Puts bleed premium. Perps bleed funding. There is a third door. Suppose there are two HODLers of BTC, but with opposite goals. One wants it with less risk, so they are willing to give up some upside in return for a floor on losses. The other wants amplified exposure and is willing to bear the extra risk to get it. Today, each pays a middleman. The first buys puts from an options desk and bleeds premium. The second opens a leveraged perp and feeds a funding meter that never stops, with a liquidation price waiting underneath. Notice that they both want exposure to BTC, but with different risk tolerances. So there is nothing to match, no trade to broker—the asset's own risk just needs to be divided. That is what a deposit in @TheRiskProtocol does. BTC or ETH goes in, and two SMART Tokens come out. RiskOFF is the calmer piece: for each 30-day epoch, it keeps a floor 5% below the starting price, and gives up the upside past a cap. RiskON is the leveraged part: the upside past that cap and the downside past that floor both land on it—which is exactly what makes it move at ~2X the underlying. Hold the piece that fits you. The cap is not picked; it is solved—set fresh each epoch at the level where the upside RiskOFF gives up is worth precisely what its floor costs. The pieces exactly offset, so no premium changes hands. In options language: a costless collar. And because both tokens are claims on the same pot, they always add back up to the underlying. The floor is not anyone's promise—it is enforced by how the deposit is divided. No funding meter, no margin calls, no liquidations, and no counterparty to trust. RiskON and RiskOFF are the first pair of SMART Tokens from The Risk Protocol. More are coming—each one a different way to hold exactly the risk you choose.