Refers to the futures trading behavior in the futures market for the purpose of obtaining spread income. Speculators make a decision to buy or sell according to their own judgment on the trend of futures prices. If this judgment is the same as the market price trend, speculators can get speculative profits after closing their positions. If the judgment is contrary to the price trend, the speculator will bear the speculative loss after closing the position. Conceptual manipulation of the market: refers to the behavior of institutions and large households involved in market transactions, in order to make huge profits, deliberately violating the relevant state regulations on futures trading and the trading rules of the exchange, and violating the principles of openness, fairness and impartiality of the futures money market, using improper means alone or in collusion, seriously distorting the futures market price and disrupting the market order. Because the purpose of speculation is to earn differential income, speculators generally just close futures contracts and do not make physical delivery. Spread speculation refers to the activities that speculators buy when the price rises, sell when the price falls, and then sell or buy the original futures contract at a favorable opportunity to obtain profits through the expectation of the price. The key to spread speculation lies in the accuracy of analyzing and forecasting the price change trend of futures market. Because there are many factors that affect the price change in the futures market, especially accidental factors such as speculative psychology, it is difficult to judge correctly, so this kind of speculation is risky. Arbitrage trading is a special way of futures speculation, which uses the relative price difference between different months, different markets and different commodities in the futures market to buy and sell different kinds of futures contracts at the same time to obtain profits. Just as the spot price and futures price of a commodity are often different, so is the contract price change of the same commodity in different delivery months; There are also differences in the price changes of the same commodity in different futures exchanges. Because of these price differences, arbitrage trading in the futures market is possible. Significance of arbitrage trading: Arbitrage trading enriches and develops the content of futures speculation, which makes futures speculation not only limited to the change of the absolute price level of futures contracts, but also turned to the change of the relative price level of futures contracts. Arbitrage trading is of positive significance to the stable development of the futures market. Specifically, the role of arbitrage is mainly manifested in two aspects: on the one hand, arbitrage provides opportunities for risk hedging; On the other hand, arbitrage helps to form a reasonable price level.