Transmission right， which is used as a means for hedging the risk of congestion prices， has been successfully implemented in many electricity markets. This paper proposes a method for analyzing the bidding strategy in the hybrid transmission right market based on conjectured price function. This model allows any transmission right bidders to strategically bid for any combination of obligation FTR， option FTR and FGR， and its strategic behaviors are modeled by the conjectured price function. The model is converted into a convex quadratic programming problem， which can not only ensure the existence and the uniqueness of the solution but also make the proposed model applicable for the study of the bidding strategy in a large scale transmission right market. The test case verifies the proposed equilibrium model.