Obelisk are randomly placed treasure chests found throughout the game.
Small obelisks are found in timed arenas and activate after failling to clear the arena in the allowed time. They contain middle quality weapons, armor, and runes as well as Bounty and Health Orbs.
Large obelisks are found in hidden areas, cyberspace, and arenas. They are activated in arenas after successfully completing a timed fight or clearing the arena. They contain the best Weapons, Armor, and Runes in the games as well as items found in smaller obelisks. In cyberspace these obelisks also contain Runic Charms.
Note: If you run the same level/section twice or more times in a row without completing all tokens, sometimes Obelisks will not reactivate on the repeated run through the level. And on some occasions you may need to run and complete all tokens on a different level to reactivate the Obelisks on the first level you tried.