RAVA, perps and options.
Perps to trade, options to build a payoff, RAVA to own one.
| Perp | Option spread | RAVA | |
|---|---|---|---|
| You hold | A margined position | Two contracts | One token |
| Most you can lose | Your margin | What you paid | What you paid |
| Liquidation | Yes | No | No |
| Ends | Never | At expiry | At window end |
| The seller holds | A margined position | A liability | A paid token |
| Lives in | The exchange | Your broker | Your wallet |
One token, two contracts.
Each RAVA token pays like an option spread, so matching it with options takes two contracts.
| RAVA token | Same payoff with options |
|---|---|
| Long, gains as the index falls | Buy a put at the top of the range, sell a put at the bottom |
| Short, gains as the index rises | Buy a call at the bottom of the range, sell a call at the top |
Two contracts means two orders, two prices to track, and a spreads approval at your broker. Holding one long and one short token together is just $1.
When to use which.
| Use | When you want |
|---|---|
| A perp | To trade bigger than your cash, with no end date. |
| Options | To pick your own strikes and dates. |
| RAVA | To hold a set payoff as one token, or build a product on it. |
Example.
You have $10,000 and think BTC, now $85,000, ends six months higher. BTC first drops to $68,000, then ends at $110,000.
| Result | |
|---|---|
| Perp at 5x | −$10,000. Liquidated on the drop, before the rise. |
| Option spread, $85,000 to $110,000 | +$23,750. Same payoff, held as two contracts at an exchange. |
| RAVA, range $85,000 to $110,000 | +$23,800. Same payoff, held as one token in your wallet. |
The perp loses on the path. The spread and RAVA pay the same; the difference is what you hold. Prices from 2 October 2026.