Derivatives and terms involved..

Spot or Cash market is a place where the deal and settlement for the instruments(stock, commodities,etc) happen in the same day itself.
Margin: It is more like a downpayment for the asset that participants of the Futures market dealing with and both parties MUST pay this amount in order to fulfill the obligations involved.
MTM: The day-to-day price fluctuation with respect to the contract price will be realized on daily basis in order to keep the participants in mark to the market.
Premium: It is the amount paid by the buyer to the seller in Options market.
Strike price: It is the price at which the buyer can purchase the ‘rights to buy’ in case of Call options and ‘rights to sell’ in case of Sell option.
Expiry date: The date on which the derivative instrument will expire and thereon becomes invalid.
Lots size: It is the number of sub units presents inside a single lot(contract).

The core difference between the 2 is that, In Futures contract the
buyer and seller enters the contract with Obligations whereas in Options contract the purchase the ‘rights to Buy’ and ‘rights to Sell’ but both without any obligations.