3059\u3002\u5272\u5f15\u4fc2\u6570\u306f\u300c\u5c06\u6765\u306e\u304a\u91d1\u3092\u4eca\u306e\u4fa1\u5024\u306b\u76f4\u3059\u639b\u3051\u76ee\u300d\u3067\u3001BS\u3067\u306f e^(-rT)\u3002\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u4fc2\u6570\u306f\u7e2e\u307f\u3001\u30e2\u30c7\u30eb\u4e0a\u306f\u30b3\u30fc\u30eb\u6709\u5229\u30fb\u30d7\u30c3\u30c8\u4e0d\u5229\u306b\u50cd\u304d\u307e\u3059\u3002\u305f\u3060\u3057\u77ed\u671f\u306e\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u306f\u52b9\u304d\u306f\u3054\u304f\u308f\u305a\u304b\u3002\u6570\u5024\u3092\u8ffd\u3046\u3088\u308a\u3001\u306a\u305c\u5272\u308a\u5f15\u304f\u306e\u304b\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u306e\u307b\u3046\u304c\u3001\u306f\u308b\u304b\u306b\u9577\u304f\u5f79\u306b\u7acb\u3064\u3067\u3057\u3087\u3046\u3002<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><p class=\"has-text-color\" style=\"color:#999999;font-size:13px\">\u53c2\u8003\u6587\u732e<\/p><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><p class=\"has-text-color\" style=\"color:#999999;font-size:13px\">1. \u56fd\u7a0e\u5e81\u300c\u6697\u53f7\u8cc7\u7523\u7b49\u306b\u95a2\u3059\u308b\u7a0e\u52d9\u4e0a\u306e\u53d6\u6271\u3044\u306b\u3064\u3044\u3066\u300d<a href=\"https:\/\/www.nta.go.jp\/publication\/pamph\/shotoku\/kakuteishinkokukankei\/kasoutuka\/\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.nta.go.jp\/publication\/pamph\/shotoku\/kakuteishinkokukankei\/kasoutuka\/<\/a><br>2. \u56fd\u7a0e\u5e81 \u30bf\u30c3\u30af\u30b9\u30a2\u30f3\u30b5\u30fc No.1522\uff08\u5148\u7269\u53d6\u5f15\u306b\u4fc2\u308b\u96d1\u6240\u5f97\u7b49\u306e\u8ab2\u7a0e\u306e\u7279\u4f8b\uff09<a href=\"https:\/\/www.nta.go.jp\/taxes\/shiraberu\/taxanswer\/shotoku\/1522.htm\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.nta.go.jp\/taxes\/shiraberu\/taxanswer\/shotoku\/1522.htm<\/a><br>3. Deribit Insights\u300cOption quotes using forwards\u300d\uff08\u6697\u53f7\u8cc7\u7523\u306b\u304a\u3051\u308b&#8221;\u7121\u30ea\u30b9\u30af\u91d1\u5229&#8221;\u306e\u8003\u3048\u65b9\u306b\u95a2\u3059\u308b\u8ad6\u8003\uff09<a href=\"https:\/\/insights.deribit.com\/industry\/option-quotes-using-forwards\/\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/insights.deribit.com\/industry\/option-quotes-using-forwards\/<\/a><br>4. \u65e5\u672c\u53d6\u5f15\u6240\u30b0\u30eb\u30fc\u30d7\uff08JPX\uff09\u5317\u6d5c\u6295\u8cc7\u587e\u300c\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u57fa\u790e\uff08\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u6c7a\u5b9a\u8981\u56e0\u30fb\u30ea\u30b9\u30af\u30d5\u30a1\u30af\u30bf\u30fc\uff09\u300d<a href=\"https:\/\/www.jpx.co.jp\/ose-toshijuku\/column\/futures_option\/option\/03.html\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.jpx.co.jp\/ose-toshijuku\/column\/futures_option\/option\/03.html<\/a><br>5. Deribit API Reference\uff08public\/ticker\uff1ainterest_rate\u7b49\u306e\u30d5\u30a3\u30fc\u30eb\u30c9\u4ed5\u69d8\uff09<a href=\"https:\/\/docs.deribit.com\/api-reference\/market-data\/public-ticker\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/docs.deribit.com\/api-reference\/market-data\/public-ticker<\/a><br>6. iFinance\u300c\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u3068\u306f\u300d<a href=\"https:\/\/www.ifinance.ne.jp\/glossary\/derivatives\/der122.html\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.ifinance.ne.jp\/glossary\/derivatives\/der122.html<\/a><\/p><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">\u203b\u672c\u8a18\u4e8b\u306f2026\u5e747\u6708\u6642\u70b9\u306e\u60c5\u5831\u306b\u57fa\u3065\u304f\u4e00\u822c\u7684\u306a\u60c5\u5831\u63d0\u4f9b\u3092\u76ee\u7684\u3068\u3057\u3066\u304a\u308a\u3001\u7279\u5b9a\u306e\u53d6\u5f15\u30fb\u9298\u67c4\u3078\u306e\u6295\u8cc7\u3092\u52e7\u8a98\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6570\u5f0f\u30fb\u6570\u5024\u4f8b\u306f\u30e2\u30c7\u30eb\u4e0a\u306e\u4e00\u822c\u7684\u306a\u4f8b\u793a\u3067\u3042\u308a\u3001\u5c06\u6765\u306e\u4fa1\u683c\u3084\u640d\u76ca\u3092\u4fdd\u8a3c\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002Deribit\u516c\u958bAPI\u306e\u5b9f\u6e2c\u5024\u306f\u53d6\u5f97\u6642\u70b9\u306e\u3082\u306e\u3067\u3042\u308a\u3001\u4ed5\u69d8\u30fb\u6570\u5024\u306f\u5909\u66f4\u3055\u308c\u308b\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u3002\u7a0e\u5236\uff08\u6697\u53f7\u8cc7\u7523\u306e\u7533\u544a\u5206\u96e2\u8ab2\u7a0e\u5316\u306e\u9069\u7528\u6642\u671f\u30fb\u5bfe\u8c61\uff09\u306f\u5909\u66f4\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u3001\u8a18\u8f09\u306b\u306f\u8981\u78ba\u8a8d\u306e\u4e8b\u9805\u3092\u542b\u307f\u307e\u3059\u3002\u6700\u7d42\u7684\u306a\u6295\u8cc7\u5224\u65ad\u306f\u3054\u81ea\u8eab\u306e\u8cac\u4efb\u3067\u884c\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01 \u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5272\u5f15\u4fc2\u6570\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30d5\u30a1\u30af\u30bf\u30fc\uff09\u3068\u306f\uff1f\u57fa\u672c\u60c5\u5831 \u5272\u5f15\u4fc2\u6570\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30d5\u30a1\u30af\u30bf\u30fc\uff09\u3068\u306f\u3001\u5c06\u6765\u53d7\u3051\u53d6\u308b\uff08\u307e\u305f\u306f\u652f\u6255\u3046\uff09\u304a\u91d1\u3092\u3001\u73fe\u5728\u306e\u4fa1\u5024\u306b\u76f4\u3059\u305f\u3081\u306b\u639b\u3051 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":205154,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"{\"option-discount-factor-bitget\":{\"pv\":7,\"imp\":4}}","footnotes":""},"categories":[121],"tags":[153],"class_list":["post-205054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-option-trading","tag-level-advanced"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01 \u5272\u5f15\u4fc2\u6570\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30d5\u30a1\u30af\u30bf\u30fc\uff09\u3068\u306f\u300c\u5c06\u6765\u306e\u304a\u91d1\u3092\u4eca\u306e\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"\u6c34\u91ce\u502b\u592a\u90ce\"\/>\n\t<link 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