1） 标的物不同。期货交易标的物为商品或期货合约，期权交易标的物为商品

1) The subject matter is different. The subject matter of futures trading is a commodity or futures contract, and the subject matter of option trading is a trading right for the option of commodities or futures contracts. <br>2) Investors ’rights and obligations are symmetrical. The futures contract is a two-way contract, and both parties must assume the obligation to expire the contract; the option is a one-way contract, and the buyer obtains the right to perform or not perform the contract after paying the insurance premium. <br>3) Different performance guarantees. Both buyers and sellers of futures contracts must pay a certain amount of performance bond. In option trading, only the seller is required to pay the performance bond. <br>4) Cash flow is different. In option trading, the buyer pays the insurance premium to the seller. For the delivery of the option, the option contract can be circulated. In futures trading, both the buyer and the seller must pay an initial deposit. During the transaction, the loss party is charged additional margin. <br>5) Different profit and loss characteristics. Option buyer's income changes with the market price, and the loss is limited to the insurance premium for buying options. The seller's income is the insurance premium for selling options. The loss is not fixed; the futures trading parties face unlimited profits and endless losses. <br>6) Different termination methods. Futures trading can be liquidated or terminated by physical delivery; option trading has three methods of closing, execution and expiration. <br>7) The number of contracts is different. The number of futures contracts is fixed and limited. The number of option contracts is large. <br>8) Hedging effects are different. Use futures for hedging to transfer both adverse and favorable risks; use option hedging to transfer only adverse risks and retain favorable risks.

1） 标的物不同。期货交易标的物为商品或期货合约，期权交易标的物为商品或期货合约选择权的买卖权利<br>2） 投资者权利与义务对称性不同。期货合约为双向合约，双方都要都要承担合约到期交割的义务；期权是单向合约，买方在支付保险金后取得履行或不履行合约的权利。<br>3） 履约保证不同。期货合约买卖双方都要缴纳一定数额的履约保证金，期权交易中只要求卖出方缴纳履约保证金。<br>4） 现金流转不同。期权交易中，买方向卖方交付保险费，为期权的交割，期权合约可以流通；期货交易中，买卖双方均需缴纳初始保证金，交易期间根据价格变动对亏损方收取追加保证金。<br>5） 盈亏特点不同。期权买方收益随市场价格的变化而变动，亏损只限于购买期权的保险费，卖方收益为出售期权的保险费，亏损不固定；期货交易双方面临无限盈利和无止境亏损。<br>6） 终结方式不同。期货交易可以平仓或是实物交割终结交易；期权交易有平仓、执行和到期三种终结方式。<br>7） 合约数量不同。期货合约数量固定而有限。期权合约数量较多。<br>8） 套期保值效果不同。运用期货进行套期保值，将不利风险和有利风险均转移出去；运用期权套期保值，只将不利风险转移，将有利风险保留。

1) The subject matter is different. The subject matter of futures trading is commodity or futures contract, and the subject matter of options trading is trading right of commodity or futures contract option<br>2) The symmetry of investors' rights and obligations is different. The futures contract is a two-way contract, and both parties should bear the obligation of delivery when the contract is due; the option is a one-way contract, and the buyer has the right to perform or not to perform the contract after paying the insurance premium.<br>3) Different performance guarantees. Both the buyer and the seller of futures contract should pay a certain amount of performance bond, and only the seller is required to pay performance bond in option trading.<br>4) Cash flow is different. In the option trading, the buyer pays the premium to the seller, which is the delivery of the option, and the option contract can be circulated; in the futures trading, both the buyer and the seller need to pay the initial margin, and during the trading period, additional margin is charged to the loss party according to the price change.<br>5) Profit and loss characteristics are different. The income of option buyer changes with the change of market price, and the loss is only limited to the premium of option purchase, while the income of seller is the premium of option sale, and the loss is not fixed; both sides of futures trading face infinite profit and endless loss.<br>6) The ending method is different. Futures trading can close positions or end transactions with physical delivery; options trading can close positions, execute and expire in three ways.<br>7) The number of contracts is different. The number of futures contracts is fixed and limited. There are many options contracts.<br>8) Hedging effect is different. Using futures to hedge will transfer the adverse risk and favorable risk; using options to hedge will only transfer the adverse risk and retain the favorable risk.<br>