⚡ Looking at the speed, this may be the easiest market to make money in currently Boros—— I just found out that @ boros_fi has launched BNB, with initial support for Binance and Hyperliquid markets. Friends who have been doing BNB lending, hedging, and paying interest rates should remember to pay attention, as it has added another great place for financial management! There are several crucial details in this update—— BNB can be directly used as collateral No need to prepare gas such as ETH/Arbitrarum You can open a position by directly transferring BNB from Binance I have actually used it and can feel that Boros is indeed relying on the usage habits of CEX users. As long as you know how to use Binance's perpetual contracts, you can basically get started with Boros without learning any additional processes. This step will directly affect the types of users that Boros can reach in the future, not just DeFi natives, but those large capital pools that already have high-frequency rolling rates in CEX! The most noteworthy thing is the launch of the BNB special label. Simply put, a conclusion—— BNB should be the closest market to "rule based money giving" on Boros at present. Why do you say that? According to @ 0xanonnnn's observation, different exchanges have different pricing mechanisms for BNB funding rates: one ️⃣ On Binance, BNB's benchmark funding rate fluctuates around 0% in the long term; two ️⃣ In Hyperliquid, using the standard model, the average rate of BNB will regress towards around 10% over the long term. Simply translate it—— Similarly, BNB has natural and long-term differences in its expected cost of capital across different exchanges. In one place, BNB's contract has almost no rent for a long time; In another place, long-term investment requires a significant cost of capital. Damn it, anyone who understands what this means in the world of arbitrage knows! However, this type of operation is closer to structural arbitrage across markets and pricing systems, and is suitable for those who are familiar with margin and position management. If we look at it from a practical operational perspective, the most easily understood usage of BNB in the Boros market by ordinary novices actually revolves around "hedging"—— For example, if you have BNB spot in your hand and short BNB contracts on BN or HL to hedge price risk and also take advantage of funding rates. In this structure, price is not the core variable, what truly affects the results is whether the funding rate remains positive. Once the rates turn negative, the established arbitrage logic will be eroded, and even result in direct reverse losses. Boros provides a very specific tool: When you see a clear Implied APR in the corresponding market, you can choose to short YU on Boros and lock the funding rate level during this period near the current quote. In this way, the fund rate expenditure in your hedging structure will not fluctuate randomly, but will depend more on the interest rate spread at the time of opening the position. These days, if you know how to use Boros to renew BNB, you can effectively control the cost of hedging. That's why I feel that this update is crucial for Boros itself and is likely to attract a large number of new CEX users. Recalling a report I came across a few days ago, the data shows that by 2026, Boros' scale has achieved rapid growth—— The open interest size is approximately 190 million US dollars; Placed in the entire 160-170B PERP market, it accounts for approximately 0.1%. Looking at it from a different perspective, Boros still has a lot of room for growth: If Boros is only used as a new toy by a few DeFi users, then the space is indeed limited; But once it starts to be used as a daily tool by users such as CEX hedging and fund rate arbitrage, the growth logic will be completely different. Per market OI~$160-170B, Boros only needs to achieve a 2% penetration rate, and under the existing fee structure, it may bring an incremental handling fee of more than 15% to @ pendle_fi! So the strategic significance of Boros can be imagined, for Pendle it is the second completely independent growth curve. You can join Pendle's Chinese community and see more of the big shots sharing their real-life experiences and reviewing their ideas: https://t.me/PendleFinance_CN It's best for those who play contracts to learn how to earn this money. You can use my invitation code to register for Boros and enjoy a 10% swap fee discount: https://boros.pendle.finance/join/BITWU PENDLE @tn_pendle