The concept of futures must be understood clearly.

Futures developed from spot forward transactions. Forward transactions are easy to understand.

The difference between futures and futures is the standardization of contracts (contracts, agreements).

Just because the contract is standardized and stipulates the specifications, quantity, etc. of the subject matter,

futures trading can directly trade this "contract".

What does LZ mean by the value of the futures contract itself?

Is the price of the subject matter * the quantity? There is no point in studying this.

In futures trading, what is quoted is the price of the underlying object itself.