In futures trading, people divide participants into hedgers and speculators. According to the general futures investment theory, speculators are risk takers and active market participants. In a sense, futures trading is a long-short game market. Physical delivery is the guarantee to realize the integration of futures price and spot price, and it is an important condition for the function of futures market to play. Delivery warehouse plays an important role in futures delivery system. Whether the delivery warehouse is set up reasonably is directly related to the smooth and orderly operation and sustainable development of futures contract varieties. Aside from the fundamental factors, only from the perspective of the game, whether the delivery warehouse is set up for bulls or bears will directly affect the interests of all parties involved, and then affect the enthusiasm of investors. Of course, the impact of delivery warehouse on the market is not decisive, but its impact on trading activity cannot be underestimated.