Pendle has officially launched Boros, a new platform on the Arbitrum network that enables users to trade funding rate exposure for bitcoin and ether perpetual markets through Yield Units. Each Yield Unit represents the realized funding yield on one unit of notional, such as one BTC or one ETH, until contract expiry.
Boros offers capped parameters of $10 million in open interest per market and allows up to 1.2Ă— leverage for traders seeking to hedge or speculate on funding rate movements. The platform aims to provide a hedge against funding fees for both payers and earners on centralized exchanges.
Liquidity provisioning is supported through Boros Vaults, which allow liquidity providers to supply capital and earn swap fees, Pendle token incentives, and potential positive carry. Vault structures mirror Pendle’s existing yield vaults but are specifically designed for funding rate derivatives.
Future expansions include adding support for additional token funding rate markets such as SOL and BNB, as well as integrations with platforms like Hyperliquid and Bybit. The Pendle team has emphasized a measured growth approach to prioritize risk management and system stability.
By introducing Boros, Pendle aims to broaden its suite of decentralized finance products and deepen on-chain derivatives liquidity. The platform’s launch underscores ongoing innovation in DeFi derivatives and reflects growing demand for advanced hedging tools.
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