I'd like to learn more about the RiskON/RiskOFF  
SMART Tokens onBTC 
BTC 
ETH 
. I'd like to view their Net Token Values (NTV) 
Net Token Values (NTV) 
Product Specs 
Risk Gauges 
Dominance 
Historical Returns 
to understand the relationship between their prices vs. the underlying cryptocurrency.
overview
Levered exposure to ETH with no margin calls & no liquidations
Specs:
  • Long 50% of 1 ETH
  • Short put at strike = 95% of starting price
  • Long call at strike that makes value of put and call equivalent
  • Monthly settlement
  • Perpetual
Lower volatility and beta relative to ETH with limited downside
Specs:
  • Long 50% of 1 ETH
  • Long put at strike = 95% of starting price
  • Short Call at strike that makes value of put and call equivalent
  • Monthly settlement
  • Perpetual
overview
Levered exposure to BTC with no margin calls & no liquidations
Specs:
  • Long 50% of 1 BTC
  • Short put at strike = 90% of starting price
  • Long call at strike that makes value of put and call equivalent
  • Quarterly settlement
  • Perpetual
Lower volatility and beta relative to BTC with limited downside
Specs:
  • Long 50% of 1 BTC
  • Long put at strike = 90% of starting price
  • Short call at strike that makes value of put and call equivalent
  • Quarterly settlement
  • Perpetual

Measurement Period i
Calculates annualized realized volatility based on measurement over the last 1 day, last 7 days or last 30 days.

ETH Realised Volatility

© 2025 The Risk Protocol 20% 30% 40% 50% 60% 70%
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ETH Forcast Volatility

© 2025 The Risk Protocol 20% 30% 40% 50% 60% 70%
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RiskON ETH Realised Volatility

© 2025 The Risk Protocol 20% 30% 40% 50% 60% 70%
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RiskOFF ETH Realised Volatility

© 2025 The Risk Protocol 10% 20% 30% 40% 50% 60%
0

Dominance
Shows each SMART token’s share of the underlying cryptocurrency over a particular period. Both RiskON and RiskOFF have an equal claim on the underlying at the beginning of each period but their values (and hence claim) diverge over the course of the period.

Price / NTV

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RiskON
RiskOFF
*RiskON, RiskOFF and underlying crypto will have the same returns if the returns of the underlying are within the put & call strikes. See Product details.