1, different themes?

The subject matter of futures trading is standard futures contract; The subject matter of option trading is a right to buy and sell. After purchasing the right, the buyer of the option gets the option. You can exercise the right to buy or sell the underlying assets within the agreed time limit, or you can give up exercising the right; When the buyer chooses to exercise his rights, the seller must perform the contract. ?

2. Are the rights and obligations of investors different?

The option is a one-way contract, and the buyer of the option can perform or not perform option contracts's rights after paying the option premium, without having to bear the obligation; Futures contracts are two-way contracts, and both parties to the transaction have the obligation to deliver futures contracts at maturity. If you are unwilling to actually deliver, you must hedge within the validity period. ?

3. Different performance guarantees?

In option trading, the biggest risk of the buyer is limited to the paid royalties, so there is no need to pay the performance bond. However, the risk faced by the seller is greater, and the seller must pay the deposit as the performance guarantee. In futures trading, both buyers and sellers of futures contracts have to pay a certain percentage of margin. ?

4. What are the characteristics of profit and loss?

Option trading is a nonlinear profit and loss state, and the buyer's income fluctuates with the fluctuation of market price, and its maximum loss is limited to the premium of purchasing options; 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; Futures trading is a linear profit and loss state, and both sides of the transaction are faced with unlimited profits and endless losses. ?

5, the role and effect are different?

Futures hedging is not about futures, but about the physical (spot) of the basic financial instruments of futures contracts. Because futures and spot prices will eventually converge, hedging can achieve the effect of protecting 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 protects the value of his purchase funds. For the seller, either the goods are sold at the original price or the insurance premium is guaranteed.

Relationship between option price and futures

The deeper the real value of the option, the higher its intrinsic value and the higher the option price (royalty). On the other hand, the deeper the hypothetical option, the lower its intrinsic value and the lower the futures price (premium).

Copy the option substitution and position function of futures.

In futures speculation, options have the function of replacing future positions and copying future positions, and also have the function of resolving the risk of extreme price fluctuations.

In the function of option substitution, buying call options or selling put options can replace futures bulls, and buying put options and selling call options can replace futures shorts. In the option copying function, buying call options and selling put options can copy futures bulls, and buying put options and selling call options can copy futures shorts. When encountering extreme market conditions, futures prices may have multiple price limits, which is a nightmare for investors with opposite positions, but options can help lock in risks.

The function of option substitution is limited and prerequisite. Take the substitution of long futures positions as an example. If investors judge that the market is bullish, then buying a call option is the best choice, while selling a put option has the disadvantage that the profit on it will be strictly limited. If investors see a slight increase in the market, then selling put options is a better choice, and buying call options has less profit because of the premium. If the market falls sharply, the risk of buying call options and giving up exercise is limited, while the risk of selling put options and futures bulls is unlimited; If the market drops slightly, the break-even point of buying call options is the highest, and the loss is the biggest, and the loss of futures long positions ranks second, while selling put options may still have a little profit. The premium level is another important prerequisite for considering whether to use options. When the market fluctuates violently, the implied volatility is high, which will lead to the very expensive option price. At this point, from the perspective of futures speculation, the option substitution advantage is weak.