There are two kinds of futures: one is called treasury bond futures, and the other is called long-term interest rate futures; One is called bill futures, also called short-term interest rate futures; As the name implies, interest rate futures are futures contracts with bonds and bills as the subject matter. When the market interest rate rises, bonds and bills will fall, the subject matter will fall, and the price of futures contracts will certainly fall. Therefore, an increase in interest rates will lead to a decrease in the price of interest rate futures contracts.

Futures and spot are completely different. Spot is actually a tradable commodity. Futures are mainly not commodities, but standardized tradable contracts with some bulk products such as cotton, soybeans and oil and financial assets such as stocks and bonds as the targets. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments.