1. Different motives: The main difference between speculation and hedging is motivation. Speculation refers to investors trading in pursuit of profits, and obtaining the difference income by predicting the change of market price. Hedging means that investors reduce risks and protect themselves from price fluctuations by hedging their risk positions.

2. Different risk-taking: Speculators mainly rely on the fluctuation of market prices to make profits. If the market trend is contrary to expectations, they will suffer huge losses. On the contrary, hedgers hedge risks by establishing positions in the opposite direction to reduce potential losses.

3. Different time spans: speculative trading is short-term and investors pursue quick profits. Make intraday trading or short-term positions. Hedging transactions pay more attention to long-term risk management, and investors hold positions for days, weeks or even months to ensure the hedging effect.