The main differences between futures arbitrage and futures speculation are as follows: (1) Futures speculation only uses the fluctuation of the absolute price of a single futures contract to earn profits, while arbitrage gains profits from the relative price difference of related markets or related contracts; (2) Futures speculation is only buying or selling in a period of time, while arbitrage is buying and selling related futures contracts at the same time; (3) Futures arbitrage trading earns the profit of price difference change; (4) The futures arbitrage transaction cost is generally lower than the speculative transaction cost.