The main difference between futures and forward trading lies in the trading time and execution mode. Futures trading refers to standardized contracts traded in futures exchanges, including standardized delivery date, delivery quality, delivery location and other elements. Futures trading must be bought and sold within the trading time stipulated by the exchange, and it needs to be delivered in accordance with standardized contracts. Forward trading refers to the way in which both parties agree to trade at an agreed price at a certain time in the future. The trading time, price and quantity of forward trading shall be determined by both parties through consultation, and there is no need to abide by the provisions of the exchange. Therefore, futures trading is more standardized, the trading process is more transparent, and there are higher liquidity and risk management measures. Forward trading is more flexible and customized, and the transaction is relatively simple, but the risk is also greater.