Pendle introduces Boros - yield trading with margin

Pendle has launched Boros, a new margin-based yield trading platform that extends the core Pendle design of tokenized yield into the funding-rate and interest-rate derivatives space. Branded as Pendle V3 in some community materials, Boros allows traders to long or short funding rates and other yield streams with leverage, rather than only trading tokenized on-chain yield as in earlier Pendle iterations. The initial focus is on perpetual futures funding rates for major assets such as BTC and ETH from centralized exchanges, with markets live on Arbitrum and designed to expand across additional venues and asset types. Technically, Boros converts floating yield streams (for example, a Binance BTCUSDT perpetual funding rate) into Yield Units (YUs), where each YU represents the yield generated by one unit of collateral (e.g., 1 BTC or 1 ETH) over a defined period until maturity. Traders can open leveraged long or short YU positions using margin, with both cross‑margin and isolated‑margin modes, and are subject to liquidations if collateral falls below maintenance requirements. Boros relies on oracles (following Chainlink’s data standards) to source underlying yield rates and charges a set of fees, including swap fees, open interest fees on the fixed-APR side, and small operational fees tied to transaction counts. Strategically, Boros extends Pendle from a yield-tokenization protocol into a broader on-chain interest rate and funding-rate trading stack, bringing instruments closer to traditional interest rate swaps into DeFi. It lets traders both speculate on and hedge funding rate exposure, including for positions held on centralized exchanges, and is designed to generalize beyond funding rates to other yield categories such as staking yields, bonds, equities and real‑world asset yields. Revenue from Boros flows back into the Pendle ecosystem, with community analyses noting that the team opted not to launch a separate Boros token and instead share a large portion of generated fees with vePENDLE holders, reinforcing Pendle’s position as a leading DeFi yield trading venue.

✨ AI-generated background, compiled from web sources — not editorial content.

More coverage

• 1.28% | ETHUSDC (25 Jun 2026) - Pendle Boros (boros.pendle.finance)
• Boros: Funding Rate Futures on Pendle | OAK Research (oakresearch.io)
• Boros Overview | Boros Docs - GitBook (pendle.gitbook.io)
• What Is Pendle? Yield Trading Beyond Point Meta Explained (gate.com)
• First Look at Boros, Pendle's New Margin Trading for Yields - Spotify (open.spotify.com)

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