The wick tax

Crypto trading has become, overwhelmingly, leveraged perpetual futures. That's where the volume concentrates and where the leverage runs hottest:

Liquidations aren't a tail event; they're the weather. 2025 saw roughly $150B in forced liquidations, and a single day in October wiped $19B and 1.6 million traders in 24 hours, most of them longs.

Here's the part almost nobody prices: a perp liquidates on a touch, not a close. If the index brushes your liquidation level for one second (even if it snaps back immediately), your margin is gone and you don't get the recovery. So the "leverage" you bought isn't clean exposure. It's exposure bundled with a randomly-timed trapdoor you're standing on. You can be right about the week and still be zeroed by a wick.

On ClickOptions you trade it like any perp: you just go Long or Short. Pick a contract, enter an amount, tap. There's no leverage dial: every contract carries its own live maximum, shown right on it. What's different is the risk:

Two numbers, both small and both known before you click:

Under the hood, this isn't a perp at all. It's a deep in-the-money option. Deep ITM, an option's delta is ≈ 1: it moves almost one-for-one with BTC, so it gives you the P&L of a ~20x future. But because it's an option, the risk shape is completely different: there's no margin to call and, the key, there is no barrier to touch, so a wick has nothing to trigger.

The move that makes it usable is presentational: we price the option as a future. Instead of strikes, premiums and Greeks, you see the mark price as your entry (plus a small spread), one funding number, and a statement that reads Trade P&L − Funding = Net P&L: a perp statement, line for line, and the three columns always add up. The option is dressed as the future, and everything option-y disappears from the screen. (The funding is the option's time value, which is why, as the price nears the strike, it can even turn in your favour: the trade loses slower than a perp there.)

As far as our research finds, no other venue does this. The building block is decades old: deep-ITM calls are the textbook stock-replacement trade, and mechanically a turbo. What's new is pricing and presenting an option as a clean future with no liquidation. Turbos bolt on a knock-out barrier (a liquidation by another name); the "no-liquidation" perps (Bybit's smart leverage, OKX's mark-price) still liquidate, just later. The last column below is empty until now.

A perp dies on a touch, so the only question that matters is: how often does BTC actually move far enough, intraday, to liquidate you? And it cuts both ways: a dip liquidates a long, a spike liquidates a short. No model needed; we have the tape. Below is real BTC daily history, 2020 to 2026 (2,422 days): the share of positions liquidated by an intraday move against them.

The reason this hasn't existed is boring and decisive: the deep tails are wide or unquoted everywhere, and a wide spread eats the trade. It only becomes real when a market-maker quotes deep-ITM tight and low-premium, continuously. That's measured, not asserted:

"No liquidation" is a promise about the counterparty, so the question is fair. The answer is structural and public, not verbal:

Stated plainly: this removes path risk, not direction risk. If BTC is sustainably below your level at settlement, you lose your stake: the same stake a perp would have lost, minus every wick-out along the way. The funding (the option's time value) is a real, small, ongoing cost: shown up front, charged for as long as you hold. A position can lose all of its value. This is leverage, not a free option. And if you auto-roll after a loss, the top-up that keeps your full size is new money at risk. That's the same capital a perp trader had locked as margin all along, but here committing it is your explicit choice, one switch per position. What you're buying, precisely, is every path where you were right over your horizon but a wick would have closed you first. The table in §05 is how often that path shows up.