Forward interest rate is the interest rate level implied by a given spot interest rate from a certain point in the future to another point in time. After determining the yield curve, all forward interest rates can be obtained according to the spot interest rate on the yield curve, and the forward interest rate is closely related to the yield curve. In modern financial analysis, forward interest rate is widely used. They can predict the market's expectation of future interest rate trends and are reference tools for the central bank to formulate and implement monetary policies. In mature markets, the pricing of almost all interest rate derivatives depends on forward interest rates. Forward interest rate refers to the interest rate from one point to another in the future in a given spot interest rate. Interest rate futures refer to futures contracts with bond securities as the subject matter, which can avoid the risk of securities price changes caused by bank interest rate fluctuations. There are many kinds of interest rate futures, and there are also many classification methods. Generally, according to the contract term, interest rate futures can be divided into short-term interest rate futures and long-term interest rate futures.