期货溢价，一般指在正常的供求关系下，现货相对低于期货价格，近期合约低于远期合约价格。由于近低远高的合约间基差关系反映了正常的持仓费状况，因此也称为正向市场。
现货溢价正好和期货溢价相反，表示现货价格高于期货价格的一种情况。
Backwardation is the opposite of contango, representing a situation in which the spot price is higher than the price for future delivery.
而在错综复杂的诸如加值型经销商、现货溢价、期货溢价、一期款项、垃圾债券这类术语中，还有一些我们熟悉的动物伙伴——尽管它们也常出现在奇怪的语境中。
What that means is that within the thicket of terms like VaR, backwardation, contango, tranche, and junk bond, we find some familiar animal friends - although often in some strange contexts.
农产品期货市场具有“超额风险溢价”，隐喻着影响期货价格的信号未能被市场及时发现并充分吸收。
The market of agricultural produce futures is of premium of excessive risk, implying the market's failure to timely discover and completely absorb the signals of affecting prices of futures.
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