Pendle has launched a platform for trading funding rates on the BTC and ETH futures markets

What’s new? The team behind the Ethereum-based DeFi protocol Pendle has launched the Boros platform, which allows users to speculate on the returns of cryptocurrency funding rates on the perpetual futures markets of major crypto exchanges. Boros runs on Arbitrum, a Layer 2 (L2) Ethereum network, and will initially offer trading in BTC and ETH rates, with support for additional cryptocurrencies to be added in the future.

Source: X.com

What else is known? Boros uses yield units (YU) for trading, each of which represents the yield from one unit of collateral (e.g., 1 YU-ETH = yield from the nominal value of 1 ETH) until maturity. The Pendl protocol has a similar mechanism to the Yield Token (YT).

The platform enables the trading of Binance BTCUSDT and ETHUSDT funding rates and will later expand to include more assets (SOLUSDT, BNBUSDT) and exchanges (Hyperliquid, Bybit), as well as maturities and yield products.

For traders who pay or receive funding fees on centralized exchanges (CEXs), Boros offers a new way to hedge: they can open short positions on YU if funding rates are expected to fall, and long positions if they are expected to rise.

Boros will be launched in stages. Initially, open interest (OI) is limited to $10 million for each market, and leverage is limited to 1,2x.

In 8–12 weeks, a referral program is planned to be launched, through which users can receive discounts and participate in the distribution of fees. Users can also receive rewards for placing orders on Boros.

Special attention is paid to ensuring liquidity. Boros vaults will allow liquidity providers (LPs) to provide capital to the system and receive fees from swaps and other payments.

According to the developers’ plan, Boros, along with Pendle V2, will become the foundation of the yield ecosystem as a platform for users who want to hedge risks and speculate on financing dynamics.

In the long term, the team plans to add other types of assets, including tokenized real-world assets (RWAs) such as stocks and bonds.