Warrant belongs to option, which is a kind of option. The difference between options and futures lies in their different subject matter. The subject matter of futures trading is commodities or futures contracts, and the subject matter of option trading is the right to buy and sell options of commodities or futures contracts. Secondly, their performance guarantees are different. The option is a one-way contract, and the buyer of the option can perform or not perform option contracts's rights after paying the deposit, without having to undertake obligations. Futures contracts are two-way contracts, and both parties to the transaction have the obligation to deliver futures contracts at maturity. The similarity between futures and spot is 1. These two kinds of futures are strictly managed by the state, and the specified and authorized special trading forms are all traded in a standardized form and must be traded in the trading market designated by the state.

2. The trading method is the same: T+0 trading system (positions can be closed on the same day) and short selling system are adopted. It is judged that in the case of market decline and position contract, you can sell it as long as you provide performance bond, and then buy it afterwards to make up the position.

3. The commodities referred to in the exchange are basically the same, and they are all raw materials for mass production: soybeans, adzuki beans, sorghum, soybean meal, rice, mung beans, plywood, natural rubber, copper, aluminum, coal and so on.

4. Implement the trading price limit system.

Second, differences.

1. Different transaction targets: the transaction targets of medium and long-term spot electronic transactions are standardized commodities, which belong to the category of spot transactions, while futures transactions are standardized contracts, not physical commodities.

2. Different delivery forms: medium and long-term spot electronic transactions adopt a combination of random delivery and instant delivery; Futures is a form of forced delivery at the time stipulated in the contract. Delivery at any time-delivery can be made at any time after the transaction, and delivery will be made after the market delivery department is successful in matching; Immediate delivery-immediate delivery when the transaction is completed.

3. The risk of futures trading is much greater than that of long-term spot electronic trading.

If you are willing to actually deliver, you must hedge within the validity period.