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.

I've been reviewing how things are going for Pendle and Boros. Revenue has dropped over the past months, partly because DeFi has become a bit boring lately. But the economics are looking much healthier. Back in early 2025, @pendle_fi peaked at around $8.6M in monthly revenue, but was spending $3.3M on incentives. Now, following the tokenomics changes, those costs have dropped massively. Look at September: > Revenue: $554K > Incentives: $50K That's over 10x more revenue than incentive spending. @boros_fi still represents a tiny part of the business: > Pendle V2: ~$520K/month > Boros: ~$34K/month But I think the potential is interesting, especially as they keep adding more CEXs and funding rate markets. We're still talking about a new primitive that most people don't understand. I'm really curious to see how this evolves.

I had the chance to speak with the @boros_fi team. I've always been a big fan of @pendle_fi, but hadn't explored Boros in depth until now. You can lock in 20–30% yields by trading funding rates across CEXs, although execution requires four trades and Boros liquidity is still limited. To simplify this, they've launched markets where you can trade the funding rate spread between exchanges directly, reducing execution from four trades to three. For example, the Binance vs Gate spread currently trades around 3%, despite the underlying funding rate difference being closer to 7%. And here's the interesting part: instead of executing the full strategy to lock in yield, you can simply long or short the spread. The discount partly exists because funds are willing to accept lower returns to lock in their yields. But how far can they compress the spread before it stops being profitable? You can also scale into positions with limit orders and exit if the spread widens. Honestly, at these levels, I almost find trading the spread more attractive than executing the full strategy. Really interesting primitive. Definitely want to explore it further.

I'm earning PENDLE with delta-neutral funding-rate arbitrage on Boros × Gate CrossEx. Run the terminal, open a hedged position, share it — the first 100 addresses get 50 PENDLE each.

If you’re trading $SKHYNIX on HL, use @boros_fi's new SKHYNIX-HL market to save yourself from these volatile funding rates! Just today, we’ve seen funding rates go from -450% to 276% (!!) Whether you were long or short, you had to pay out some seriously high funding. But with Boros? You could lock in a sweet 18.99% implied APR on your position. No nasty negative or positive funding rate spikes. Flourishing, unbothered, moisturized. Don’t be the dude that loses a huge chunk of margin to funding rates. Fix it with Boros (pun intended) P.S. Use intern's code "BIGDK" for less fees 😎

You can now trade funding rates on perps, speculating, hedging, or capturing spreads without a view on price. In this article, we explore @Pendle_fi's new product, Boros, which turns funding into a Yield Unit you can long or short. Read the full guide 👇

DAY 349 // FULL POSITION BREAKDOWN Market check. BTC $82,188.23, up 0.81% on the day. ETH $2,441.36, up 0.73% on the day. Fear and Greed at 51. Total market cap $2.76T, up 0.63%. TRADING @HyperliquidX Position: ETHFI 3x, margin $278.86, up $191.55. Position: BTC 7x, margin $28.17, up $1.61. Up $54.88 from yesterday. @pendle_fi Value $578.56. Down $9.79 from yesterday. @boros_fi Wallet 1: $2,660. Wallet 2: $1,294. Total $3,954. Down $44 from yesterday. @Variational_io Position: JUP, up $135.42. Position: PONS, down $443.91. Total down $308.49. Up $37.14 from yesterday. @Lighter_xyz Position: PENDLE 3x, margin $1,601.36, up $305.34. Position: SOL 3x, margin $343.37, up $11.69. Position: ETH 4x, margin $19.79, down $0.85. Total $316.18. Down $20.67 from yesterday. @PhoenixTrade Position: LIT long closed. My stop loss was filled, a loss of around $60. It was a test trade to try their tools and see how leverage works. Great UI. TRADING PnL: Total $200.85 / Value $4,532.43 FUNDING RATE ARB @zyphex Value $8,036.35. Position: hedges across multiple exchanges, funding today -$1.60. Funding rates were very volatile today. Up $4.71 from yesterday. FUNDING RATE ARB PnL: Value $8,036.35 / Funding today -$1.60 LIQUIDITY PROVISION @DeFiTuna Value $743.92. Up $25.09 from yesterday. @prjx_buddy Position: WHYPE/USDC, $3,208.11. Up $7.28 from yesterday. @Uniswap Position: NFLX/USDG, $1,011.50. Position: PENDLE/WETH, $1,505.82. Value $2,517.32. Up $32.33 from yesterday. @byreal_io Value $2,836.73. Up $47.04 from yesterday. @protocol_fx Vesting cvxFXN and FXN rewards. Value $743.11. Up $25.21 from yesterday. @ConvexFinance Staked cvxFXN. Value $382.35. Up $12.92 from yesterday. LIQUIDITY PROVISION PnL: Value $10,431.54 The edge isn't in the trade. It's in the wait. 🥂 DarkLord_gr Out.

DAY 348 // FULL POSITION BREAKDOWN Market check. BTC $81,875.26, down 1.51% on the day. ETH $2,429.34, down 3.01% on the day. Fear and Greed at 51. Total market cap $2.75T, down 1.76%. TRADING @HyperliquidX Position: ETHFI 3x, margin $256.58, up $138.18. Position: BTC 7x, margin $22.47, up $0.10. Down $69.16 from yesterday. @pendle_fi Value $588.35. Down $0.33 from yesterday. @boros_fi Wallet 1: $2,670. Wallet 2: $1,328. Total $3,998. Down $29 from yesterday. @Variational_io Position: JUP, up $258.45. Position: PONS, down $604.08. Total down $345.63. Up $60.64 from yesterday. @Lighter_xyz Position: PENDLE 3x, margin $1,598.97, up $337.87. Position: SOL 3x, margin $323.43, up $0.22. Position: ETH 4x, margin $19.80, down $1.24. Total $336.85. Down $118.18 from yesterday. @PhoenixTrade Position: LIT long 7.6x, value $150.65, down $58.57. Down $11.97 from yesterday. Leverage moved from 5.1x to 7.6x. TRADING PnL: Total $70.93 / Value $4,586.61 FUNDING RATE ARB @zyphex Value $8,031.64. Position: hedges across multiple exchanges, funding today +$6.73. Up $1.58 from yesterday. FUNDING RATE ARB PnL: Value $8,031.64 / Funding today +$6.73 LIQUIDITY PROVISION @DeFiTuna Value $718.83. Down $42.78 from yesterday. @prjx_buddy Position: WHYPE/USDC, $3,200.83. Up $2.84 from yesterday. @Uniswap Position: NFLX/USDG, $983.45. Position: PENDLE/WETH, $1,501.54. Value $2,484.99. Down $43.42 from yesterday. @byreal_io Value $2,789.69. Down $64.82 from yesterday. @protocol_fx Vesting cvxFXN and FXN rewards. Value $717.90. Down $14.66 from yesterday. @ConvexFinance Staked cvxFXN. Value $369.43. Down $7.22 from yesterday. LIQUIDITY PROVISION PnL: Value $10,281.67 The edge isn't in the trade. It's in the wait. 🥂 DarkLord_gr Out.