1. Different trading objects: futures speculation is mainly concentrated in the futures market, and frequent fluctuations of futures contracts are used for short selling, while hedging transactions are concentrated in the spot market, and the futures market is used as the spot market to avoid risks.

2. Different trading purposes: The purpose of futures speculation trading is to use the leverage mechanism of futures trading to obtain risk returns and improve the efficiency of capital use, while the purpose of hedging trading is to use the futures market to avoid risks for the spot market.