The difference between hedging ratio and optimal hedging ratio is the level of hedging ratio. According to the inquiry of relevant public information, the optimal hedging ratio is much higher than the hedging ratio, and the optimal hedging ratio is calculated on the basis of excluding the risk of hedging ratio. Hedging ratio refers to the ratio between the total value of futures contracts and the total value of insured spot contracts when establishing trading positions in order to adjust the spot market risk of fixed-income bonds. Determining the proportion of excrement value in the ginger period of Taishi is the key to reduce the risk of cross-hedging and achieve the best hedging effect.