Pendle Introduces Boros: Pioneering a New Paradigm for Funding Rate Trading

2025-08-06 22:14

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Pendle 宣布正式上线 Boros，一个专为资金费率交易与对冲而设计的链上平台，标志着其构建完整收益交易生态的重要一步。

Article Source: Pendle

Boros is launching with support for the funding rate of BTC and ETH perpetual contracts on Binance, enabling users for the first time to participate in this crucial yield market through leverage, unlocking new strategies and risk management tools for institutions and DeFi-native traders. Users can long or short Yield Units (YUs) to take directional bets on the funding rate or effectively hedge their own funding rate exposure.

As Boros is being introduced, Pendle's Total Value Locked (TVL) surpasses $7 billion, reflecting a strong demand in the DeFi space for yield strategies. Building on this momentum, Boros expands into a new market direction—the funding rate market, which sees a daily trading volume of $150–$200 billion in crypto perpetual contracts but has lacked effective on-chain coverage.

To ensure a smooth launch, Boros will start with a $10 million cap on open interest and 1.2x leverage, allowing the team to observe market risk and optimize trading mechanisms in the early stages. Subsequently, more assets (such as SOL, BNB) will be gradually introduced, and integrations with platforms like Hyperliquid and Bybit will be made, while also expanding into longer-term product structures.

Pendle Co-Founder and CEO TN Lee stated, "The perpetual contract market sees daily trading volumes in the billions of dollars, yet there has never been an on-chain, scalable, permissionless way to hedge or trade funding rates. Boros changes that. This is a product with real-world utility, and its architecture also lays the groundwork for supporting any form of yield in the future."

One immediate use case for Boros is to serve Delta-Neutral protocols like Ethena (current TVL of $9.27 billion). These protocols typically rely on funding rate conditions to maintain returns based on volatility. Boros can act as a key hedging tool to help mitigate the risk of negative funding rates, smooth out return volatility, and enhance return stability during market downturns.

Although Boros initially focuses on the funding rate market, its underlying architecture is highly scalable and can support any revenue source, including DeFi protocols, traditional financial instruments, as well as off-chain assets such as bonds and stocks in the future.

Combined with the already launched Pendle V2 (enabling unlocking and tokenization of DeFi fixed income), Boros becomes the second cornerstone of the Pendle yield economy. Together, they expand the boundaries of yield trading, pushing Pendle further towards a future where "any yield is accessible, tradable, and hedgeable."