Futures, forward, and money market hedges all lock into a certain price to be received from hedging a receivable. For a currency option hedge with a put option, however, the exact amount received is not known until the option is (or is not) exercised.

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A currency option hedge with a put option allows the holder to sell a currency at a certain price, but whether or not the option is exercised depends on the exchange rate at the time of expiration. Therefore, the exact amount received from the hedge is not known until the option is exercised (or not exercised).

Futures, Forward, and Money Market Hedges All Lock into a Certain