Financial futures and commodity futures trading are bound by futures contracts, which are formulated by exchanges. Every transaction is the same except the quantity and price agreed by the trading system itself.

The futures market has no issuer, and it is a zero-sum market!

Before the futures contract expires, the role of liquidation is just like selling stocks, from which you can get the spread income and avoid physical delivery.

Theoretically, hedging needs to be completed by delivery, and the risk can be offset by the profit and loss of spot market and futures market, thus achieving the role of hedging. You can go to Baidu to search for relevant examples. Generally, most operating futures are mainly speculative, and hedging is relatively small!