Generally speaking, the basic functions of the futures market are: ① risk management: under certain assumptions, futures trading can transfer and redistribute risks among investors with different risk preferences, thus helping investors to obtain their own satisfactory risk types and quantities and optimize their respective risk preferences; (2) Price discovery: Traders in various parts of the futures market have brought a lot of supply and demand information, and the transfer of standardized contracts has increased market liquidity. The price formed in the futures market can truly reflect the supply and demand situation, and at the same time provide a reference price for the spot market, which plays the role of "price discovery"; ③ Speculation: Speculation enhances the liquidity of the market and bears the risk of hedging transaction transfer, which is the guarantee for the normal operation of the futures market.