On the surface, the transaction cost of futures is lower, but because of futures T+0, the handling fee for settlement on the same day is often higher than that for stock transactions of the same amount.

Short selling mechanism is different. An important function of stock index futures is to provide a short-selling mechanism, which can sell futures contracts for hedging when shorting futures contracts; The precondition of short selling stocks is to buy a certain number of stocks first, and you can't short ahead of time.

Transaction costs are different. The transaction cost of stock index futures includes commission, bid-ask spread, opportunity cost of paying margin and tax. The transaction cost of stock index futures is about one tenth of that of stocks.

The sales mechanism is different. The stock T+ 1 is traded and can't be sold until the next day. Stock index futures adopt T+0 trading, and can be closed after opening positions on the same day.

The maturity is different. As long as stocks are not delisted, they can be held for a long time; Stock index futures must be closed on the delivery date (the third Friday of each month when the contract expires).

The settlement method is different. Stock index futures are delivered in cash, without transferring physical objects, only calculating profits and losses; Spot stock trading needs to complete the transfer process of stock holders.

The leverage effect is different. Stock index futures can be traded in large amounts with only a small amount of margin, and the lower the margin ratio, the higher the benchmark ratio; The stock is fully traded.

Trading concerns are different. The stock index futures market needs to pay attention to macroeconomics and pay more attention to the trend of index heavyweights; The spot market pays more attention to the trend of the stock market and collects and reads the information of listed companies.