The difference between your entry price and your exit price is * lots.
2, hedging is a method, liquidation is an act. The contract we hold turns into cash, which is called liquidation. In the futures market, we can buy and sell, so buying and selling is relative. For example, if we buy a position with one hand and then sell it with the other hand, whether the price goes up or down, the winning or losing of buying a position with one hand will offset the winning or losing of selling a position with the other hand. This method is called hedging.
However, ordinary investors do not use this method in actual operation, and this method is usually used when institutions or large funds hedge. (Because the entry and exit of large funds is not as flexible as that of ordinary investors, we ordinary investors can stop immediately when encountering risks, but the funds of institutions are too large to stop immediately, so hedging is often used to hedge. )