1. Hedging is associated with physical transactions, while speculation is only the sale of futures contracts.

2. From the purpose, hedging is to transfer the price risk, while the purpose of speculation is to pursue the price difference between the two transactions and obtain speculative profits from it.

3. From the operator's point of view, all the people engaged in hedging are entrepreneurs, farmers or middlemen, while the speculators are mainly engaged in speculation.

4. From the perspective of supervision, speculative trading is limited by trading volume, while hedging is not.

5. From the financing point of view, hedging is easier to obtain the convenience of bank financing, while speculation is not.