Difference-
(1) The delivery time is different, and the spot transaction is generally an immediate transaction or the delivery is completed in a very short time. Once the buyer and seller reach a deal and realize the transfer of the ownership of the goods, the entity of the goods, that is, the goods themselves, will be transferred from the seller to the buyer. There is a time difference between the trading of futures and the receipt and payment of goods, and the separation of business flow and logistics has taken place.
② The trading objects are different. The object of spot trading is mainly physical objects, and the object of futures trading is standardized contracts. In this sense, futures are not commodities, but contracts about certain commodities.
(3) The purpose of the transaction is different. The purpose of spot trading is to obtain or transfer the ownership of goods, which is a direct means to meet the needs of both parties. The purpose of futures trading is not to obtain commodities, hedgers are to transfer the price risk in the spot market, and speculators are to obtain risky profits from the price fluctuation in the futures market.
(4) The places and ways of trading are different. Spot trading is generally not limited by trading time, place and trading object, and has the characteristics of flexibility, convenience and randomness, and can be traded at any place. Futures trading must be conducted in a highly organized way by open bidding.
⑤ Spot transactions mainly adopt lump-sum settlement at maturity, as well as cash on delivery and installment payment in credit transactions. Futures trading implements a daily debt-free settlement system, and both parties to the transaction must pay a certain margin and always maintain a certain margin level during the trading process.