Boros launches BTC and ETH spread markets for funding rate gaps

Boros, a funding-rate trading protocol associated with Pendle, has launched native spread markets for Bitcoin (BTC) and Ether (ETH). These markets allow traders to take positions on the difference between perpetual-futures funding rates on two different venues: Hyperliquid and Gate.

Previously, capturing the gap between exchange funding rates required traders to manage multiple positions and separate collateral commitments. Boros’s new instrument packages this gap into a single trade, allowing users to bet on whether the funding difference between the two exchanges will widen or narrow. The markets do not hedge against changes in the underlying asset prices of BTC or ETH.

In these markets, a long position pays a fixed annual percentage rate (APR) to receive the floating spread, while a short position receives the fixed rate and pays the floating spread. Settlement occurs every eight hours using the average of Hyperliquid’s hourly rates since the previous settlement. Boros noted that it is not launching a new token alongside this product, maintaining its focus on on-chain funding-rate trading.