In theory, the value of bull bear contracts can be divided into "intrinsic value" and "financial expenses", among which:
1) Intrinsic value=Exercise price - Relevant asset price
2) Financial expenses=(Exercise price/Conversion ratio) x Financial interest rate x (Remaining days/365)
3) The theoretical value of a bull certificate is generally calculated by subtracting the exercise price of the bull certificate from the spot price of the relevant asset, and then adding financial expenses;
4) The theoretical value of bear contracts is generally calculated by subtracting the spot price of related assets from the exercise price of the bear contract, and then adding financial expenses.