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.