1. Spot asphalt hedging transaction is a transaction in which two markets are related, in opposite directions, and the quantity is equal, while the capital is guaranteed. Market correlation refers to the identity of market supply and demand that affects the prices of two commodities. If the relationship between supply and demand changes, it will affect the prices of two commodities at the same time, and the prices will change in the same direction. The opposite direction means that the buying and selling directions of two transactions are opposite, so that no matter which direction the price changes, there is always a profit and a loss. Of course, in order to protect the capital, the number of two transactions must be determined according to the range of their respective price changes, so that the number is roughly the same.

2. Hedging transaction is simply to make a portfolio and buy up and down at the same time. The result is that no matter whether the market goes up or down, there will always be losses while making money. As long as the profit rate is greater than the loss rate, the whole can be profitable.

3. The settlement of spot asphalt transactions shall be organized by the spot asphalt exchange. The spot asphalt exchange implements the debt-free settlement system on the same day, also known as "marking the market day by day". It means that after the daily trading, the exchange will settle the profit and loss, trading margin, handling fees, taxes and other expenses of all contracts according to the settlement price of the day, and transfer accounts receivable and accounts payable at the same time, thus increasing or decreasing the settlement reserve of members accordingly. When the margin of members of the spot asphalt exchange is insufficient, they shall add the margin in time or close their positions on their own.