Boros launches spread markets to trade funding rate gaps

Boros, the funding-rate trading protocol associated with Pendle, officially launched its native spread markets on October 15, 2026. The first batch covers ETH and BTC, using funding rates from Hyperliquid and Gate. The pitch is simple. Instead of juggling several positions to capture the gap between two exchanges, traders can now hold one position that represents the gap itself. What Boros actually launched Perpetual futures are derivatives with no expiry date, and they use periodic “funding” payments between long and short traders to keep contract prices tethered to the underlying asset. Those funding rates float. They also differ from one exchange to the next, sometimes by a meaningful margin. Before this launch, capturing that spread could require multiple transactions and separate collateral commitments on each leg. Boros’s new spread markets package the gap into a single tradeable instrument. Traders take a view on whether the funding difference between, say, Hyperliquid and Gate on ETH will widen or narrow, without building the whole structure by hand. Notably, there is no token attached to this. Boros is not launching a new coin alongside the product and remains focused pure...