1/ We worked with the @pendle_fi team to build the risk stack for @boros_fi, the first onchain protocol for trading funding rates. This required new frameworks, including dynamic margin models, auto-deleveraging mechanics, and real-time risk monitoring.

Huge news for all funding rate traders. @pendle_fi has launched Boros @boros_fi, a new onchain platform on Arbitrum that lets users trade funding rates from CEX perps like Binance, rather than the price of assets like $BTC or $ETH. Instead of speculating on price direction, Boros introduces Yield Units (YUs, similar to YTs on Pendle), YU-ETH represents the funding yield from 1 ETH perp, allowing users to go long if they expect funding rates to rise or short if they expect them to drop. This unlocks a new layer of strategy, especially for protocols like @ethena_labs, with an almost $10B TVL, relying on positive funding rates to generate stablecoin yields and can now hedge more efficiently without complex OTC setups. Early traction is strong with $800k already deposited into Liquidity Vaults. With $10M OI caps per pair (BTC/ETH only for now), 1.2x leverage, and support expanding soon, Boros may not be retail-friendly yet, but I already plan to prepare a couple of posts on how we can hedge our positions there. Furthermore, there is no 2nd token, which makes $PENDLE even more valuable as it will be used for incentives and all trading fees acquired by the protocol. A huge milestone not just for Pendle, but for the entire crypto space. Truly excited for the team and wishing them massive success ahead.

Very significant launch by @pendle_fi. Combined with Pendle's existing PT/YT mechanism for on-chain yields, Boros now covers off-chain yields (CEX funding rates). Perps traders will be able to lock in funding rate costs. Could be very useful for @ethena_labs one day, who could potentially lock in future funding rates by longing YUs when rates are attractive. This transforms variable funding income into fixed income for specific periods. During periods of negative funding (like bear markets), Ethena could have pre-hedged by shorting YUs. This would offset losses from paying funding, stabilizing USDe's yield, and would help to stop the supply contracting during risk off periods (would stop the fudoooors). Obviously early days, and it needs to become battle tested, but think this is a big launch for crypto as a whole. There is still only one token too - $PENDLE Elite team, elite protocol.

Congrats to our Stellar @Rightsideonly and the team at @pendle_fi on the launch of Boros! Pretty wild that you can now hedge exposure or speculate on funding rates onchain. Maybe it’s time for all the DeFi builders & enjoyooors in ARC to drop a Stellars Playbook on yield farming? 👀

Boros av @pendle_fi gikk endelig live Stor milepæl og veldig spent på å prøve det Stor forskning kommer senere i dag, Gpendle

Den nye $PENDLE Boros er et veldig interessant produkt som jeg tror markedene fortsatt sliter med å forstå betydningen. F.eks.: I løpet av helgen ble BTC aggressivt shortet med en finansieringsrente på -3 %. Du tror en short squeeze vil skje og lengtet $BTC - du ville ha tapt penger på grunn av spotsalg som brakte ned prisene og økte finansieringsrenten. Hvis du bestemte deg for å gå lenge YU på Pendle Boros i stedet, ville du ha betalt -3 % og mottatt 10 % apy mens du fikk kapitalvekst i BTC-termer. Dette er en stor opplåsing for store rentebærende staller for å jevne ut inntjeningen selv når finansieringsrentene er negative. De neste trinnene for dette produktet vil sannsynligvis være å øke OI tilgjengelig for å få flere handelsgebyrer.

Boros by @pendle_fi is live (it's next 100 billion opportunity).

YU-BTCUSDT handles med en betydelig rabatt til en implisitt APR 7,09 %, til en underliggende APR på 10,44 % (BTCUSDT Funding Rates). Dette viser at YU-handlere forventer at BTCs finansieringsrenter vil synke, til tross for at markedet er bullish BTC i dag (som vist av 10,44 % APR/Funding Rate) ... eller at Boros-markedet ikke har fanget opp det bullish sentimentet ennå? Men hvis du ønsker å satse på at finansieringsrentene fortsetter å øke, og at YU-er tar igjen, er det å lengte etter YU-BTCUSDT som er spillet. Hvis implisitt APR når underliggende APR, vil du fange en bevegelse på 47 % (7,09 % til 10,44 %) på YU-er, en saftig handel å ta på langsiden! Og hvis du er lange YU-er til markedets utløp (50 dager), og går inn nå på 7,09 %, vil du også fange det samme trekket hvis finansieringsrentene forblir høye når de utløper.

this is big. pendle just launched @boros_fi a new way to trade perp funding rates directly. you don’t need to hold the perp anymore. just take a view on the funding rate itself. ➜ directional bets ➜ hedging ➜ stacking yield layers ➜ funding rate arbitrage ➜ managing exposure without leverage ➜ integrating with pendle’s existing yield markets it’s simple on the surface, but powerful under the hood. boros gives you access to a market that used to be locked behind perp positions. clean execution. real use case. pendle keeps shipping.

Huge respect to the @pendle_fi crew. Exciting times ahead with this primitive being enabled. Look forward to seeing how this becomes a pillar to onchain capital markets and more product innovation. Jobs not done as always.