1, the difference between a market maker and an exchange. Futures trading generally requires centralized matchmaking trading in futures exchanges. Exchanges must be members to trade, and ordinary customers must trade through member agents. The principle of price priority and time priority shall be implemented in refined oil futures trading. In the futures market, the transaction price is uncertain, because all orders must be matched through a centralized exchange, thus limiting the number of traders with the same price. Spot crude oil adopts market maker trading mode, investors can buy and sell freely and make a deal at any time, and the market price is open and transparent, fair and just.

2. The price formation mechanism is different. The price of spot crude oil is the trading price quoted by the exchange. The customer decides whether to trade with the market maker according to the market maker's quotation. The price formation mechanism of refined oil futures is the price formed by centralized bidding of all traders in the exchange. The exchange acts as an intermediary guarantee link for matchmaking transactions.

3. The trading time is different. The trading time of refined oil futures is only 4 hours a day, while spot crude oil is traded 24 hours a day, and it can be traded from 8 am on Monday to 4 am on Saturday.

4. The delivery time and cycle are different. The trading risk of spot refined oil (spot crude oil) is much less than that of refined oil futures, which refers to a standard contract with delivery time limit. The reason why refined oil futures trading is risky is mainly because there is a delivery time limit for refined oil futures trading, and because refined oil futures trading must be delivered on the maturity date, speculators who aim at profit by price difference must close their positions even if the futures contract price in their hands approaches the futures delivery date. There is no time limit for the delivery of spot crude oil, and investors can hold warehouse receipts for a long time without being forced to close their positions.