The differences between futures and swaps include: ① the degree of standardization is different, the object of futures trading is the standardized futures contract formulated by the exchange, while the object of swap trading is the non-standardized contract reached by both parties through private consultation; (2) Different trading methods. Futures trading is conducted through electronic trading system in the tangible open market organized by the exchange, while swap trading generally has no fixed trading place and trading time; ③ The relationship between the parties to the contract is different. The swap agreement is directly signed by both parties to the transaction, one to one. The default risk of swap mainly depends on the credit of the counterparty, while futures trading is different. The performance of the contract does not depend on the counterparty, but on the role of the futures settlement institution as the central counterparty in futures trading.