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Sorry for the vague question, I will improve it once I get an answer...

In the picture bellow I marked two "Instruments" that are being used for trading on ICBIT. I don't understand what the difference is and why the value of one is so much higher than the other.

enter image description here

Any help understanding what that means would be great

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The number after the BTC/USD is the settlement date of that particular futures contract.

You can find a list of all ICBIT futures in this page, and clicking on one will show you all the details, for example: BTC/USD-12.13

As for why the prices are different, it's somewhat outside the scope of a Bitcoin discussion. I really suggest you read up on Futures Contracts. Make sure to fully understand the nature of Futures trading before investing in it.

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