The futures pricing formula is: F=Se(r-q)(T-t). The formula for calculating the first-hand price of futures is the current contract value multiplied by the number of lots multiplied by the tonnage of each lot and then multiplied by the margin ratio, which refers to the margin that needs to be paid when buying and selling first-hand futures. Assuming that the current contract value of A futures is 2000 yuan, each lot is 1 ton, totaling 10 lots, and the margin ratio is 10%, then the margin of the first-hand futures is equal to 2000 times 1 0 times 10 times.