In this example, the contract refers to a call option for WETH:USDC that can be exercised only at expiration on the 31 Dec 2020 as it is a European option with a strike price of $700, where the options market price, also called as premium, is $20. In other words, this option buyer paid $20 to have the option to buy the WETH for $700 from the option seller, who has an obligation to sell the underlying asset, once the option is exercised, regardless of the spot price the asset at the expiration.