Boros, the funding-rate trading protocol associated with Pendle, officially launched its native spread markets on October 15, 2026, initially covering ETH and BTC using funding rates from Hyperliquid and Gate. This innovation allows traders to hold a single position representing the gap between funding rates on two exchanges, significantly simplifying previously complex arbitrage strategies. The protocol has already processed over $20 billion in notional trading volume, with some strategies generating fixed APR yields ranging from 5% to over 35%. Without launching a new token, Boros extends its solution beyond single-venue funding-rate markets, making these strategies accessible to traders who lacked the infrastructure to run 4-leg arbitrage setups.
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