Stock index futures are short, and all the money earned by bulls is lost. No one sees more, no one buys, short sellers don't make a deal, and the stock index falls until someone buys. When the market plummets, the bears earn the money of the people who make more money at higher prices. The essence of buying and selling futures is to sign a contract with others, and the price difference will occur when the contract is fulfilled (or closed).

Making money by shorting is like this:

For example, if you think the stock index will fall in a certain month, you need to pay a deposit of 15% to the exchange at 3000 (that is, you can sign a contract with the buyer to sell 300 stock indexes to the buyer at a price of 3000 yuan on any trading day before the delivery date of a certain month, with a value of 900,000 yuan). If you buy a position at 2800 (cash settlement is equivalent to buying goods at 2800 and selling them to the buyer at the contract price of 3000). Earnings per hand: (3,000-2,800) × 300 = 60,000 yuan (what investors earn is what buyers pay, and the handling fee is ignored. )。

The call auction of futures and the principle of continuous bidding, like stocks, are both price priority and time priority, but futures have another point, that is, liquidation priority.