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About Boros
Boros is a margin-based yield trading protocol launched by Pendle, currently focused on funding rate trading. Its core product is the Yield Unit (YU) market, where users can go long or short on funding rates, or use interest rate swaps to convert floating funding rates into fixed rates for hedging or speculation. Boros supports funding rates from centralized exchanges such as Binance and Hyperliquid, with plans to expand to other yield categories.
Boros's core competitiveness lies in being the first to allow direct trading of funding rates themselves, rather than via cash-and-carry arbitrage between spot and perpetual contracts. It uses a fully on-chain order book and claims to offer up to 1000x capital efficiency on margin, lowering the barrier to funding rate trading.
Traditional funding rate arbitrage is operationally complex, requiring management of multiple positions and liquidation risks, while funding rate fluctuations are hard to hedge directly. Boros simplifies these through YU markets, enabling users to trade rates directly, lock in spreads, or hedge risks.
In the past six months, on August 26, 2026, Boros and the Pendle team launched an open-source tool called Arbitrage with CrossEx, aimed at reducing the operational complexity of cross-exchange funding rate arbitrage. The tool reportedly has historically achieved annualized returns of over 40% with delta-neutral fixed income. Additionally, Boros has continued to expand supported assets and funding rate sources.
Boros is a funding rate trading protocol launched by Pendle, aiming to tokenize and trade off-chain yields such as funding rates. Key milestones with long-term significance include:
First, Boros launched on the SK Hynix funding rate marketplace. SK Hynix is a major Korean semiconductor company, and this market allows users to trade funding rates for its perpetual contracts, marking Boros' expansion from crypto assets to traditional stock-related yields, providing a broader asset class for on-chain trading.
Second, Boros officially released version 1.0 and launched a referral program. The 1.0 release signifies the platform's transition from testing to maturity, while the referral program incentivizes user growth to expand the ecosystem, laying the foundation for future adoption and liquidity accumulation.
These milestones reflect Boros' progress in building cross-asset yield trading infrastructure, which could drive the integration of DeFi and traditional finance in the long run.
Over the past six months, Boros has achieved cumulative notional trading volume exceeding $21.7 billion, with user numbers up 50% since the start of the year. Key additions include four-legged arbitrage strategies, large-trade acceptance, funding rate data dashboards, a peer-to-peer marketplace, and a new BRENTOIL market. The CrossEx-Boros Terminal now enables 20-40% fixed APR via delta-neutral funding rate arbitrage. Looking ahead, Boros will pivot to cross-platform funding rate arbitrage, prioritizing institutional arbitrageurs, and plans to launch a P2P acceptance market, funding rate visualization tools, and one-click strategy products, further strengthening the on-chain interest rate derivatives ecosystem.
Co-founders:
TN Lee (CEO & Co-founder): Verified real identity. Previously involved with Kyber Network, overseeing expansion in Korea, China, US, and Europe; later founded Dana Labs (construction-tech startup), which failed, then pivoted to create Pendle Finance.
Vu Nguyen (CTO/Chief Engineer): 3-time International Mathematical Olympiad gold medalist, holds a CS degree from NUS, and was lead smart contract developer at Digix.
“GT” and “YK” (pseudonymous co-founders): Identities unknown, no public resumes.
Current core executives:
- Ken Chia (Head of Institutional): At Pendle for 3 years 4 months; previously Head of Institutional at Friktion Labs, Head of APAC at Abra, and COO at Tokenomy; 16+ years of professional experience.