what's boros?
Boros is a yield trading protocol built on Arbitrum by the Pendle team, specializing in tokenized funding rates from crypto derivatives markets. It allows users to trade and leverage exposure to perpetual funding rates, turning interest rate fluctuations into direct profit opportunities and enabling advanced risk hedging strategies. The protocol features a hybrid AMM and CLOB design for on-chain trading, integrating Chainlink oracles for accurate data feeds. Boros supports delta-neutral yield farming and arbitrage between exchanges like Hyperliquid and Binance, offering fixed yields without price volatility exposure. It has seen significant trading volume and milestones, including bug bounties and oracle integrations to enhance security and functionality.
Boros launched a Telegram bot for wallet connection, position tracking, and APR monitoring.
contract
hyperevm
Launched Telegram bot (Boros Info Bot) for wallet connection, position tracking, and monitoring of Implied/Underlying APR across markets.
Reached 100-200 BTC in positions for funding rate hedging.
Scheduled to launch SOLUSDC market (Hyperliquid / Lighter) on 2026-04-26.
Added SOL, XRP, BRENTOIL perpetual futures (exp. 2026-04-23), XYZUSDC 24APR, and ETHUSDC 26APR pairs on Binance, Hyperliquid, OKX, Bybit. Also launched a WTI crude oil market (31.5% fixed APR, exp. April 21, 2026) and CLUSDT, BZUSDT, WTIOIL, BRENTOILUSDC markets with 2026-05-14 maturity.
Featured in The Castle Chronicle #162 special feature published on March 10, 2026.
Featured in a live discussion covering STRC yield, MERKL incentives, Pendle UI updates, potential OIL integration, and Aavethena vault developments.
Now operates under Safe Harbor protection with SEAL Org as of February 2026.
Offers USDT collateral markets with limit order placement for BTC, ETH, WTIOIL; launched Q2 June maturities across ETH, BTC, Silver markets; plans ETHUSDT, ETHUSDC funding rate markets on Binance, OKX, Hyperliquid on 2026-06-25.
Plans to launch SILVERUSDC funding rate market on Binance on 2026-06-25.
Resumed CLUSDC-Crude Oil funding rate market on Hyperliquid with updated risk parameters, running approximately -300% annualized funding rates on WTI crude perpetual contracts during April 8-14, 2026 roll period.
Offers PENDLE token incentives to liquidity providers as APR instead of hourly, and for limit orders on select markets, with some offering up to 1000% APR.
Integrated with Entropy data to receive support for the protocol on Arbitrum.
Added new trading pairs BNBUSDT and BNBUSDC (BN and Lighter venues) with maturity on 2026-03-27.
Locked in 30% funding on silver positions as of early March 2026.
Reached new all-time highs in TVL, $12B cumulative volume, $270M peak open interest, and $11.5B notional trading volume in February 2026.
Achieved all-time high fees in January 2026.
Added SOLUSDC, Lighter SOLUSDC funding rate markets (USDT collateral), HYPEUSDC trading pair, and a long HYPEUSDT funding rate product (YU on Bybit) with fixed 4.27% and floating 10.95% rates on Hyperliquid and Bybit, maturing March 27, 2026.
Reached $10B trading volume within six months.
Begins PENDLE buybacks using Pendle yield within the week starting 2026-02-09, includes Boros fees in funding.
30% of PENDLE supply is staked across vePENDLE and sPENDLE as of 2026-02-09.
Launched XAU and XAG funding rate markets in February 2026, reducing funding costs for silver positions by approximately 85%.
Featured in Revenue Meta podcast episode on The Edge Pod discussing onchain equity/RWA perpetuals growth, expanding markets and venues as part of 2026 strategy.
Added XRPUSDT and XRPUSDC trading pairs (BN and HL venues) with 2026-03-27 maturity.
Released new features in December 2025 and integrated into Wayfinder SDK v0.9.0 as a vault split strategy feature.
Launched funding rate arbitrage feature, listing the OKX rates market for Hyperliquid and OKX, offering 30% APR using Yield Units, with step-by-step breakdowns for funding arbitrage strategies.
Ranks in the top 10 perpetual dexes by Open Interest as of March 25, 2026.
Offers up to 3x leverage on markets to amplify fixed yield opportunities; a top USDT leaderboard trader achieved 2x return in a single APR arbitrage trade. Featured in Linn's Leverage newsletter issue #918.
A collaboration between OKX and the platform is announced.
Launches ETHUSDT vault offering 36.80% APR through March 27, 2025. Releases external analytics dashboard on Dune alongside Pendle Finance, displaying portfolio and vault metrics; 2025 milestones announcement planned this week with future trades and order book data.
The platform adds a HYPEUSDT Binance market expiring on December 25th.
Deploys agent stack including MCP, Skills, and AI-compatible documentation across Pendle V2; adds Fear & Greed Index, Moon Phases, and Live Asset Price overlays as trading indicators. CryptoHayes mentions.
Launched OTC desk and NASDAQ market, executed OTC rate swap transaction.
The protocol has $6M in TVL with ramping volume.
Launched S&P500 funding rate market.
HYPE funding rates drop significantly on the platform.
Boros reaches $1B in trading volume within 1.5 months, 10× faster than its V2 launch.
HYPE funding rate market goes live on the platform.
The platform sits on steady $30M daily volume and substantial open interest.
Six new markets deploy on the platform: Gaib, Yuzu, Term, Plume, YieldNest, and Midas.
New market launches this week.
Expands to support assets beyond BTC and ETH, adds Gate exchange to existing Binance and Hyperliquid platforms, and introduces calculators and UI/UX improvements.
Launched trading of funding rates, the first on-chain venue for native funding rate trading, built by the Pendle team.
Crossed $1 billion TVL all-time high (up from $850M). October monthly revenue reaches $4.5M, and BitMEX features article.
Reached all-time high volume of $338.5M
21shares launches a PENDLE ETP on 6 Swiss exchanges. Pendle reaches its highest monthly revenue at $4.25M and becomes the 2nd largest protocol on Plasma with $850M in TVL. New Boros pools launch including ETHUSD 28-NOV on Hyperliquid (ETH and USDT collateral) and Binance (ETH collateral), plus BTCUSD 28-NOV on Binance (BTC collateral).
Partnered with Arbitrum, listed among top perpetuals platforms building directly on Arbitrum One alongside GMX and Gains Network.
Achieves $2.83 billion in trading volume and $4.7 billion in open interest in under 3 months.
Crosses $1M in annualized fees and generates ~$750K in annualized revenue one month after launch, representing 0.22% of Binance and HyperliquidX open interest.
Boros reaches $1B volume 10x faster than V2 and bridges DeFi/TradFi through RWA partnerships with Robinhood, Stripe, Apollo, and BlackRock.
Launches multiple new pools this week including Reservoir rUSD (26-Feb), Midas mMEV (28-May), Midas mEDGE (28-May), f(x) fxSAVE (30-Apr), Maple syrupUSDC (18-Dec) on Ethereum, Lista slisBNBx (25-Jun), Ethena USDe (29-Jan), Metamask mUSD (29-Jan) on BSC, and liquidHYPE (30-Apr) on HYPE chain. Plasma PT loops integration with Aave goes live.
Two new Strata pools (jrUSDe and srUSDe) launch this week on January 15th, with unspecified major announcements expected.
Boros launches a referral program offering 20% of settlement and trading fees from referred users, with potential earnings of $80K+ per year for $1M in notional referral volume, requiring users to reach $1M in volume to generate referral links.
The platform successfully processed funding rate payouts during recent weekend market chaos without glitches, and funding rates have stabilized after the volatile period.
Platform achieves #5 ranking on DeFillama Perps Volume dashboard with $2.7B in daily volume, up from previous 20th position in 30-day revenue rankings, while currently trading at 18x revenue multiple.
Pendle launches a $500,000 bug bounty program for the protocol on Cantina platform, opening the hybrid AMM and CLOB system for security review.
Chaos Price Oracles go live on the platform.
A promotional code 'DDOJO' is available offering 10% rebate on platform fees.
Users report earning 10.02% APR through farming while benefiting from negative funding rates providing additional 1.61% earnings settled hourly.
The protocol ranks as the 20th highest earning derivatives protocol by 30-day revenue and demonstrates 21.6x higher efficiency than Pendle v2 on a revenue-to-TVL basis.
The platform reports $730K in annualized revenue following its v1 launch.
Platform launches new referral program offering 20% fee sharing to referrers and 10% rebates to referred users, while raising OI caps by 2x, increasing vault caps, and boosting HyperLiquid leverage from 1.3x to 2x.
Boros transitions from soft launch to full launch status.
Crosschain PT functionality goes live and new AI agent 'Pulse' launches for portfolio optimization.
Platform launches Hyperliquid markets, enabling cross-exchange funding rate arbitrage.
Integrated with Pendle as a major vertical within its V2 infrastructure, powered by the $PENDLE token.
Platform reports $61.1M open interest, $524M trading volume, and 11k users one month after going live.
ETH funding rates turn negative for 10 consecutive days, representing a shift from the previously reported positive 5-6% range.
Funding rates have declined further to average about 5%, down from the previously reported low 6% range.
New 3x leverage offering available through Pendle Finance integration.
New 250x leverage offering launched for funding rate trading positions.
Trading platform launches new funding rate yield vertical, doubles TVL to $10.4B in 3 months with $40M annualized revenue.
ETH funding rates continue downward trend to low 6% range, generating 50% of trading PnL through funding payments over seven consecutive days of leveraged collection.
New trading framework combines funding rates, open interest, and liquidation clusters to signal YU entry/exit points.
ETH funding rates turn negative with underlying APR below 5%, while shorting yields 40% APR.
Platform enables simplified delta-neutral and funding-neutral trading through combined farming and shorting strategy.
Funding rate spread widens with 7.52% payment APR versus 1.70% earning APR, creating negative yield scenario for traders.
Funding rate spread creates 7.08% net APR yield opportunity with 8.36% receiving rate against 1.28% floating rate per 8-hour period.
ETH funding rates reach new high of 10.95% while enabling 33% ROI yield farming over 33-day period.
Perp funding rate increases drive higher sUSDe yields and USDC/T borrow rates, creating yield optimization opportunities.
Weekly trading volume reaches $140M as leverage utilization increases from 1.4x to 1.9x, indicating accelerating platform adoption.
Protocol reaches $111.4M in total notional volume with combined open interest of $33M across BTC and ETH markets, while ETH funding rates surge 35.4% from 6.87% to 9.30% in one week.
Novel yield trading mechanism allows 7% daily ETH yields through rate percentage trading instead of price trading.
Protocol achieves $3.7M 24h volume and $10.2M open interest, indicating strong market adoption post-launch.
Protocol increases OI cap to $28.55M and vault caps to $100k BTC/$125k ETH, marking significant expansion in trading capacity.
Protocol launches on Arbitrum with BTC-USDT and ETH-USDT funding pairs, implementing 8-hour settlement cycles and directing 80% of fees to vePENDLE holders.
Protocol raises OI cap to $20M and vault cap to $80k within 5 days of launch, marking third capacity increase.
ETH price surge of 20% drives protocol APY from 5.09% to 9.49%, delivering 4.3x returns without leverage.
Protocol enables conversion of Ethena's variable funding rate exposure into fixed-yield synthetic futures through YU products.
Historical data shows 65-70% win rate for short positions against current 7.1% funding rate, with Binance BTCUSDT funding typically trading below this level in 2025.
Trading platform hits capacity within 24 hours, raising BTCUSDT OI cap from $10M to $15M with $36M total volume.
New risk infrastructure partnership implements dynamic margin models and auto-deleveraging mechanics, with potential integration pathway for Ethena Labs' $10B TVL protocol.
New fixed 7.11% APR product launches for BTC funding rate exposure, offering both payment and receivable options.
YU-BTCUSDT trades at 7.09% Implied APR versus 10.44% Underlying APR, presenting 47% upside potential over 50 days if funding rates maintain.
Caladan confirmed as sole market maker, with platform expansion planned for SOLANA and BNB markets on Bybit and Hyperliquid exchanges. New vault system launching soon offering PENDLE incentives and swap fee revenue.
New funding rate trading platform launches on Arbitrum with $10M Open Interest cap and 1.2x leverage, starting with BTC & ETH Binance markets.
Protocol implements new fee structure: swap fees reduced to 1.3% and YT yield fees increased to 7%, with dynamic incentive caps based on pool performance.
Integration with Pendle launches soon for funding rate hedging capabilities.
Platform expands yield sources to include mortgage rates and U.S. T-Bills, extending beyond DeFi to capture traditional finance yield opportunities.
Principal Token collateral reaches $2.7B TVL while LP tokens hit $50M in collateral usage across DeFi protocols; expanding to cross-chain capabilities and TradFi through Pendle Permissioned.
Major institutions (Arca, Spartan, Hashkey, Binance Labs) accumulating positions while expanding to Solana, TON, and Hyperliquid chains.