In the Swap contract framework, the paper adopts the model-free method to extract the variance risk price and skewness risk price, and analyzes the time series characteristics, term structure, pricing and information content of implied risk prices. It uses S＆P500 index options to find that: First, the variance risk price is significantly negative while the skewness risk price is positive and the conclusions hold in multiple contract maturities; Second, the variance risk price and skewness risk price have different level factors and convexities but common slope factors; Third, the variance risk price and skewness risk price cannot be explained by the size factor (SMB), book-value or market value ratio (HML). Momentum factor or macro factors, while the market excess return has a partial explanatory ability, and implied risk price can be priced in the cross-sectional difference of stock returns significantly; Forth, implied variance and implied skewness can predict both realized variance and skewness instead of unbiased expectation; Fifth, the correlation coefficient between the variance risk price and skewness risk price is - 0. 86, implying the influence of common risk-driven factor; Sixth, with reference to the theoretical deduction of Bakshi ＆ Madan (2006) , the paper estimates the risk aversion coefficient to be about 4 ～ 6, as might be useful for related future research on risk attitudes.