Futures price refers to the price of the subject matter of futures contracts formed through open bidding in the futures market. After the transaction is established, the buyer and the seller agree on the delivery price on a certain date. Futures trading is a kind of forward delivery (three months, six months, one year, etc.). ) according to the time, place and quantity specified in the contract. Its biggest feature is that trading and delivery are not synchronized, and delivery is carried out after a certain period of trading.

The futures price is a function of the net position cost, that is, the financing cost MINUS the corresponding asset income. Namely: futures price = spot price+financing cost-dividend income.

Generally speaking, when the financing cost and dividend income are expressed by continuous compound interest, the futures pricing formula is: f = se (r-q) (t-t). Where: the value of the futures contract at time F = t; S= the value of the underlying assets of the futures contract at time t; An investment due at time r = t is a risk-free interest rate calculated by continuous compound interest (%); Q= dividend yield, calculated by continuous compound interest (%); T= expiration time of futures contract (year); T= time (year).