Crypto Traders Can Now Bet on BTC and ETH Funding Rates via Pendle’s New Boros Platform

Pendle Launches Boros, Letting Traders Bet on BTC and ETH Funding Rates

Pendle has rolled out Boros, a new platform built on Arbitrum, offering crypto traders direct exposure to the funding rates of Bitcoin (BTC) and Ethereum (ETH) perpetual futures. The tool introduces a novel way to hedge or speculate on the cost of holding leveraged positions on centralized exchanges.

At the heart of Boros are “Yield Units” (YUs) — tokenized instruments that represent the realized funding yield of 1 BTC or 1 ETH over a fixed term. Traders can go long on YUs if they expect funding rates to rise, or short them if they foresee a drop — effectively creating a new venue for funding rate speculation and hedging.

The platform went live with $10 million open interest caps per market and a maximum leverage of 1.2x, prioritizing system stability and risk management. Pendle plans to expand the offering with new markets — including SOL and BNB — and additional integrations with derivatives exchanges like Bybit and Hyperliquid.

Boros isn’t just for directional traders — it also opens opportunities for liquidity providers. With Boros Vaults, LPs can supply capital, earning swap fees, PENDLE token incentives, and returns tied to shifts in implied annualized funding rates. These vaults echo the structure of Pendle’s fixed yield vaults, designed to bootstrap early liquidity.

To further drive engagement, PENDLE incentives will be distributed based on order volume and filled notional, with a referral program and fee rebates on the roadmap.

By bringing on-chain access to one of the most actively traded metrics in crypto derivatives, Boros adds a new layer to the DeFi toolkit — bridging centralized funding dynamics with decentralized infrastructure.