That's because the three-month treasury bond futures quotation and the three-month treasury bond futures clearing rules (which can be understood as contract value) are calculated in different ways. The quotation of three-month treasury bonds futures is 100 minus last year's discount rate, and the fund settlement rules of treasury bonds futures are based on the contract size *( 100- annualized discount rate *3/ 12)/ 100, which means that the time factor has been considered in fund settlement, so three are calculated.