How is the price formation in futures realized through the game between long and short sides?
Futures prices are similar to spot prices. As a seller, the empty side tries to sell at a high price, and as a buyer, it wants to buy at a low price. So if both parties want to make a deal, they must choose a price acceptable to both parties, that is, the market price at that time, that is, the futures price. If the buyer is strong and there are many buyers, the buyer can only raise the price, and the price will naturally rise. If the sellers are strong and there are many sellers, and they want to sell immediately, they can only reduce the price, then the transaction price will naturally fall.