Hello, hedging: As a hedging strategy, it is one of the main functions of futures. Investors can achieve this by hedging the spot market and futures market in reverse. Risk is less than arbitrage.

Arbitrage: You need to make two contracts or underlying assets with high two-way correlation. The profit of arbitrage comes from the spread at the opening and the spread at the closing; The risk of arbitrage lies in the spread risk, that is, the spread runs contrary to expectations, rather than the unilateral risk in the stock and futures markets. Arbitrage belongs to speculation, which is divided into intertemporal arbitrage, cross-market arbitrage, cross-commodity arbitrage and raw material-commodity arbitrage.