Different platforms: the futures market is traded through the exchange platform, and the two sides do not talk directly, while the forward contract market is negotiated by the buyers and sellers themselves;

The trading rules are different: the futures market trades according to the rules issued by the exchange, which can derive many trading strategies, while the forward contract market trades according to the contract;

Different trading targets: the futures market takes the contract as the trading target, including only the varieties agreed by the exchange, while the varieties in the medium and long-term contract market are uncertain;

There are both industrial enterprises and speculative arbitrageurs in the futures market, while the long-term contract market is mainly industrial enterprises.

Trading purposes are different: the trading purposes of futures market include risk transfer, physical delivery and speculative arbitrage, while the main purpose of medium and long-term contract market is physical delivery;

Transaction costs are different: the transaction costs in the futures market are fixed, so it is easy to reach a transaction. The market cost of medium and long-term contracts is mainly contractual, and it takes a lot of cost to reach a transaction;

The regulatory bodies are different.

Please refer to.