What Is the Primary Difference between a ‘Futures Margin Call’ and an ‘Options Margin Call’?
Both are demands for additional collateral, but a futures margin call is typically driven by daily mark-to-market losses (variation margin), as futures are settled daily. An options margin call is usually driven by a change in the potential risk of the short option position (initial margin), often due to increased volatility or a change in the underlying price, as options are not settled daily but marked-to-market.
The options call is more about potential risk; the futures call is about realized daily loss.
Glossar
Options Margin Call
Liability ⎊ An Options Margin Call is a request for additional collateral, primarily directed at traders holding uncovered or naked short option positions, to cover the potential maximum liability.
Futures Margin Call
Exposure ⎊ A futures margin call arises when the equity in a margin account falls below the maintenance margin requirement, typically triggered by adverse price movements in the underlying asset.
Futures Margin
Collateral ⎊ Futures margin, within cryptocurrency derivatives, represents the initial equity required to open and maintain a leveraged position, functioning as a performance bond to mitigate counterparty risk.