(1) The underlying assets are different. Generally speaking, all financial instruments that can be traded in futures can be traded in options. However, financial instruments that can be traded as options cannot be traded as futures.

(2) The symmetry of rights and obligations of traders is different. In financial futures trading, the rights and obligations of both parties are symmetrical, that is, for any party, there are rights that require the other party to perform, and they also have their own obligations that need to be performed. However, there is obvious asymmetry between the rights and obligations of both parties in financial options trading. The seller of options has only rights but no obligations, and the seller of options has only obligations but no rights.

(3) The performance guarantee is different. Both sides of financial futures trading need to open a margin account and pay the performance bond as agreed. In financial option trading, only the option seller needs to open a margin account and pay the margin.

(4) Different cash flows. There is no cash receipt and payment relationship between the two sides of financial futures trading, but after trading, due to the daily settlement system, cash flow will occur between the two sides due to price changes. In the financial option transaction, in order to obtain the rights granted by option contracts, the option buyer must pay a certain option fee to the option seller, but after the transaction is completed, there will be no cash flow between the two parties except the due performance.

(5) The profit and loss characteristics are different. Theoretically, the potential gains and losses of both parties in financial futures trading are infinite. The potential loss of the option buyer in the transaction is limited, limited to the option fee paid, but the possible profit is unlimited. On the contrary, the profit of the option seller in the transaction is limited, limited to the option fee charged, but the possible loss is infinite.

(6) The function and effect of hedging are different. Using financial futures to hedge, while avoiding the losses caused by unfavorable price changes, we should also give up the benefits that may be obtained if the price changes are favorable. Using financial options to hedge, if the price changes adversely, the hedger can protect his own interests by giving up the options.