There are interest rate options in which the underlying is a debt instrument (called an option on a physical) and a futures contract (called a futures option).

Name: There are interest rate options in which the underlying is a debt instrument (called an option on a physical) and a futures contract (called a futures option).
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Interest rate options can have underlying assets that are debt instruments or futures contracts, which can be referred to as options on a physical or futures options, respectively.

There Are Interest Rate Options in Which the Underlying Is