In futures trading, based on the margin system, the debt-free settlement system is implemented, and the settlement is carried out every day, so the credit risk is small. It takes a long time for a forward transaction to be completed and finally delivered in kind, during which various changes will occur in the market and various behaviors that are not conducive to performance may occur. If the buyer has insufficient funds, he can't pay on time; The seller's output is insufficient to guarantee the supply; The market price rises, and the seller is unwilling to deliver the goods at the original price; When the market price falls, the buyer is unwilling to pay at the original price, which will make the forward transaction unable to be finally completed and the forward contract difficult to transfer, so the forward transaction has high credit risk.