1. The purpose of the transaction is different:

(1) Hedging is a way to avoid or transfer the risks caused by the rise and fall of spot prices, with the purpose of locking in profits and controlling risks;

(2) Speculators try to earn risk profits.

2. Different risks:

(1) The hedger only bears the risk caused by the change of basis, and the relative risk is relatively small;

(2) Speculators need to bear the risks brought by price changes, which are relatively large.

3, the operation method is different:

(1) The hedger's position needs to be determined according to the spot position, and the hedging position and the spot position operate in opposite directions, with the same or similar type and quantity;

(2) Speculators trade according to their own amount of funds, occupancy rate of funds, psychological endurance and judgment of trends.