Hedging in futures refers to the behavior that customers buy (sell) a futures contract and then sell (buy) a futures contract with the same amount as the original variety in the delivery month to offset the delivery spot. Its main point is that the months are the same, the directions are opposite, and the amount is the same.

Option refers to the right to buy and sell in a certain period of time in the future. It is the buyer's right to buy or sell a certain number of specific subject matter from the seller at a predetermined price (referring to the strike price) in a certain period (referring to American option) or a certain date (referring to European option) in the future, but it has no obligation to buy or sell. Option performance has the following three situations:

1. Both buyers and sellers can perform the contract by hedging.

2. The buyer can also perform the contract by converting the option into a futures contract (obtaining the corresponding future positions at the execution price level stipulated in the option contract).

3. Any expired unused options will automatically become invalid. If the option is virtual, the option buyer will not exercise the option before the option expires. In this way, the option buyer loses the premium paid at most.