1. target: the target of futures trading is a standard futures contract; The object of option trading is the right to buy and sell. After purchasing the right, the buyer of the option gets the option. Within the agreed time limit, you can exercise the right to buy or sell the underlying assets, or you can give up exercising the right; When the buyer chooses to exercise it, the seller must perform it.

2. Rights and obligations of investors: A futures contract is a two-way contract. When the futures contract expires, both parties to the transaction shall bear the delivery obligation. If you don't want to actually deliver, you must hedge within the validity period. Options are one-way contracts. The buyer of the option has no obligation to perform or not to perform the rights of option contracts after paying the option fee.

3. Performance bond: In futures trading, both buyers and sellers of futures contracts must pay a certain percentage of deposit. In option trading, the biggest risk of the buyer is limited to the premium paid, so there is no need to pay the performance bond. The seller faces great risks and must pay the down payment as the performance bond.

4. Profit and loss characteristics: Futures trading is in a linear profit and loss state, and both parties to the transaction are faced with unlimited profits and unlimited losses. Option trading is a nonlinear profit and loss state. The buyer's income fluctuates with the fluctuation of market price, and its biggest loss is limited to the premium of option purchase; The loss of the seller fluctuates with the fluctuation of the market price, and the biggest gain (that is, the biggest loss of the buyer) is the commission.

5. Function and function: Futures hedging is not for futures, but for futures contracts (spot) of basic financial instruments. Because futures and spot prices will eventually converge, hedging can protect spot prices and marginal profits. Options can also be hedged. For the buyer, even if he gives up the performance, he only loses the insurance premium and maintains the value of his own purchase funds; For the seller, he either sells the goods at the original price or gets the insurance premium if the samples are guaranteed.