Boros just listed a new market on ETH funding: Hyperliquid-Gate. This market trades one number: Hyperliquid's ETH funding minus Gate's ETH funding. That gap is the spread. The underlying spread is what the two exchanges are actually paying apart. The spread is 7.99% right now. The implied spread is 3.34%. That's the fixed rate the market lets you lock today. Going long the spread means you pay that fixed rate and collect the real gap until maturity. Boros' historical data puts the average spread at 5.18%. There's about 99% confidence the 30-day average beats 3.2%. 82% of weeks paid more than 3.2%. So 3.34% is a cheap entry. So I took it. I'm long the spread with 0.55 YU. YU is the position size, and 1 YU here is the funding gap on 1 ETH. I pay a fixed 3.34% and receive the floating spread until 27 Nov 2026, 42 days out. I also have a limit order to add up to 3 YU. It's one order on one book, instead of two separate Boros legs with two margins. Set it and forget it.

𝗧𝗵𝗲 𝗕𝗼𝗿𝗼’𝘀 𝗻𝗲𝘄 𝗻𝘂𝗺𝗯𝗲𝗿 𝗼𝗻𝗲 🧤 Welcome to Radcliffe, Tom Donaghy! 🗞️ #WeAreRadcliffe# #UTB#