Difference:

First, performance responsibilities are different.

Futures contracts have hedging mechanism, large performance space, extremely low physical delivery ratio, and the transaction price is limited by the minimum price change unit and daily trading amplitude. If the forward contract is to be cancelled midway, both parties must agree. No unilateral will can terminate the contract, and the proportion of physical delivery is extremely high.

Second, the way of expression is different.

There are two execution modes of futures trading: physical delivery and hedging liquidation, and the final execution mode of forward trading is physical delivery.

Third, the contract specifications are different.

Futures contracts are standardized contracts, and the variety, specifications, quality, delivery place and settlement method of the contracts are uniformly stipulated except the price. All matters of the forward contract shall be determined by both parties through consultation.