One is the hedging transaction between futures and spot, that is, trading in the futures market and spot market with the same number and opposite directions at the same time. This is the most basic form of futures hedging transaction, which is obviously different from other hedging transactions.
The second is the hedging transaction of the same futures product in different delivery months. Because the price changes with time, the spread of the same futures product in different delivery months forms a spread, and this spread also changes.
Third, hedging transactions of the same futures product in different futures markets. Due to different geographical and institutional environments, the price of the same futures product in different markets at the same time is likely to be different and constantly changing.
Fourth, hedging transactions of different futures varieties. The premise of this hedging transaction is that there is some correlation between different futures products, for example, the two commodities are upstream and downstream products, or they can replace each other.