Difference between the number of open futures contracts and trading volume: The number of open futures contracts refers to the number of open futures contracts at the end of the period according to the rules and procedures of futures exchanges. The trading volume of futures is the sum of the trading volume of buying and selling on the same day, which is calculated in two directions, that is to say, half of the transactions we see are buying and half are selling. However, buying and selling may involve opening or closing positions.

Futures and spot are completely different. Spot is actually a tradable commodity. Futures are mainly not commodities, but standardized tradable contracts with certain mass products such as cotton, soybeans and oil and financial assets such as stocks and bonds as the targets. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments.