Forward Contracts vs. Futures ContractsALBERT PHUNG在investopedia详细解释了两者的区别。翻译一下大概是：
Forward Contracts 远期合约vs. Futures Contracts与期货合约
从根本上说，远期和期货合约具有相同的功能，两种类型的合约允许人们以特定价格在特定时间买入或卖出特定类型的资产。但是，这些合同的具体细节有所不同。
[h1]交易所交易与私人协议[/h1]首先，期货合约是交易所交易的，因此是标准化合约。另一方面，远期合约是双方之间的私人协议，并不像其声明的条款和条件那样严格。由于远期合约是私人协议，因此存在较高的交易对手风险 - 即一方可能违约在协议一方。期货合约有清算所保证交易，这大大降低了违约概率。
[h1]合同的结算[/h1]其次，有关结算和交付的具体细节非常明显。对于远期合约，合约的结算发生在合约结束时。期货合约每日按市价计价，这意味着每日变动会逐日结算，直至合约结束。此外，期货合约的结算可以在一系列日期进行。另一方面，远期合约只有一个结算日期。
[h1]投机和套期保值[/h1]最后，由于投机者经常使用期货合约，他们押注资产价格走势的方向，因此通常在到期前关闭，交割通常不会发生。另一方面，远期合约主要被想要消除资产价格波动的套期保值者使用，并且通常会进行资产或现金结算的交割。
原文如下：
[h1]Forward Contracts vs. Futures Contracts [/h1]BY ALBERT PHUNG
Updated Dec 4, 2018
Fundamentally, forward and futures contracts have the same function, with both types of contracts allowing people to buy or sell a specific type of asset at a specific time at a given price. However, it's in the specific details that these contracts differ.
Exchange Traded Versus Private Agreements
First of all, futures contracts are exchange-traded and, therefore, are standardized contracts. Forward contracts, on the other hand, are private agreements between two parties and are not as rigid in their stated terms and conditions. Because forward contracts are private agreements, there is a high counterparty risk – i.e., a chance that a party may default on its side of the agreement. Futures contracts have clearing houses that guarantee the transactions, which drastically lowers the probability of default to almost never.
[h1]Settlement of Contracts[/h1]Secondly, the specific details concerning settlement and delivery are quite distinct. For forward contracts, settlement of the contract occurs at the end of the contract. Futures contracts are marked-to-market daily, which means that daily changes are settled day by day until the end of the contract. Furthermore, settlement for futures contracts can occur over a range of dates. Forward contracts, on the other hand, only possess one settlement date.
[h1]Speculation and Hedging[/h1]Lastly, because futures contracts are quite frequently employed by speculators, who bet on the direction in which an asset's price will move, they are usually closed out prior to maturity and delivery usually never happens. On the other hand, forward contracts are mostly used by hedgers that want to eliminate the volatility of an asset's price, and delivery of the asset or cash settlement will usually take place.
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