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.