The futures contract will be closed when it expires, and the exchange will help you to close the position forcibly until the last trading day. Personal customers are not allowed to make physical delivery at present. Generally, they should close their positions (or be forced to close their positions) before the contract enters the delivery month. The positions of corporate customers will gradually increase (generally to 30% of the contract value). If the expired contract is not delivered, it will be regarded as a breach of contract, and the exchange will auction the customer's position list, and the auction loss will be borne by the customer. If the auction fails, the exchange will impose a penalty on the customer, which is about 20% of the contract value. Futures and spot are completely different. Spot is actually a tradable commodity. Futures are mainly not commodities, but standardized tradable contracts with certain mass products such as cotton, soybeans and oil and financial assets such as stocks and bonds as the targets. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments. The delivery date of futures can be one week later, one month later, three months later or even one year later. A contract or agreement to buy or sell futures is called a futures contract. The place where futures are bought and sold is called the futures market. Investors can invest or speculate in futures. The standardized contract made by the futures exchange stipulates that a certain quantity and quality of the subject matter will be delivered at a specific time and place in the future. Futures commission: equivalent to the commission in the stock. For stocks, the expenses of stock trading include stamp duty, commission and transfer fees. Relatively speaking, the cost of engaging in futures trading is only the handling fee. Futures commission refers to the fees paid by futures traders according to a certain proportion of the total contract value after the transaction. The algorithm of futures: position funds: total funds *(X%-Y%). Maximum allowable single loss