Futures and options are derivative instruments. In a futures market buyer get the right and the obligation to fulfill the contract at a specified date and at a specified price wheras a futures seller gets the right and the obligaion to fulfill the contract at a specified price and at a specified date. In options the risk for an option buyer is only limited to the extent ofthe premium paid.
Just like stock based contracts are available in the market, Index based contracts are also available and also highly liquid.