1. The issuer is different. There is no issuer of options, and every investor can sell options (similar to issuing) on the basis of sufficient margin, and both buyers and sellers of options can be ordinary investors. The issuer of warrants has strict requirements and strength. Generally, listed companies or brokers, major shareholders and other third parties are the issuers.

2. The parties to a contract are different. The parties to an option contract are the buyer and the seller of the option contract, and the buyer (obligee) and the seller (obligor) of the option have a one-to-one relationship. The parties to a warrant contract are the issuer and the holder.

3. Characteristics of the contract. Options are standardized contracts listed and traded on exchanges. Before the transaction, the target, contract unit, execution price and expiration date are fixed. Warrants are non-standardized contracts, and the contract elements are determined by the issuer.

4. Theoretically, the supply of options can be unlimited. As long as buyers and sellers can reach a deal, they can create positions, and the supply of warrants is limited, which is basically decided when warrants are issued. Limited by the issuer's will, financial strength and the number of listed and circulated securities.

5. Investors who trade options can not only buy options contracts, but also sell options contracts (two-way operation). In the warrant transaction, only the issuer can sell the warrant to collect the royalty, and the investor can only buy the warrant (one-way operation).

6. Performance guarantee. The seller (obligor) of the option needs to pay the deposit because of its obligations, while the buyer of the option does not have to pay the deposit, which is the same as the investor in the warrant market.

7. Determination of exercise price. In the option market, the exercise price is determined by the exchange according to certain rules. The exercise price of warrants is determined by the issuer according to a certain model.

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A warrant is a security issued by the issuer of the target securities or a third party other than the issuer, and the agreed holder has the right to buy or sell the target securities from the issuer at an agreed price within a specific period or a specific maturity date, or to collect the settlement difference by cash settlement.