According to the different maturities of the underlying treasury bonds, the medium-term treasury bond futures with a maturity of 1- 10, the long-term treasury bond futures with a maturity of 10-30 and the ultra-long-term treasury bond futures with a maturity of more than 30 years can be divided into three categories. In the domestic market, China Financial Futures Exchange listed three kinds of treasury bonds futures: 2-year, 5-year and 10-year.