Every 3 days since January 2020, the same $100, 20× long Bitcoin trade runs twice: once as a
traditional perp, once as a ClickOptions no-liquidation future.
Watch what the wicks do.
ClickOptions — never liquidatedTraditional 20× perpBTC price
$0
ClickOptions cumulative P&L
$0
Perp cumulative P&L
0
Perp liquidations, $100 gone each
0
ClickOptions max-loss settlements
0
Comebacks: trades that fell under the level and came back
How we computed thisMethodology. One rule, repeated: every 3 days, $100 at 20× long BTCUSDT on each side, closed/settled 3 days later; 801 windows, Jan 2020 – Sep 2026; $80,100 total staked per side.
Perp side (fully real): daily OHLC from a live exchange API; liquidated when the intraday low touches entry × (1 − 1/20 + 0.4% maintenance) — a touch, not a close; real funding-rate history from the same exchange API (7,307 records, avg 0.0108%/8h) paid on notional; taker fee 0.045% per side.
ClickOptions side (costs modeled, calibrated to live quotes): the product launched in 2026, so historical costs use its measured structure: spread 0.8% of stake and fee 0.025% of notional (both measured live), plus funding = 0.58 × Black-Scholes time value of the deep-ITM strike at trailing 30-day realized vol — the 0.58 calibrated against today's live 1–10-day ClickOptions quotes. P&L = settlement value − stake − costs, floored at −stake; settles on the close, no exit spread at settlement.
Costs are not hidden: over the race the CO side paid $6,131 of funding vs the perp's $1,027 — six times more. It finished ahead anyway, because it kept 224 recoveries the perp never saw. Not investment advice; past performance is history, not prophecy.