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Does the futures reflect the real price?
The price of futures plays an important role in reference to the spot.

A mature futures product, usually the spot price will change with the futures price.

But in most cases, there is a certain price difference between spot price and futures price.

In the futures industry, we call it premium or basis.

When the futures contract is faced with delivery, the basis will gradually shrink and approach zero.

(If it is not 0, there may be arbitrage opportunities. )