菜鸟求助一个小问题，basis risk相关

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S1: Spot price at time tl
S2: Spot price at time t2
F1 : Futures price at time t1
F2: Futures price at time t2
bl : Basis at time t1
b2: Basis at time t2

We will assume that a hedge is put in place at time t1 and closed out at time t2.
As an example, we will consider the case where the spot and futures prices at the time the hedge is initiated are $2.50 and $2.20, respectively, and that at the time the hedge is closed out they are $2.00 and$1.90, respectively. This means that S1=2.50, F1=2.20, S2=2.00, and F2=1.90.

Consider first the situation of a hedger who knows that the asset will be sold at time t2 and takes a short futures position at time t1. The price realized for the asset is S2 and the profit on the futures position is F1 - F2. The effective price that is obtained for the asset with hedging is therefore:
S2+F1-F2=S2+b2

按照上面的例子，首先不明白，干嘛要F2这个单位
按照我的理解：
如果按照例子里的，t2时刻需要卖出某资产，那么在t1时刻做一个short position，在这个时刻，使用期货的话，价格应该是把价格锁定在F1吧？
在T2时刻，期货交割的话，交割价格也是F1啊，profit就应该是F1-S2啊？为什么是F1-F2啊？
这个S2+F1-F2是啥意思？

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关键词：Basis Risk ASI RIS SIS 求助 菜鸟 Risk Basis

期待高手来解决 一起学习下。

在上面的例子中，有一个关键的假设：在T1时刻做一个short position的期货的Expiration date不是T2。所以，你要Long一个新的期货来平前面short position的期货。所以，总收益除了S2，还有（F1-F2）。
当然，如果在T1时刻做一个short position的期货的Expiration date是T2，你就不要Long一个新的期货，profit=S2-F1。