1, the purpose of the transaction is different.

Hedging is a way to avoid or transfer the risks caused by the rise and fall of spot prices, so as to lock in profits and control risks; On the other hand, speculators hope to make high-risk profits.

2. The risks are different.

The hedger only bears the risk brought by the change of basis, and the relative risk is relatively small; Speculators need to bear the risks brought by price changes, and the risks are relatively large.

3, the operation method is different

The hedger's position needs to be set according to the spot position, and the hedging position and the spot position operate in opposite directions, with the same or similar types and quantities; Speculators, on the other hand, trade according to their own amount of funds, occupancy rate of funds, psychological endurance and judgment of trends.