Boros, a protocol linked to Pendle, launched native spread markets on October 15, 2026. The new instruments allow traders to bet on the difference in funding rates between Hyperliquid and Gate for ETH and BTC.
Previously, capturing funding rate gaps required complex multi-leg strategies across different exchanges. The new product packages these differences into a single instrument, removing the need for manual hedging and collateral management.
The protocol does not plan to issue a native token. Boros continues to focus on on-chain funding-rate trading, building on its existing Yield Units product, which has processed over $20 billion in notional volume across 170 markets by mid-2026.
Historical data shows that strategies using leverage and specific exchange pairings have yielded between 5% and over 35% APR. Older 4-leg arbitrage setups provided 25-35% APR, while short-dated positions achieved 43-49% APR in select scenarios.
