中文版

为何期货交易中存在权利金？

期货交易作为金融市场的一种重要形式，其独特之处在于通过合约买卖约定未来的商品交易。而在这个交易过程中，权利金是一个不可或缺的元素。

首先，我们需要理解权利金的基本含义。在期货交易中，权利金是买方为获得在未来某一特定时间以约定价格买入或卖出标的物的权利而支付给卖方的金额。它的存在，实际上是买卖双方对合约未来可能产生的价值差异的一种预期和保障。

从买方的角度来看，支付权利金意味着获得了在未来以固定价格进行交易的权利，从而可以规避因市场价格波动带来的风险。当市场预期价格有利于买方时，权利金就构成了其获得潜在收益的成本。

对于卖方而言，接受权利金即意味着承担了在未来按约定价格履行合约的义务。权利金在一定程度上补偿了卖方可能因市场价格不利而遭受的损失。

此外，权利金的存在还促进了期货市场的流动性。通过权利金的交易，买卖双方可以灵活调整自己的持仓和风险敞口，从而推动市场的有效运行。

总的来说，权利金在期货交易中扮演着重要的角色。它既是买卖双方对未来市场价值预期的体现，也是保障合约履行、促进市场流动性的关键要素。

英文版

Why Do Futures Transactions Have a Premium?

Futures trading, as an important form in the financial market, is unique in that it involves the buying and selling of contracts to agree on future commodity transactions. In this trading process, the premium is an indispensable element.

Firstly, it is essential to understand the basic meaning of the premium. In futures trading, the premium is the amount paid by the buyer to the seller for obtaining the right to buy or sell the underlying asset at a predetermined price at a specific time in the future. Its existence actually represents an expectation and safeguard for both parties regarding the potential value difference that may arise from the contract in the future.

From the buyer's perspective, paying the premium means obtaining the right to trade at a fixed price in the future, thus avoiding risks arising from market price fluctuations. When market expectations favor the buyer, the premium constitutes the cost of obtaining potential profits.

For the seller, accepting the premium means assuming the obligation to fulfill the contract at the agreed price in the future. The premium, to a certain extent, compensates the seller for potential losses due to unfavorable market prices.

Moreover, the existence of the premium also promotes liquidity in the futures market. Through the trading of premiums, buyers and sellers can flexibly adjust their positions and risk exposures, thereby facilitating the efficient operation of the market.

Overall, the premium plays a crucial role in futures trading. It is not only a reflection of the expectations of buyers and sellers regarding future market values but also a key element in safeguarding contract fulfillment and promoting market liquidity.