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

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如何操作 Boros – 固定融資利率應收賬款
在資金充裕的環境下，在永續合約交易所持有空頭頭寸的交易者會在每個結算週期收到資金支付。每個交易所都有其自身的結算週期。
然而，有時資金費率會突然在一段時間內變為負值，導致空頭頭寸需要支付資金費率，這對任何持有空頭頭寸的人來說都是一個真正的成本負擔。
例如，在OKX上做空 BTCUSDT 永續合約，目前每 8 小時支付 0.001% 的收益，相當於約 1% 的年化收益率。
但是，可以通過 @boros_fi 鎖定固定年利率來對沖這些波動。這種方法對於融資利率風險敞口較大的機構（例如 @ethena_labs）尤其有用。
與其接受可能正負波動、導致未來收益不確定性的資金流，不如將浮動資金流換成 Boros 的固定年利率。
為了實現這一目標，在真實交易平臺持有空頭頭寸的交易員同時也會在Boros交易所開立同一市場的YU空頭頭寸。其目的是將從真實交易平臺獲得的資金轉化為可預測的固定收益。
請看下面的例子👇
目前，有一位用戶在OKX上持有 100 個BTC的空頭頭寸。資金費率此前為正，但現已轉為 -0.001%。
TN | PendleBoros 和其他 9 人 每 8 小時，他不再獲得正資金，而是必須向多頭 OI 支付資金。為了對沖這種風險，他通過在 Boros 上開立相應規模的 YU 空頭頭寸 (YU-100BTC-OKX) 來進行對沖。
在這種設置下，他在OKX上每 8 小時需支付 -0.001% 的當前資金費率（年化收益率 -1%）。然而，這部分成本會被他在 Boros 上的 YU 空頭頭寸所抵消，他在該頭寸上支付的底層年化收益率同樣為 -1%（支付 -1% = 鎖定 1%），並通過建倉時的隱含年化收益率鎖定 4.15% 的固定年化收益率。
還是不明白？這裡快速回顧一下波洛斯套牌中長/短YU的運作方式：
TN | PendleBoros 和其他 9 人做空 YU 的倉位有兩個組成部分。
🔹交易者獲得固定年利率，等於執行時的隱含年利率。
🔹交易者支付基礎年利率，即源交易所的實際融資利率。
對於任何對沖當前融資利率的人來說，關鍵變量是建倉時的隱含年利率。如果隱含年利率誘人，開立空頭YU倉位即可將該利率鎖定為固定收益。隱含年利率越高，固定收益就越可觀。
使用此鏈接對沖融資利率，即可享受 10% 的特別費用返還：https://boros.pendle.finance/join/NEONG

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