Pendle’s Boros Announces Cross-Venue Funding-Rate Spread Markets

Pendle’s Boros announced Spread Markets on Thursday, Oct. 15, giving traders a single position on differences between perpetual-futures funding rates for Bitcoin and Ether across platforms. The Boros Bitcoin and Ether spread markets track the gap between funding rates on two venues. Perpetual-futures funding rates are payments between traders with opposing positions, and they can differ for the same asset across platforms. A Boros position exchanges a fixed rate for a floating one. Its result depends on whether the average realized funding-rate spread is above or below the implied annualized rate when the trader enters. A long spread position benefits if the average gap exceeds that entry rate; a short benefits if it falls below. Going long does not simply collect both venues’ funding payments.

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