There are similarities between options and futures, both of which are basic on-market derivatives with risk management functions. Option is a financial derivative product, which gives its holder the right to buy or sell a specific underlying asset at a certain price in the future. Futures is a financial derivative. Futures, compared with spot, are the subject matter of trading now, but they will be settled or delivered in the future. This subject matter can be gold, crude oil, agricultural products, financial instruments, financial indicators and other commodities. The delivery date of futures can be one week later, one month later, three months later or even one year later. However, there are differences between options and futures in terms of rights and obligations of buyers and sellers, risk-return characteristics, margin system and number of contracts: 1. The rights and obligations of options and futures buyers and sellers are not equal, but the rights and obligations of futures buyers and sellers are equal. Both the buyer and the seller of futures have undertaken the obligation of performance and must make delivery on the maturity date. In the option, only the seller undertakes to perform the obligations, and the buyer only enjoys the rights and does not undertake the obligations. By buying and selling options, investors can separate their rights and obligations, thus achieving the purpose of flexible investment and risk management. 2. Risk-return characteristics The risk-return characteristics of options and futures are different. The return of options and the return of underlying assets are nonlinear, and there is no fixed proportional relationship between them. There is a fixed proportional relationship between the return of futures and the return of underlying assets. 3. Margin system The margin system of options and futures is different. In option trading, the seller assumes the obligation and needs to pay the deposit as the performance guarantee, while the buyer only enjoys the right and does not need to pay the deposit. Both the buyer and the seller of futures undertake the obligation of performance, so both parties need to pay the deposit. 4. Number of contracts The number of option contracts is far more than that of futures contracts. Options have multiple call options and put options contracts with different exercise prices in each contract month, while futures have only one contract in each contract month.