1, hedging refers to using the futures market as a place to transfer price risks, and using futures contracts as a temporary substitute for buying and selling goods in the spot market in the future to insure the prices of goods that you buy now or need to buy in the future. 2. Speculative futures speculation refers to the act of buying and selling standardized futures contracts in the futures market to achieve profit-making purposes. It mainly has the functions of taking price risks, improving market liquidity and maintaining the stability of the price system. In speculative trading, we should pay attention to mastering futures knowledge and be familiar with trading rules; Determine the profit target and maximum loss limit. 3. Hedging profit refers to the trading behavior that participants use the price difference to buy and sell two different types of futures contracts at the same time and obtain risk profits from them. It enriches the content of futures speculation, making futures speculation not only a horizontal change in the absolute price of futures contracts, but also a horizontal change in the relative price of futures contracts.