Boros
AuditedTrendingBoros is Pendle's on-chain funding-rate trading venue on Arbitrum, letting traders hedge or speculate on perpetual funding rates on margin by trading Yield Units (YU) — effectively an interest-rate swap with an order book.
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The Problem
Perpetual futures funding rates are one of the largest and most volatile cash flows in crypto, yet traders have had no way to hedge them. A basis trader or perp holder is forced to accept an unpredictable floating cost that can invert violently, and anyone with a view on where funding is heading has no instrument to express it.
The Solution
Boros tokenizes floating funding rates into Yield Units (YU) with fixed maturities, traded on margin through a central limit order book. Buying YU swaps a fixed payment for the floating rate; selling YU locks in today's rate. This converts an unhedgeable floating exposure into a fixed one, or into a directional position.
Why it Matters
The first and only on-chain venue for funding-rate futures, creating the Interest Rate Derivatives category outright with no meaningful competitor. It is the only place to trade funding-rate spreads across seven exchange venues on-chain, and it is already extending the primitive beyond crypto into TradFi rate exposure.
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View allFrequently asked questions about Boros
What is Boros?+
Boros is a Yield protocol operating on Arbitrum. Boros is Pendle's on-chain funding-rate trading venue on Arbitrum, letting traders hedge or speculate on perpetual funding rates on margin by trading Yield Units (YU) — effectively an interest-rate swap with an order book.
How does Boros work?+
Boros tokenizes floating funding rates into Yield Units (YU) with fixed maturities, traded on margin through a central limit order book. Buying YU swaps a fixed payment for the floating rate; selling YU locks in today's rate. This converts an unhedgeable floating exposure into a fixed one, or into a directional position.
Is Boros safe?+
DeFi Sentinel rates Boros A with a safety score of 77/100, indicating low-to-moderate risk. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Boros has 3 audits on record. DeFi Sentinel's analysis flagged 1 high, 4 medium, 5 low risk alerts across Sustainability & Competitive Position, Smart Contract & Technical Risk, Economic Design & Market Risk and Governance & Centralization. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
What is the safety score of Boros?+
Boros has a DeFi Sentinel safety score of 77/100 (rating A), last updated July 19, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Which chains does Boros support?+
Boros is deployed on Arbitrum.
Has Boros been audited?+
Yes. Boros has 3 audit reports on record from firms including ChainSecurity, Spearbit, WatchPug. Audit reports and dates are linked under the Resources tab on this page.
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