Source: Pendle

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

The launch of Boros coincides with Pendle's total locked value (TVL) surpassing $7 billion, reflecting strong demand for yield strategies in the DeFi space. Building on this, Boros expands into a new market direction—the funding rate market, which sees daily trading volumes of $15–200 billion in crypto perpetual contracts but has long been inadequately covered on-chain.

To ensure smooth operation in the initial phase, Boros will start with a $10 million open position limit and 1.2x leverage, allowing the team to observe market risks and optimize trading mechanisms in the early stages. More assets (such as SOL, BNB) will gradually be opened, and platforms like Hyperliquid and Bybit will be integrated, while also expanding to longer-term product structures.

TN Lee, co-founder and CEO of Pendle, stated: “The daily trading volume of the perpetual contract market reaches hundreds of billions of dollars, but there has never been a scalable, permissionless on-chain way to hedge or trade funding rates. Boros changes this situation. It is a product with real utility, and its architecture lays the foundation for supporting any form of yield in the future.”

One immediate application of Boros is to serve Delta-Neutral protocols like Ethena (currently with a TVL of $9.27 billion). These protocols typically rely on volatile funding rate conditions to maintain yields, and Boros can act as a key hedging tool, helping them mitigate risks from negative funding rates, smooth yield fluctuations, and enhance yield stability during market downturns.

Although Boros's initial phase focuses on the funding rate market, its underlying architecture is highly scalable, and it can support any yield source in the future, including DeFi protocols, traditional financial instruments, and off-chain assets like bonds and stocks.

Combined with the already launched Pendle V2 (which enables the 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 hedged.”

This article is from a submission and does not represent the views of BlockBeats.

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