In the trading mechanism, the two are almost the same, for example, both can be short and t+0 trading. The differences are as follows: ① Generally, peripheral futures have less price control, and are semi-strong efficient markets, which follow the fundamentals and have little fluctuation; (2) Strict supervision, and few irregularities such as misappropriation of customers' funds and gambling; ③ The leverage of external futures is slightly higher than that of internal futures; (4) The handling fee is low. Take Meijing Copper as an example. The first-hand scenic copper is 25,000 pounds (i.e. 1 1.34 tons), and the unilateral fee is 15 dollars (102 yuan), and the transaction cost per ton is 9 yuan. 5 tons of domestic primary copper, calculated according to the turnover, 60000x5x8%%=240 yuan, and the transaction cost per ton is 48 yuan. There is also a charge outside the liquidation. Even so, it is half cheaper than domestic ones.