Can exceed the spot. If physical delivery is adopted, there are generally two final results, one is physical settlement and the other is hedge settlement. If you are short, you need to buy the corresponding products for delivery; If you do more, the exchange will give you the products corresponding to the contract, and you can sell them in stock. Under normal circumstances, hedge settlement is adopted, that is, the book funds are transferred according to the actual profit and loss situation, not through physical objects.

As far as the stock futures you mentioned are concerned, there is no such variety in China at present, but there is one in the United States. Today, domestic stock index futures belong to fund settlement, and there will be no physical situation.