What Is the Difference between Hedging with a Token Option versus a Token Future?

A token future contract is an obligation to buy or sell the token at a specific price on a future date, providing a perfect hedge by locking in the price but requiring mandatory execution. A token option grants the holder the right, but not the obligation, to buy (call) or sell (put) the token.

Options provide flexibility and limit downside risk to the premium paid, but the hedge is not guaranteed to be executed, and there is an upfront cost (premium).