Speculators are the undertakers of futures risks and the counterparties of hedgers. Hedging trading in futures market can avoid risks for producers and operators, but it only transfers risks and cannot eliminate them. The transferred risk needs corresponding undertakers, and futures speculators play the role of taking risks in the futures market. The practice of futures trading operation proves that it is difficult to transfer risks only through transactions between hedgers. If only the hedger participates in futures trading, then the transaction can only be established when the number of transactions between the hedger and the hedged is completely equal. In fact, the imbalance between long hedging and short hedging is frequent and surrounding. In a market with only hedgers, hedging is difficult to achieve. The participation of speculators can just make up for this imbalance and promote the realization of futures trading driven by interest motives. Speculators keep buying and selling futures contracts in the futures market according to their own price judgments in order to profit from price fluctuations. In this process, speculators must take huge risks. Once the market price is contrary to the speculators' forecast, it will cause losses, which is exactly the part of the risk that hedgers try to avoid. If there are no speculators in the futures market or not enough speculators participate in the futures currency market, the hedger will have no counterparty, and the risk will not be passed on, so it will be difficult for the futures market to play its role in hedging and avoiding risks.