The so-called interest rate futures refer to futures with bonds as the subject matter. Interest rate futures generally refer to futures with medium and long-term bonds as the subject matter. Among the interest rate futures in China, treasury bonds futures have the largest trading volume. To invest in interest rate futures, we need to know the price mechanism of interest rate futures. (1) What is the relationship between the interest rate futures price and the market interest rate? Market interest rate has a great influence on the price of interest rate futures, and the two are generally inversely proportional. In other words, the real interest rate falls, the interest rate futures price rises, the real interest rate rises, and the interest rate futures price falls. (2) Why is the relationship inversely proportional? Because the coupon rate of bonds is generally fixed, when the interest rate of the whole market rises, the actual yield of bonds will decrease, so the market demand for bonds will decrease and the bond price will decrease, which will lead to the decline of interest rate futures prices. On the contrary, when the interest rate of the whole market falls, the real yield of bonds will rise. Because the coupon rate of bonds is fixed, the market demand for bonds will rise, which will lead to the rise of bond prices and the price of interest rate options. If you want to know more about the relationship between the above interest rate futures and the market interest rate, you can pay attention to it.