The difference between deliverable treasury bonds and treasury bond futures lies in the different purchase methods. Investors mainly buy deliverable treasury bonds through banks or the stock market, while treasury bonds futures are bought in the futures market.

Treasury bond futures refers to the derivative trading method of treasury bonds that determines the buying and selling prices in advance through organized trading places and delivers currencies and bonds at a specific time in the future. Deliverable national debt is the national debt that the seller has the option to deliver bonds.