BOROS: INTRODUCING FUNDING FUTURES

Summary from the TLDR Crypto newsletter

Boros is a new protocol from the Pendle team that lets users trade and hedge funding-rate yields on BTC and ETH via Yield Units (YUs), each representing the yield from one unit of the underlying asset until maturity. By allowing traders to go long or short YUs and providing isolated liquidity pools (exLSTs), it introduces a standardized, trustless way to fix or speculate on funding exposure. Over time, Boros aims to become a core pillar of onchain yield markets and extend beyond funding rates to bonds, equities, and other real-world assets. Initially capped at $10 million open interest per market and 1.2x leverage, Boros supports Binance BTCUSDT and ETHUSDT funding rates, with vaults offering PENDLE incentives, swap fees, and implied APR gains.