1. option refers to a contract, which originated in the American and European markets in the late18th century. This contract gives the holder the right to buy or sell assets at a fixed price at any time on or before a certain date. The key points of option definition are as follows:

The (1) option is a right. An option contract includes at least a buyer and a seller. The holder enjoys rights, but does not assume corresponding obligations.

(2) the subject matter of the option. The subject matter of an option refers to the assets you choose to buy or sell. Including stocks, national debt, currency, stock index, commodity futures and so on. Options are derived from these subject matter, so they are called derivative financial instruments. It is worth noting that the option seller does not necessarily own the underlying assets. Options can be "short". Option buyers may not really want to buy the underlying asset. Therefore, when the option expires, both parties do not have to make physical delivery of the subject matter, but only need to make up the price according to the price difference.

2. Futures, called futures in English, is completely different from spot. Spot is actually a tradable commodity. Futures are mainly not commodities, but standardized tradable contracts with some popular products such as cotton, soybeans and oil and financial assets such as stocks and bonds as the targets. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments.