Author: Emperor Osmo; Translator: AididiaoJP, Foresight News
Boros allows you to turn the funding rates of perpetual contracts into assets that can be bought and sold like tokens, completely eliminating the hassle of manual operation every 8 hours. By introducing features such as fixed-income lock-in, cross-exchange arbitrage, liquidation waterfall strategies, and liquidity vaults, its total trading volume has exceeded $6 billion in just 5 months.
For the Pendle team, launching Boros is one of the most successful decisions in recent years.
In just 5 months since its launch, Boros' notional trading volume has exceeded $6 billion, and its open interest recently hit a record high of $268 million.
Despite @boros_fi's rapid growth in various directions, most in the crypto community still don't understand what it actually does. So, what exactly is Boros? Simply put, Boros is a decentralized perpetual contract exchange focused on interest rate swaps. It first transforms the funding rates of perpetual contracts from major centralized and decentralized exchanges into trading instruments. Boros' architecture supports any form of yield source, whether it's a DeFi protocol or a CeFi product. Currently, it tokenizes funding rates into a tradable asset called a yield unit. 1 YU = 1 unit of perpetual contract funding rate. For example, YU-ETHUSDT represents the funding rate return corresponding to 1 ETH notional principal, with different terms such as 25 days and 26 days. How to trade? Going long on YU: Betting that the funding rate will rise (e.g., when the market is bullish, the long position requires higher funding fees). Going short on YU: Betting that the funding rate will fall (e.g., during a market crash or bear market). Alternatively, you can directly settle your long or short YU positions for profit.
Since perpetual contracts have no expiration date, without a funding rate mechanism, their prices could deviate significantly from the spot price.
When the perpetual contract price is higher than the spot price, the funding rate is positive → long positions pay short positions.
When the perpetual contract price is lower than the spot price, the funding rate is negative → short positions pay long positions.
This is essentially a mechanism to keep the perpetual contract price closely aligned with the spot price. On most exchanges, settlement is typically done every 8 hours.
Traditional manual arbitrage method: Buy BTC in the spot market and short an equal amount of BTC in a perpetual contract with 1x leverage. If BTC surges, your spot portion profits; if BTC crashes, your short contract profits. The overall position remains relatively stable, and you also earn funding rates. However, the problem is: funding rates are not stable passive income; they change every 8 hours. You might earn 20% today and lose 30% tomorrow. Boros, on the other hand, allows you to lock in fixed returns or hedge against the risk of declining funding rates without having to manually monitor the market every 8 hours.
Boros aims to become a platform that allows trading in any variable interest rate (such as bonds, stocks, and even traditional benchmark interest rates like LIBOR in the future). It has already listed stocks like NVDA and plans to launch commodities such as gold and silver.
Of course, it still has a long way to go. Currently, Boros' open interest accounts for only about 1.4% of the entire perpetual contract DEX market.
There are many low-risk profit-making methods that are not widely discussed in the community. As a beginner, you may feel confused at first.
A simple method is to follow the experts who have mastered this game. You can utilize Boros' built-in bots and their real-time leaderboard feature.
Simply browse the leaderboard, find consistently profitable traders, and then copy their actions with a single click.
For example, @Rightsideonly netted over 40% on his positions by copying the strategies of profitable wallets on the 7-day leaderboard.
https://x.com/boros_fi/status/2016858987233243349?s=46
When a large number of long or short positions are forcibly liquidated due to sharp market fluctuations, a "liquidation waterfall" occurs.
At this time, the price will deviate significantly from the spot price. Although long positions will receive negative funding rates (i.e., payments), you can capture this instantaneous price difference by shorting YU without bearing the price risk of the underlying asset.
Essentially, you are purely earning "profit," equivalent to obtaining risk-free profits by shorting YU. You can use advanced tools like @coinglass_com to discover these opportunities, or follow X platform accounts like @watcherguru for market alerts: [Image of an image] 3. Cross-Exchange Funding Rate Arbitrage This is one of the easiest ways to make money on Boros. Because each exchange has a different liquidity engine and risk model, their funding rates will never be perfectly synchronized, creating arbitrage opportunities. For example: Exchange A: ETH funding rate is +10% annualized (long position pays) Exchange B: ETH funding rate is +30% annualized (short position pays) At this point, shorting on exchange B is very attractive (earning 30%), while going long on exchange A is less costly (paying only 10%). By simultaneously establishing hedging positions on both exchanges, you can steadily earn a 20% annualized spread while maintaining market risk neutrality. Of course, fees will still fluctuate, and entry timing is crucial; caution is advised when trading. Want to learn more? Boros has a detailed article: [link to article] 4. Personalized Financial Management: Vault Liquidity Provision If you don't even want to trade, Boros also offers a "passive income" solution. Vault LPing is the simplest way to participate. The platform offers vaults with various assets available for deposit. Currently, some vaults offer annualized returns as high as 50%, which is worth considering. Advice for beginners: Initially, funding rate trading may be a bit challenging. It is recommended to pay close attention to Boros' official trading analysis. If you want to learn systematically, their official website has a dedicated tutorial section that will guide you step-by-step to understand how the system works.
Méliuz became the first public company in Brazil to adopt Bitcoin as a main part of its business, buying 274.52 BTC for $28.4 million after shareholder approval. Since its first Bitcoin purchase in March, its share price has more than doubled.
AnaisStudents use ChatGPT to write assignments, professors use it to grade them. With AI adoption rising on both sides, concerns grow that no one’s truly reading or writing.
CatherineOh Sang-rok, CEO of Hyperithm, was invited to a private dinner with Donald Trump for being one of the top 25 holders of the Trump meme coin. He holds about $3 million worth of the coin, making him the 13th-largest holder worldwide.
AnaisTwelve more people have been charged in a cybercrime case involving the theft of over $263 million in cryptocurrency. The gang used hacking and social tricks to steal funds, which they spent on luxury cars, nightclubs, and expensive goods.
AnaisCrypto millionaires are hiring private security amidst a global rise in kidnappings and threats. A recent Coinbase data breach exposing names and balances has only deepened fears. As digital defenses improve, attackers are going offline, targeting individuals instead. But are bodyguards and protocols enough—or just a false sense of safety in a still-vulnerable space?
CatherineFormer Binance executive Vladimir Smerkis was arrested in Russia over alleged $15 million fraud linked to past projects, not the Blum crypto app. Blum says he’s no longer involved, but users now worry the promised airdrop may not happen.
WeatherlyA South Korean woman was sentenced to two years in prison for stealing $500,000 in crypto from her boyfriend and attempting to flee. Her case highlights the global rise in crypto-related crimes, sparking concern among regulators and investors.
KikyoNetflix and YouTube plan to introduce AI-generated ads in 2026, offering personalised, adaptive advertising. While this could improve user experience, it also raises concerns about privacy and surveillance.
CatherineTwelve people were arrested in Hong Kong for laundering HK$118 million using fake bank accounts and converting cash into cryptocurrency. The group ran the operation from a Mong Kok flat and used over 500 accounts tied to online scams.
AnaisThe Australian Federal Police have seized nearly 25 Bitcoin, a luxury waterfront mansion, and a Mercedes-Benz, alleging the assets are connected to a 2013 cryptocurrency exchange hack.
Kikyo