How to Boros – Fixing funding rate receivables
In a positive funding environment, traders holding SHORT positions on perpetual exchanges receive funding payments at every interval. Each exchange runs on its own cycle.
However, there are still times when the funding rate suddenly turns negative for a period, causing short positions to pay the funding rate, making it a real cost burden for anyone carrying short exposure.
For example, a short BTCUSDT perpetual position on @okx currently paying 0.001% every 8 hours, equal to about 1% APR.
But, these fluctuations can be hedged by locking in a fixed APR through @boros_fi. This method is especially useful for entities with large funding-rate exposure, such as @ethena_labs.
Instead of accepting a stream of funding that can flip between positive and negative and create uncertainty in future yield, they can swap the floating funding stream into a fixed APR on Boros.
To achieve this, a trader holding a short position on a perp exchange also opens a short YU position on Boros for the same market. The goal is to convert the funding they receive from the perp exchange into a predictable fixed return.
Consider the example below 👇
Currently, a user is holding a 100-BTC short on OKX. The funding rate was previously positive, but it has now shifted to −0.001%.
TN | PendleBoros and 9 othersEvery 8 hours, instead of receiving positive funding, he must now pay funding to Long OI. To neutralize this risk, he hedges by opening a short YU position with the corresponding size on Boros (YU-100BTC-OKX).
Under this setup, every 8 hours on OKX he pays the current funding rate of −0.001% (−1% APR). However, this cost is offset by the short YU position on Boros, where he pays the same underlying APR of −1% (Pay -1% = Receilocksve 1%)  and lock in a fixed APR of 4.15% through the implied APR at the time he opened the position.
Still confused? Here is a quick reminder of how Long/Short YU works on Boros:
TN | PendleBoros and 9 othersA short YU position has two components.
🔹The trader receives a fixed APR, equal to the implied APR at execution.
🔹The trader pays the underlying APR, which is the actual funding rate from the source exchange.
For anyone hedging the funding rate they currently receive, the key variable is the implied APR at entry. If the implied APR is attractive, opening a short YU locks in that level as fixed income. The higher the implied APR, the more favorable the fixed return.
A special 10% fee rebate when you hedge the funding rate by using this link: https://boros.pendle.finance/join/NEONG

Twitter

如何操作 Boros – 固定融资利率应收账款
在资金充裕的环境下，在永续合约交易所持有空头头寸的交易者会在每个结算周期收到资金支付。每个交易所都有其自身的结算周期。
然而，有时资金费率会突然在一段时间内变为负值，导致空头头寸需要支付资金费率，这对任何持有空头头寸的人来说都是一个真正的成本负担。
例如，在OKX上做空 BTCUSDT 永续合约，目前每 8 小时支付 0.001% 的收益，相当于约 1% 的年化收益率。
但是，可以通过 @boros_fi 锁定固定年利率来对冲这些波动。这种方法对于融资利率风险敞口较大的机构（例如 @ethena_labs）尤其有用。
与其接受可能正负波动、导致未来收益不确定性的资金流，不如将浮动资金流换成 Boros 的固定年利率。
为了实现这一目标，在真实交易平台持有空头头寸的交易员同时也会在Boros交易所开立同一市场的YU空头头寸。其目的是将从真实交易平台获得的资金转化为可预测的固定收益。
请看下面的例子👇
目前，有一位用户在OKX上持有 100 个BTC的空头头寸。资金费率此前为正，但现已转为 -0.001%。
TN | PendleBoros 和其他 9 人 每 8 小时，他不再获得正资金，而是必须向多头 OI 支付资金。为了对冲这种风险，他通过在 Boros 上开立相应规模的 YU 空头头寸 (YU-100BTC-OKX) 来进行对冲。
在这种设置下，他在OKX上每 8 小时需支付 -0.001% 的当前资金费率（年化收益率 -1%）。然而，这部分成本会被他在 Boros 上的 YU 空头头寸所抵消，他在该头寸上支付的底层年化收益率同样为 -1%（支付 -1% = 锁定 1%），并通过建仓时的隐含年化收益率锁定 4.15% 的固定年化收益率。
还是不明白？这里快速回顾一下波洛斯套牌中长/短YU的运作方式：
TN | PendleBoros 和其他 9 人做空 YU 的仓位有两个组成部分。
🔹交易者获得固定年利率，等于执行时的隐含年利率。
🔹交易者支付基础年利率，即源交易所的实际融资利率。
对于任何对冲当前融资利率的人来说，关键变量是建仓时的隐含年利率。如果隐含年利率诱人，开立空头YU仓位即可将该利率锁定为固定收益。隐含年利率越高，固定收益就越可观。
使用此链接对冲融资利率，即可享受 10% 的特别费用返还：https://boros.pendle.finance/join/NEONG

谁才是这场游戏的幕后操作者？

「合法」的收割？特朗普夫妇 Meme 币狂欢背后的利益链与丑闻

尽管与加密大盘代币的相关性高达 0.9，小盘代币却未能提供任何多元化价值。

小盘代币跌至四年低点，「山寨牛」 彻底没希望了？

即使 Ripple Labs 就 RLUSD 稳定币发布了重大公告， XRP价格仍然处于熊市，并跌破了 2 美元的重要支撑位。
概括
周一， XRP价格继续下跌…