# Decentralized Derivatives Pricing Models
DeFi에서 on-chain 데이터, oracle 피드, smart contract를 활용한 derivatives의 Valuation으로, decentralized, trustless 시장에 맞는 전통적인 pricing model을 조정합니다.
Decentralized Derivatives Pricing Models는 on-chain price feed 및 외부 oracle에서 데이터를 소싱하는 decentralized 환경에서 작동하도록 전통적인 pricing 프레임워크(예: Black-Scholes)를 조정합니다. 이 모델들은 crypto asset의 stochastic price dynamics, regime shifts, liquidity 제약을 처리해야 하며, 동시에 smart contract를 통한 투명하고 검증 가능한 settlement를 보장해야 합니다. 주요 고려 사항에는 data feed 신뢰성, oracle 설계, model risk, calibration(noisy on-chain 데이터에 대한 parameter 추정 및 backtesting), parameter의 on-chain [governance](/ko/terms/on-chain-governance), settlement mechanics, 그리고 fees, gas costs, network [latency](/ko/terms/network-latency)가 pricing 및 risk에 미치는 영향 등이 포함됩니다. 실제 아키텍처는 pricing 로직과 automated [market maker](/ko/terms/automated-market-maker) (AMM) 스타일의 liquidity 메커니즘, risk control, margin 요구 사항, replay-attack 방지 settlement를 결합하여 DeFi 플랫폼에서 trustless derivatives 거래를 가능하게 합니다.
graph LR
Center["# Decentralized Derivatives Pricing Models"]:::main
Rel_decentralized_credit_scoring_algorithms["decentralized-credit-scoring-algorithms"]:::related -.-> Center
click Rel_decentralized_credit_scoring_algorithms "/terms/decentralized-credit-scoring-algorithms"
Rel_decentralized_cloud_computing["decentralized-cloud-computing"]:::related -.-> Center
click Rel_decentralized_cloud_computing "/terms/decentralized-cloud-computing"
Rel_decentralized_perpetual_futures_funding["decentralized-perpetual-futures-funding"]:::related -.-> Center
click Rel_decentralized_perpetual_futures_funding "/terms/decentralized-perpetual-futures-funding"
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What are decentralized derivatives pricing models?
They are on-chain mathematical frameworks that price and settle derivatives using smart contracts and oracle-provided data, removing reliance on centralized intermediaries.
How is volatility modeled in DeFi pricing?
Volatility can be modeled using on-chain realized variance, implied variance from option markets, or parametric models adapted to crypto return distributions.
What is the role of oracles?
Oracles supply price feeds and data necessary for model inputs; robust designs mitigate oracle manipulation and latency.
What are key risks?
Model risk, oracle risk, liquidity risk, settlement risk, and gas/nonce risk affecting price accuracy and execution.
How are prices settled?
Prices settle via smart contracts with collateralized positions; settlement can occur on-chain with deterministic finality.