温馨提示:本站仅提供公开网络链接索引服务,不存储、不篡改任何第三方内容,所有内容版权归原作者所有
AI智能索引来源:http://www.bee.com/vi/55002.html
点击访问原文链接

Funding Rates Finally Become a Tradable Asset: How Will Pendle’s Sub-Platform Boros Disrupt the Arbitrage Market?Recomme | Bee Network

Funding Rates Finally Become a Tradable Asset: How Will Pendle’s Sub-Platform Boros Disrupt the Arbitrage Market?Recomme | Bee Network Login Tin tức thịnh hành Nền tảng khởi chạy meme Các tác nhân trí tuệ nhân tạo (AI) DeSci TopChainExplorer Dành cho Newbee Tiền xu 100 lần Trò chơi Ong Trang web cần thiết ỨNG DỤNG Phải Có Người nổi tiếng về tiền điện tử DePIN Tân binh cần thiết Máy dò bẫy Công cụ cơ bản Trang web nâng cao Trao đổi Công cụ NFT CHÀO, Đăng xuất Vũ trụ Web3 Trò chơi Ứng dụng phi tập trung (DApp) Tổ ong Nền tảng phát triển QUẢNG CÁO Tìm kiếm Tiếng Anh Nạp xu Đăng nhập Tải xuống Đại học Web3 Trò chơi Ứng dụng phi tập trung (DApp) Tổ ong QUẢNG CÁO trang chủPhân tích•Văn bản chính Funding Rates Finally Become a Tradable Asset: How Will Pendle’s Sub-Platform Boros Disrupt the Arbitrage Market?RecommePhân tích7 tháng trước更新Wyatt 27.161 22 Biên soạn bởi Odaily Planet Daily ( @OdailyTrung Quốc )

Translated by CryptoLeo ( @LeoAndCrypto )

Recently, the Pendle team announced the launch of a new platform, Boros, on Arbitrum, through which users can arbitrage and hedge funding rates. Boros will first be traded in the BTC and ETH markets of major exchanges. It uses Yield Units (YU) for trading. Each YU represents the income of 1 unit of collateralized assets (for example, 1 YU-ETH = 1 ETH nominal value income). Friends who often play Pendle should know that this is similar to its YT mechanism. Currently, the Boros market only offers contract transactions for Binance BTC and ETH. Users can obtain PENDLE rewards by trading limit order contracts on its platform. Castle Labs released an introduction and outlook on Boros, which Odaily Planet Daily compiled as follows:

The original text is as follows Pendle has been steadily making progress and has become a hub for on-chain yield farming. Its total TVL recently surpassed $7 billion, a record high.

To get closer to their vision of providing yield on any asset, they launched Boros, which is architected to support any form of yield, including yield from DeFi protocols, TradFi, and assets like bonds, stocks, and other RWAs.

In its initial phase, it will focus on funding rate yields, a largely untapped on-chain market as the contracts space sees daily trading volume of $150-200 billion.

Boros is designed to hedge funding rate exposure or leveraged trading by shorting or longing Yield Units (YUs). YUs represent the yield on one unit of collateralized asset until maturity. For example, 1 YU ETH equals the yield on the notional value of 1 ETH until maturity, similar to how YT (yield tokens) work on Pendle.

Boros will initially support BTC and ETH contract funding rates on Binance, with support for more assets such as SOL and BNB to follow. It will also integrate with Hyperliquid and Bybit. To ensure a smooth launch, Boros will set a $10 million contract position cap and a maximum leverage of 1.2x to allow the team to monitor risks in the early stages.

Products like Delta-neutral stablecoins can benefit from this as they can hedge against negative funding rate exposure, opening up new strategies and risk management tools for institutional investors and DeFi-native traders.

Boros Beyond Retail While Boros complements the suite of yield puzzle pieces Pendle offers, its greatest value-add lies in the value it provides to protocols that leverage funding rate exposure in their products. Protocols like Ethena, which currently has $9.71 billion in TVL, benefit significantly from this, as their delta-neutral strategies have funding rate exposure, which helps boost their stablecoin yields.

Ethena’s stablecoin, USDe, is backed by volatile assets such as BTC, ETH, and LST. To operate in a delta-neutral environment, Ethena hedges these volatile assets as spot positions and uses them as margin by subsequently opening short contract positions.

While Ethena’s positions maintain a neutral delta, it still has to pay the funding rate charged by exchanges, which is one of Ethena’s revenue sources. When the funding rate is positive (long open interest > short open interest), Ethena is profitable because long positions pay the funding rate to short positions.

However, Ethena loses money when funding rates are negative (short positions > long positions) and can benefit from the additional hedging of these funding rates to ensure stable returns during market downturns, which is exactly what Boros can provide.

For example, Ethena allocates 50% of its collateral to different CEXs, including BTC and ETH (the assets initially supported by Boros), with a total collateral deposit of more than $4 billion, and its funding rate may be hedged through Boros.

Boros can bring to the protocol:

The protocol can take a directional view on funding rates;

The agreement can effectively hedge its funding interest rate risk exposure;

Protocols can ensure greater predictability, consistency, and lower output risk.

Tóm lại là The emergence of Boros represents a shift in on-chain yield opportunities, providing retail and institutional investors with more ways to gain exposure to diverse assets and instruments across DeFi and TradFi. It is also the next step in Pendle’s vision to provide access to multiple, and ultimately all, on-chain yield mediums.

Pendle introduced tokenized fixed-income products to the DeFi space, while Boros expands its offerings by leveraging hedging and leverage based on the same foundation of funding rates and returns. Together, these two offerings will expand the reach of returns and propel DeFi forward, enabling anyone to trade and hedge any yield, on or off-chain.

Boros has begun unlocking more funding rate yield strategies by providing a platform to use YU to go long, short, or hedge funding rate exposure.

In the future, Boros will grow and provide benefits that are currently unattainable on the chain.

Bài viết này được lấy từ internet: Funding Rates Finally Become a Tradable Asset: How Will Pendle’s Sub-Platform Boros Disrupt the Arbitrage Market?Recommended Articles

Related: CoinW Research Institute Weekly Report (July 14, 2025 – July 20, 2025) Key Takeaways The total market value of global mật mãcurrencies is $3.97 trillion, up 2.06% from $3.89 trillion last week. As of press time, the total net inflow of US Bitcoin spot ETFs is about $54.75 billion, with a net inflow of $2.39 billion this week; the total net inflow of US Ethereum spot ETFs is about $7.49 billion, with a net inflow of $2.18 billion this week. The total market value of stablecoins is US$268 billion, of which USDT has a market value of US$161.6 billion, accounting for 60.3% of the total market value of stablecoins; followed by USDC with a market value of US$64.46 billion, accounting for 24.05% of the total market value of stablecoins; DAI has a market value of US$5.37 billion, accounting for 2% of the total…

Phân tích #Tiền mã hóa ## định nghĩaTrao đổi #Thị trường #Mã thông báo #Công cụ #© 版权声明Mảng 上一 hình ảnh Trump's TMTG: Q2 Losses $20 Million, Transforms into the Sixth Largest BTC HolderRecommended Articles 下一 hình ảnh "RWA Industry Development Research Report" Released in Hong Kong: The Rise of RWA Is No Accident, Reject Blind OptimismR 相关文章 What to watch next week | Market focus on February CPI data; Movement public mainnet launch (3.10-3.16) 6086cf14eb90bc67ca4fc62b 41.883 1 Interactive Tutorial | Jupiter Launches Trading Card Collection Event with a Total Prize Pool of $1 Million 6086cf14eb90bc67ca4fc62b 16.962 1 EOS Legacy: Can Crypto Exchange Bullish Replicate Coinbase’s Path to IPO?Recommended Articles 6086cf14eb90bc67ca4fc62b 22.377 2 NóngMicroStrategy Stock and Bitcoin: A Deep Look into Their Relationship 6086cf14eb90bc67ca4fc62b 68.412 102 What is RaveDAO? Why are we doing this? 6086cf14eb90bc67ca4fc62b 17.898 2 The Day CZ Missed the Best Investment of His Life, Crypto Missed AI 6086cf14eb90bc67ca4fc62b 7.046 1 Miễn bình luận Bạn phải đăng nhập để co thể để lại một lơi nhận xét! Đăng nhập ngay lập tức Miễn bình luận... Bee.com Cổng thông tin Web3 lớn nhất thế giới Đối tác đồng xuCá chép Binance CoinMarketCap CoinGecko Coinlive Giáp Tải xuống Bee Network APP và bắt đầu hành trình web3 Giấy trắng Vai trò Câu hỏi thường gặp © 2021–2026. Tất cả quyền được bảo lưu. Chính sách bảo mật | Điều khoản dịch vụ Tải xuống ứng dụng Bee Network và bắt đầu hành trình web3 Cổng thông tin Web3 lớn nhất thế giới Đối tác CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors Giấy trắng Vai trò Câu hỏi thường gặp © 2021–2026. Tất cả quyền được bảo lưu. Chính sách bảo mật | Điều khoản dịch vụ Tìm kiếm Tìm kiếmTrong trang webOnChainXã hộiTin tức 热门推荐: Thợ săn airdrop Phân tích dữ liệu Người nổi tiếng về tiền điện tử Máy dò bẫy Tiếng Việt English 繁體中文 简体中文 日本語 العربية 한국어 Bahasa Indonesia हिन्दी اردو Русский Tiếng Việt

智能索引记录