1, basis profit-seeking: Wojin put forward basis hedging theory in 1950, and applied basis to hedging for the first time. Its core is to find the favorable opportunity for the change of basis and hedge according to the expected change of basis. When the spot price is much lower than the futures price, that is, the basis is small, you can choose to sell hedging. When the spot price is much higher than the futures price, that is, the basis is large, you can choose to buy hedging. The essence of basis profit-seeking is arbitrage, but if it is organically combined with arbitrage and hedging, the hedging effect will be better.

2. Modern hedging theory: The modern theory was put forward by Johnson and Ederington in 1960, and analyzed by two models, with the minimum risk as the goal and the maximum effect as the goal. The transactions in spot market and futures market are regarded as two choices of investors' investment portfolio, and the trading volume is determined according to the expected return value and variance, so as to maximize the return of asset portfolio.