Introduction
In my opinion, we were lucky. You and I have witnessed, and some have participated in, the emergence of a new reality – Cryptocurrencies.

Cryptocurrencies are digital or virtual currencies that use cryptography to ensure secure financial transactions and control the creation of new currency coins.

The emergence of cryptocurrency as a modern phenomenon is associated with the launch of the first and most famous cryptocurrency, Bitcoin. But to fully understand the origin and evolution of cryptocurrencies, it is necessary to consider the historical context and the development of technology.

The abstract idea of a cryptocurrency was proposed at the end of the 20th century, but its practical implementation became possible only in 2009 with the advent of Bitcoin, created by the pseudonym Satoshi Nakamoto.

Bitcoin is the first decentralized cryptocurrency based on blockchain technology. A blockchain is a distributed database containing a chain of blocks, each of which stores information about transactions.

Thanks to cryptography and consensus mechanisms, the blockchain ensures transparency and security of transactions without the need for centralized control. After the advent of Bitcoin, many other cryptocurrencies were created, called altcoins, each of which has its own distinctive features, advantages and purpose.

Over the past twenty years, cryptocurrencies have become widely used in various fields, including finance, technology, art, and other areas of human activity. Blockchain technology has also found applications in the development of smart contracts, decentralized applications (dApps), and many other areas.

It seems to me that the emergence of cryptocurrencies has become a revolutionary step in the development of financial technologies and principles of decentralization.

Despite the challenges associated with their use, cryptocurrencies continue to attract attention both as a means of payment and as an innovative tool that has already changed the way businesses do business and exchange values.

Well, having such an excellent financial instrument as cryptocurrencies, it would be logical to expect the appearance of derivatives of standardized exchange contracts.

Based on the topic stated earlier, we will be interested in futures and options. It is worth noting that quite unusual and interesting derivatives for cryptocurrencies are already appearing and will appear in even greater numbers, the existence of which could not have been imagined for traditional financial instruments.

In the last few years, several platforms (exchanges) on which futures and options on cryptocurrencies are traded have taken shape and historically confirmed their right to exist. I believe that today, anyone using cryptocurrencies in their daily lives, or considering them as long-term investments, should have a good understanding of the mechanisms of derivatives' existence, as well as understand and be able to use and evaluate them.

In this paper, I will strictly adhere to the established terminology, as I consider it very important. In the event that I am forced to introduce my own terms and concepts, which I could not find in the existing literature at the time of writing, I will specify this in particular.

So, let's clarify what a derivative is. A derivative security, a derivative financial instrument, or a derivative is a financial document whose value depends (i.e., is a derivative value) on the value of other underlying assets.

As a rule, these variables are the prices of various market assets, in our case cryptocurrencies. It is worth noting that the crypto coin market, unlike the markets of traditional financial instruments, has one important feature. It is distributed in space across several independent trading platforms where the same coins are traded.

At the moment, coin prices may differ slightly, and therefore, it is good practice to take the value of the cryptocurrency price index, defined as the average of the one-time price values of several, the largest, crypto exchanges, as the price value of the underlying asset.

Later, in the first chapter, we will review the functioning of the futures and options crypto markets, as well as the behavior of speculators, hedgers and arbitrageurs.  Follow the continuation, it will be interesting and useful.