It doesn't matter whether it is futures or futures options if you are short. If you SELL options, you are liable for the full risk the short options incur as a result of the moves in the underlying futures, regardless of what your margin requirement was. If you BUY options, your risk is limited to the premium paid. To clarify further, when you BUY options on futures, there is NO margin requirement for the position, just the option premium you pay. Jessie