DISSENSION

How it works

How it works

Dissension combines structured downside protection with research-led market analysis. This page will introduce how coverage works and later host in-depth articles that explain portfolio risk, protection triggers, and analytical frameworks in more detail.

When a crash crosses your threshold, your policy pays out

The chart below shows a typical drawdown scenario. The asset declines steadily from its recent peak, then accelerates downward during a market crash. The moment the loss crosses your selected protection threshold — here, -15% — your coverage triggers and a payout is issued.

0%-5%-10%-15%-20%-25%Protection trigger −15%Payout triggeredPolicy startTimePolicy end
Illustrative drawdown of the S&P 500 from the peak price observed at policy start. The shaded region represents unrealised loss; the marker shows the moment coverage activates.

After the trigger: how the payout is determined

Once the trigger is breached, the size of the payout depends on what the index does over the following thirty days. Two scenarios cover the full range of outcomes.

Scenario A — the index keeps falling

If the decline continues after the trigger is breached, the payout is calculated from the lowest closing price observed within the 30-day window that follows the breach. You receive the full distance between the trigger level and that low, even if the index recovers slightly before the window closes.

0%-5%-10%-15%-20%-25%30-day settlement windowProtection trigger −15%BreachLowest in 30-day windowpayout anchored herePolicy startBreach+30 days
The index breaches the −15% trigger and continues lower. The payout is anchored to the lowest point reached within the 30-day settlement window — here, roughly −22% — not the level at which the threshold was first crossed.

Scenario B — the index rebounds immediately

If the market reverses sharply after the trigger is breached, you are still refunded based on the breach itself. The payout is anchored to the moment the threshold was crossed, even if the index recovers within hours.

0%-5%-10%-15%-20%-25%30-day settlement windowProtection trigger −15%Breachpayout anchored hereIndex recovers — payout still issuedPolicy startBreach+30 days
The index briefly breaches −15% before rebounding above its policy-start level. The payout is still issued at the trigger amount — the breach is the insurable event.

The reason we settle this way is structural: Dissension is positioned to benefit from a market crash regardless of any subsequent rebound. The trigger event is the insurable moment — what happens afterwards can increase the payout when the decline deepens, but never reduces it.

Step 1

Choose your threshold

Pick the drawdown level you want to be protected against — commonly −10%, −15%, or −20% from the policy-start reference price. Lower thresholds trigger earlier but cost more.

Step 2

Pay a monthly premium

Your premium is a small fixed percentage of the covered notional, billed monthly. You keep custody of your assets — Dissension never holds the underlying coins.

Step 3

Automatic payout on trigger

When the asset closes below your threshold during the policy period, the payout is settled to your account — covering the gap between the trigger level and the realised low.

Why a threshold instead of stop-loss?

A stop-loss forces you out of the market at the worst possible moment and locks in the loss. Dissension leaves your holdings untouched: you stay positioned for the recovery while the payout offsets the drawdown. That separation between price exposure and loss absorption is the core of how the product works.