Difference between options and futures – Option Trading FAQ

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Options and futures contracts are both derivatives, created mostly for hedging purposes. In practice, their applications are quite different though. The key difference between them is that futures obligate each party to buy or sell, while options give the holder the right (not the obligation) to buy or sell.

Options Example

Jim thinks he might want to buy Tim’s house for $100k at some point in the future, but he is unsure. So Jim and Tim come to an option agreement, which gives Jim the right to buy Tim’s house for $100,000 at any time in the next year.

Jim has no obligation to buy the house. In exchange for extending Jim this right, Tim gets paid a premium of $5,000. Tim is obligated to sell his house for $100,000 if Jim chooses to exercise the option in the next 12 months.

Futures Example

Starbucks wants to hedge out any market risk associated with the production of coffee, so they come to a futures contract agreement with a coffee bean producer. They both lock in today’s market price.

Let’s say the contract’s delivery date is December 3rd, on that date, Starbucks has to buy the specified quantity for the specified price, and the coffee producer has to sell the coffee to them.

Futures Explained

Futures are a contractual agreement between a buyer and a seller. The buyer agrees to buy an asset at a specified price at a specified date. Unlike options, both parties are obligated to buy or sell.

The beginning of futures trading in the modern world started with Japan and their Dojima Rice Exchange. Rice was the hottest commodity in Japan and people needed methods by which to exchange rice for cash simply, and rice exchanges allowed them to do so.

Nowadays, the main purpose of futures markets is still for hedging and so producers can receive cash for future production. Producers of commodities like oil, corn, and gold all utilize the futures markets.

An oil producer might only be able to profitably drill for oil when the price of crude oil is above $50 a barrel, so it would make sense for these producers to sell futures contracts around these prices to lock-in profitable production. If they’re wrong and the price of crude oil goes up, then they miss out on profits, but at least they don’t have to report production losses to their shareholders.

The most actively traded futures contracts are stock index futures. They carry liquidity, leverage and tax advantages over trading index ETFs. These are highly active because of how much money is managed in the stock market. Portfolio managers routinely use futures to hedge their exposure.

Options Explained

Options were also created out of the necessity to hedge. They have a history dating back to Ancient Greece, but their regulation began as late as the 1970s.

In an options agreement, there is a writer, the person who is selling the right, and a holder, the person is buying the right. The holder is buying the right to buy or sell an asset at a specified price, on or before a specified date. The holder has no obligation to exercise this contract, but the writer has an obligation to the holder.

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During the Tulip Bulb Mania, options were not only used by producers and vendors to hedge against price volatility, but this is one of the first times in recorded history when options contracts became a tool for speculators, as they are today.

Initially, options were a shady business, used by institutions like bucket shops, with no guarantee of either party being able to hold up their end of the contract. The instrument was brought to legitimacy in 1973 when the Chicago Board Options Exchange (CBOE) was founded.

In the stock market, options are primarily used by portfolio managers to hedge against future uncertainty. If a PM wants to continue holding a stock but anticipates short-term downside, either because they think it’s a good long-term investment, or to defer capital gains taxes, options are a great way to offset any downside in the shares.

One of the simplest ways to use options for hedging is covered calls. This is a basic strategy that everyday investors can easily learn to use. Suppose you own 100 shares of XYZ and anticipate short-term downside, but you still desire to hold your shares. You can simply sell a call option against your share position. The buyer of this option will pay you a premium, which will provide income for your portfolio if shares decline in price.

Options are also used as a speculation tool. Suppose an activist short seller releases a scathing report against a company. After reading the report, you decide to bet against the stock in some fashion. Perhaps one way of expressing this view is through buying long-dated put options on the stock.

Options as a derivative have become a sort of asset class themselves, with their volume growing every year.

While options have never been known for their liquidity, certain contracts like those on index ETFs and futures have become quite liquid in recent years.

Pros of Options vs Futures

As a buyer of options, you have no obligation to act

If you buy an option, you have leeway. While you won’t get your premium back unless you sell the options contract to someone else, if your original market analysis was incorrect, you can always decide not to exercise the option and cut your losses.

Cheaper to speculate

Due to the overwhelming amount of choices that the options market affords you, there are some very cheap out-of-the-money options. While unlikely to expire in the money, they offer a very inexpensive way to make a cheap bet with an asymmetric risk-to-reward.

Less Efficient

Options on smaller issues are much less competitive than futures markets. Many large arbitrage-focused funds don’t focus much on these smaller issues due to their low level of liquidity.

Defined Risk

Most market participants can’t buy options on leverage. That means whatever price you buy your options for is the maximum loss you can experience. So long as you keep your options position sizing in check, it’s difficult to allow anyone options trade greatly affect your P&L.

Exercising happens on a predetermined date

Unlike an option, you cannot execute a futures contract before the delivery date. A vendor might delivery of a commodity early at the price in their agreement, but it doesn’t happen until the specified date. This is in contrast to options contracts, which gives the holder the right to exercise the contract at any time until expiration.

Pros of Futures vs Options


Futures markets are some of the most liquid markets in the world, making executing trades seamless and virtually instant without slippage. On the other hand, even the most liquid options markets generally still carry a wider bid-ask spread and are difficult to unload large positions quickly without significant market impact.

No Advance Payment

In a futures contract, you don’t pay your counterparty until the settlement date. This is in contrast to the options market, where the option buyer forfeits the premium upfront.

Your broker will typically have margin requirements that affect your buying power, but this money isn’t going to your counterparty.

No Time Decay

Futures contracts aren’t negatively affected by time decay because all futures contracts are executed at the contract price at settlement. So it doesn’t matter if you buy or sell a month or a day before the settlement date.

This is in contrast to options, which have to meet certain criteria to be profitably exercised, and as the date gets closer to expiration, they become less valuable because the market has less time to move.

Tax Treatment

Futures trading carries some inherent tax advantages over both options and stock trading due to section 1256 of the IRS code. This essentially means that every futures trade, regardless of trade duration, is taxed at 60% long-term capital gains rate and 40% short-term capital gains rate.

In the stock market, short-term stock and options traders are normally taxed at the short-term capital rate of 35%, which severely cuts into profits, especially compared to the much more favorable rate of 23% for futures trading.

Final Thoughts – Options vs Futures

While it’s easy to rag on Wall Street for the amount of “financial engineering” they do, the derivatives they create are normally due to demand from clients. Futures and options are two of the oldest derivatives around, both with histories going back as far as Ancient Greece.

Both derivatives have several applications for trading, arbitrage, hedging, etc. but for simplicity’s sake, I like to view it this way: options are like portfolio insurance. You write options against your stock positions that you have uncertainty about, and perhaps you buy put options on the stock index to hedge against market downturns.

The main purpose of futures is to allow producers, vendors, and consumers to hedge their production and inventory by “locking in” the current futures market price if it is profitable for them to do so.

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Barber, Brad & Lee, Yong-Ill & Liu, Yu-Jane & Odean, Terrance. (2020). Do Day Traders Rationally Learn About Their Ability?. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2535636

Garvey, Ryan and Murphy, Anthony, The Profitability of Active Stock Traders. Journal of Applied Finance , Vol. 15, No. 2, Fall/Winter 2005. Available at SSRN: https://ssrn.com/abstract=908615

Douglas J. Jordan & J. David Diltz (2003) The Profitability of Day Traders, Financial Analysts Journal, 59:6, 85-94, DOI: https://www.tandfonline.com/doi/abs/10.2469/faj.v59.n6.2578

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What is the difference between futures and options?

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Futures and Options are types of derivatives. Derivatives derive their value from an underlying instrument like a stock, commodity, currency etc. The basic difference between Futures and Options is in the obligations bound on the buyers and sellers.

In Futures, both, buyers and sellers have an obligation to execute the contract on a specified date whereas in Options, the buyer has the right but not the obligation to execute the contract. Only the seller has the obligation to execute the contract.

The other difference between Futures and Options is in the limit of profit and loss for a buyer. A buyer in Futures market can make unlimited profit and loss. In the Options market, a buyer can make an unlimited profit but limited loss.

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This article will provide you with a detailed comparison of CFDs vs Futures, including definitions for both of these topics, together with, the differences between CFDs and options, how to use futures trading strategies, a practical example of futures trading, advantages and disadvantages of trading with CFDs and trading with futures, as well as several visual aids, to help you understand how these instruments look, and how to trade them.

It was in 1851 that the first futures contract was written. The product was corn and it occurred at the Chicago Board of Trade (CBOT). The plan was for the seller (who was a farmer) and the buyer (an industrial company) to commit to a future exchange of product for cash at a fixed price. Since then, futures trading has attracted more markets along with bringing even more buyers and sellers into the fold.

While the futures market is predominantly the arena for commercial and institutional traders, it also gave birth to the speculator – someone who profits from picking the correct future direction of a given market. But with the advent of technology and super fast computers, many traders have opted to trade on futures markets using CFDs (or Contracts for Difference). In this article we explain all there is to know about futures trading, CFDs, the pros and cons of each product, the markets you can trade in, and how to develop a strategy to benefit from both of these products.

What Are Futures?

The futures market originated in the commodities industry. It was farmers, miners and oil producers who wanted to manage the risk of not knowing the price they would get for their product in the future. This gave birth to the futures contract. Essentially, the seller of a futures contract would agree to sell a fixed quantity of a certain commodity on a particular day in the future to whomever wanted to buy the contract. The price of this contract would depend on the demand from buyers, as well as the supply from other sellers.

In a similar way, the buyer of the futures contract would agree on a fixed price to buy the underlying commodity from the seller on the expiration date of the contract. For instance, with Admiral Markets you can trade CFDs on commodities and other similar products. Nowadays, when trading futures there are more than just commodities available (which we will explain in further detail later in this article). However, the pricing has remained in the same locations, such as the big futures exchanges in America.

A few of them include:

  • The Chicago Mercantile Exchange
  • The Chicago Board of Trade
  • The New York Mercantile Exchange

Futures exchanges can also be found across Europe and in other major financial trading hubs. The only difference now is that instead of people buying and selling contracts in the ‘pit’, it’s all performed electronically through a broker.

What is Futures Trading?

So far we’ve mentioned who the futures market was designed for – businesses, farmers, miners and so on. However, because of the often extreme price movements in some of these markets, it has also given birth to speculators and different styles of futures trading. One such style is day trading futures. In this type of trading, a trader would speculate on short term price movements throughout the trading day. Most day traders are highly active, often taking multiple positions a day to seek out a profit at the end. However, it is considered very risky to start out this way, especially for beginner traders.

Another style of trading is futures spread trading. The foundation of this style is to profit from the change in the price of two different positions. For example, a futures spread trader could take two positions at the same time, on the same market, but with different dates to try and profit from the price change. Some traders may elect to use longer term strategies, but as you go on to learn about futures trading contract sizes, it really is for those with very large sums of capital. Let’s take a look at how these futures contracts are actually traded:

Trading Futures Contracts

So far, we know that a futures contract is an agreement by one party to buy, or take delivery, of a product like a commodity or a currency, at a fixed future date and price. But how are they actually traded? Futures are traded on exchanges where all contracts are standardised. This basically means that each contract has the same specification, no matter who is buying or selling. Contracts are typically standardised in terms of quality, quantity, and settlement dates.

For example, everyone trading an oil contract on the New York Mercantile Exchange knows that one contract will consist of 1,000 barrels of the West Texas Intermediate (WTI) oil at a particular quality level. Most futures contracts come in five character codes. The first two characters identify the product, the third identifies the month, and the last two identify the year. For example, WTI oil could read CLX20. CL = Crude Oil, X = November (there is a certain code of months and letters listed on the exchange’s website) and 20 = Year 2020.

Of course, there are some disadvantages to having a fixed expiry date of your position (as we highlight further down in this article). Also, you cannot change the size of the contract, which can often be quite large. In the example of oil one contract is the equivalent to 1,000 barrels of oil. You cannot trade in less. As some futures contract sizes can be quite large, some of those involved in futures spread trading and day trading futures have turned to CFD trading.

What are CFDs and CFD Trading?

A CFD is a derivative product that allows a trader to speculate on the rise and fall of a market. They were originally developed in the early 1990s in London by two investment bankers at UBS Warburg. Essentially, a CFD is a contract between two parties, the buyer and the seller. It stipulates that the seller will pay the buyer the difference between the current value of a market, and the value when the contract ends.

In this instance, the seller is usually your broker, unlike futures trading where you trade directly with an actual buyer or seller of the commodity you are trading. With a CFD, the trader pays the difference between the opening and closing price of the underlying market. Whilst CFD trading may seem similar to futures trading, there are some big differences.

Chapter 2.9: Difference between Futures and Options

Futures and options are tools used by investors when trading in the stock market. As financial contracts between the buyer and the seller of an asset, they offer the potential to earn huge profits. However, there are some key differences between futures and options. Click here if you want to know how to buy and sell Futures Contracts.

Understanding what are futures and options, particularly the points of difference between the two, will help you to use these trading tools in the best possible way. However, if you’re looking for difference between Covered and Naked options contracts, click here.



A futures contract is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. Here, the buyer is obliged to buy the asset on the specified future date. You can read up the basics of futures contract here.

An options contract gives the buyer the right to buy the asset at a fixed price. However, there is no obligation on the part of the buyer to go through with the purchase. Nevertheless, should the buyer choose to buy the asset, the seller is obliged to sell it. If you want to know more about an options contract, you can read about what is Options trading,


The futures contract holder is bound to buy on the future date even if the security moves against them. Suppose the market value of the asset falls below the price specified in the contract. The buyer will still have to buy it at the price agreed upon earlier and incur losses.

The buyer in an options contract has an advantage here. If the asset value falls below the agreed-upon price, the buyer can opt out of buying it. This limits the loss incurred by the buyer.

In other words, a futures contract could bring unlimited profit or loss. Meanwhile, an options contract can bring unlimited profit, but it reduces the potential loss.

Did you know that though derivatives market is used for hedging, currency derivative market takes the centre stage for hedging? You can read about it here.

Advance payment:

There is no upfront cost when entering into a futures contract. But the buyer is bound to pay the agreed-upon price for the asset eventually.

The buyer in an options contract has to pay a premium. The payment of this premium grants the options buyer the privilege to not buy the asset on a future date if it becomes less attractive. Should the options contract holder choose not to buy the asset, the premium paid is the amount he stands to lose.

In both cases, you may have to pay certain commissions.

Contract execution:

A futures contract is executed on the date agreed upon in the contract. On this date, the buyer purchases the underlying asset.

Meanwhile, the buyer in an options contract can execute the contract anytime before the date of expiry. So, you are free to buy the asset whenever you feel the conditions are right.


1. Contract details:

At the time of drawing up a futures or options contract, four key details will be mentioned:

  • The asset that is up for trade
  • The quantity of the asset that is available for buying or selling
  • The price at which it will be traded
  • The date on which (futures contract) or by which (options contract) it must be traded

The futures contract will also mention the method of settlement.

2. Trade venue:

The trade in futures takes place on the stock exchange. The options trade takes place both on and off the exchanges.

Futures and options contracts can cover stocks, bonds, commodities, and even currencies.

4. Requirements:

You would need a margin account to trade in futures and options.

What next?

By now, you have studied all the important parts of the derivatives market. You know what are derivatives contracts, the different types of derivatives contracts, futures and options, call and put contracts, and how to trade these. Congrats! It is time to wrap up this section and move on to the next—mutual funds.

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