RiskON is built as a costless collar with RiskOFF. No premium changes hands; the two sides fund each other. RiskOFF gives up some of its upside in exchange for downside protection. RiskON takes that upside and, in return, offers downside protection to RiskOFF. That risk transfer is where RiskON's leverage comes from. Built this way, RiskON is meant to deliver ~2X the move of BTC or ETH. So I got curious: how would that actually compare to a 2X Perp? We knew RiskON would come out ahead, since it pays no funding. But the study revealed the gap is far bigger than we thought. A 2X Perp pays funding on the full notional, for as long as you hold it. Across the BTC and ETH bull markets in our study, funding on a long averaged roughly 17%–22% a year, and in the 2021 mania it briefly ran past 70% annualized. It climbs fastest exactly when you want the leverage most. We tested every bull market since 2020: 13 windows across BTC and ETH, long through each, cash in between. RiskON won all 13. $1 in a 2X Perp became $18 on BTC, $22 on ETH. $1 in RiskON became $53 on BTC and $97 on ETH. On ETH, the 2X Perp even finished below just holding ETH itself ($27)—all that leverage, all that funding paid, only to lose to buy-and-hold. Here is the full research: