There are similarities between futures trading and spot trading, such as both trading methods, real buying and selling, involving the transfer of commodity ownership, etc. First, the differences are as follows: (1) The direct objects of buying and selling are different. The direct object of spot trading is the commodity itself, with samples, objects and pricing. The direct object of futures trading is futures contracts, not how many hands or contracts to buy or sell. (2) The purpose of the transaction is different. Spot transaction is a transaction of primary money and primary goods, and physical delivery and payment settlement are carried out immediately or within a certain period of time. The purpose of futures trading is not to obtain physical objects at maturity, but to avoid price risks or make profits through hedging. (3) Different trading methods. Spot trading is generally one-on-one negotiation to sign a contract, and the specific content is agreed by both parties. If the contract cannot be cashed after signing, it is necessary to resort to legal futures trading, which is conducted in an open and fair way. One-on-one negotiation (or private hedging) is considered illegal. (4) Different trading places. Spot transactions are generally decentralized. For example, grain and oil, daily industrial products and means of production are all decentralized by some trading companies, manufacturers and consumers. Only some fresh and individual agricultural and sideline products are centralized in the form of wholesale markets. However, futures trading must be conducted in an open and centralized manner within the exchange in accordance with laws and regulations, and cannot be conducted over the counter. (5) The security system is different. Spot transactions are protected by the Civil Code and other laws. If the contract is not honored, it will be broken by law or arbitration. In addition to national laws, industry and exchange rules, futures trading is mainly guaranteed by the margin system to ensure maturity. (6) The range of goods is different. The varieties of spot trading are all commodities that enter circulation, while the varieties of futures trading are limited. Mainly agricultural products, petroleum, metal commodities and some primary raw materials and financial products. (7) Different settlement methods. Spot trading is the settlement of goods on arrival, no matter how long it takes, it is settled once or several times. Due to the implementation of the margin system in futures trading, the profit and loss must be settled daily, and the day-to-day marking system is implemented. The settlement price is calculated according to the transaction price, and the CZCE settlement price is the weighted average price of all futures contract prices of the same variety on the same day. The settlement price has the following functions: (a) the basis for calculating the profit and loss of closing positions and positions; (b) The basis for deciding whether to add the deposit; (c) Basis for determining the amount of board suspension for the next trading day. The main performance is that its trading methods, trading products and trading redemption time are very different. To put it simply, spot is a realistic commodity bulk transaction that can be seen and touched, while futures refers to a financial product that makes use of the time difference to gain and lose relative time profits.