The relationship between spot and futures is inseparable. Usually, the futures price is higher than the spot price, because the futures price includes the position cost, but the futures delivery is based on the spot price. So what are forward market and reverse market?

Forward market: under normal circumstances, the futures price is higher than the spot price (or the contract price in the forward month is higher than the contract price in the recent month), and the basis is negative. This is the forward market, also called the normal market;

Reverse market: under special circumstances, the spot price is higher than the futures price (or the forward month contract price is lower than the recent month contract price), and the basis is positive. This is the reverse market, also called the reverse market.