⚡️A financial management method very suitable for BTC/ETH holders——
After writing about Pendle Boros last time, many people wondered if this is only suitable for institutional players like Ethena.
Actually, it's not. Retail investors holding BTC/ETH spot can also easily use @boros_fi for simple arbitrage!
👇👇 Here’s the easiest way to get started
Hold BTC spot (the basis for price hedging) + short BTC perpetual contracts (collect funding fees) + short BTC-YU (lock in high funding rates)
Assumption: You hold 1 BTC (price $100,000), 90-day cycle, short YU on Boros locking Implied APR=8%.
Scenario 1⃣: Funding rate remains at 8% throughout (consistent with the locked rate)
Perpetual short funding fee income: $100,000 × 8% × (90/365) ≈ $1,972
Shorting YU income: actual rate = locked rate, no profit or loss → $0
Total income: $1,972 + $0 = $1,972 (8% annualized)
Scenario 2⃣: Funding rate drops to 5% (lower than the locked rate)
Perpetual short funding fee income: $100,000 × 5% × (90/365) ≈ $1,232
Shorting YU: profit = income corresponding to (locked rate - actual rate)
$100,000 × (8% - 5%) × (90/365) = $740
Total income: $1,232 + $740 = $1,972
Scenario 3⃣: Funding rate rises to 11% (higher than the locked rate)
Perpetual short funding fee income: $100,000 × 11% × (90/365) ≈ $2,712
Shorting YU: loss = cost corresponding to (actual rate - locked rate), $100,000 × (11% - 8%) × (90/365) = $740
Total income: $2,712 - $740 = $1,972
So no matter how the rates change, the perpetual “profit/loss” and YU’s “loss/profit” will always offset each other, and the final income you can get is the Implied APR you locked in on Boros.
Moreover, it does not affect your spot position, making it very suitable for us who do not plan to liquidate in the short term!
By the way, Boros is really impressive! It has only been online for 9 days, and technically it has been on a steady rise——
- TVL increased from $1.78M to $2.75M (+53%)
- Trading volume reached $111.4M
- Opening limit has been raised multiple times to $28.55M
- @pendle_fi token price increased by 41.9%
Market demand is still quite strong!
I strongly recommend you to start with a small position to try it out. Those who have previously used Hyperliquid, understand funding rates, should find it easy to grasp the Boros product!
Stealing a picture from @defi_mago to help with understanding——
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