The article investigates the efficiency and functioning of the Chinese Security Index 300 (CSI300) index future. The researchers found that CSI300 stock index futures are effective for hedging risks, with dynamic models performing better than static models. The price discovery ability of the CSI300 index futures market is similar to other mature markets, reflecting new information quickly. The market is partially efficient, with futures prices predicting spot prices in the long run. The impact of regulation reforms in 2015 on the CSI300 index futures market was also studied, and the market's performance was compared to other global index futures markets.