On December 22, Pendle's funding rate trading platform, Boros, announced on social media that its open interest in the protocol had surpassed $200 million, setting a new record. Since its launch in August, in just about 4.5 months, the platform's notional trading volume has also exceeded $6.3 billion.
The official statement indicates that users can achieve an average fixed annualized return of 5.98% to 11.4% through cross-perpetual contract funding rate arbitrage using Boros, between the BTC and ETH markets on Hyperliquid and Binance. This return is 2 to 4 times higher than traditional low-risk strategies such as AAVE lending and ETH staking, while maintaining zero directional price exposure. Unlike traditional arbitrage strategies that face funding rate volatility risk, the Boros strategy locks in a fixed return upon entry.
