The delivery time of futures is generally one month, three months and one year, and futures take one year as the cycle. The longest term of a futures contract is generally one year.

Futures are different from spot, which is actually a tradable commodity. Futures are mainly not commodities, but standardized tradable contracts based on some popular products such as cotton, soybeans and oil and financial assets such as stocks and bonds. Therefore, the subject matter can be a commodity or a financial instrument.