Discussion:

On November 2, 2018, S&P 500 Index was at 2723.06.

March 2019 Futures on S&P 500 was settled at 2730.40

March 2019 Call Option on Futures on S&P 500 with strike price of 2800 was settled at 73.90.

You bought one contract of call option on S&P 500 futures contract, and how much do you pay for the call option on S&P 500 futures. Contract size is 250 times.

If instead you bought the stock index futures, how much do you pay for the futures contract. Assuming that you were able to buy at the settlement price of the contract. In other words, does the futures contract has any value at the instant when you bought the contract? Explain your answer.