That is to say, it is the most basic form of futures hedging transaction to trade in the futures market and the spot market with the same number and opposite directions, which is obviously different from other hedging transactions.

2. Hedging transactions of the same futures product in different delivery months.

Because the price changes with time, the spread of the same futures product in different delivery months forms a spread, and this spread also changes. Excluding the relatively fixed commodity storage cost, the price difference depends on the change of supply and demand. By buying futures varieties for delivery in one month and selling futures varieties for delivery in another month, you can close your position or deliver at a certain time. Due to the change of price difference, two transactions in opposite directions may generate income after breakeven. This kind of hedging transaction is called intertemporal arbitrage for short.

3. Hedging transactions of the same futures product in different futures markets.

Due to different geographical and institutional environments, the price of the same futures product in different markets at the same time is likely to be different and constantly changing. In this way, you can buy long positions in one market and sell short positions in another market at the same time, and then close positions or deliver at the same time after a period of time, thus completing hedging transactions in different markets. This kind of hedging transaction is called cross-market arbitrage.

4. Hedging transactions of different futures varieties.

The premise of this hedging transaction is that there is some correlation between different futures products, for example, the two commodities are upstream and downstream products, or they can replace each other. Although the varieties are different, they reflect the identity of market supply and demand. Under this premise, buy a futures product, sell another futures product, and then close the position or deliver at the same time to complete the hedging transaction, which is called cross-product arbitrage for short.