Lolwut for some reason @kinetiq_xyz kHYPE points on Pendle YTs are 5x higher than my original projections Interesting haha

How to Trade Funding Rates on Boros Read this and discover: - How to place trades/positions on Boros depending on your directional bias - How to hedge your margin positions - How to check your margin/profitability on trades Thread:

first 100m pool on hyperevm woo

Funding rates are a continuous source of return (or cost) for every perp trader. They're dynamic, market-driven, and affect every perp position. Until now, there was no way to isolate or hedge that exposure directly in crypto. How @boros_fi by @pendle_fi makes it possible 🧠🧵

This is ten percent luck Twenty percent skill Fifteen percent concentrated power of will Five percent pleasure Fifty percent pain And a hundred percent reason to remember the name

Oh yeaaaa so apparently Intern is a sweet creamy dreamy unique artistic indulgent beautiful avocado shake 🦋

If you think you've seen a zero-to-hero trade, let me introduce you to 0x327. This user: - Started farming @sparkdotfi 2 weeks ago (69% into the program) - Has 13.3b Spark Points (#7 on the leaderboard) Zero or hero? Let's break things down. 👇 ___________________________________ 0x327 has ~$40.5m in USDS exposure on a $174k spend. Something to note - he/she is a CLINICAL trader and their entire position is filled using limit orders. That means they've filled their entire $40.5m position with ZERO price impact and EXACT Implied APY pricing 💅 ___________________________________ Since we're close to 🪂, its preeeeeeeeety easy for us to predict how many points there'll be in total. It's also easy to predict how many points 0x327 will have based on his current position. Intern's guess? About 2.49% of the final $SPK 🪂. ___________________________________ Based on $SPK's FDV of $1.1b, we can project our good lad's RoI depending on different 🪂 allocations. 0.5%? zero 1.0%? hero 1.5%? Hero 2.0%? HERO My personal thoughts? I'm thinking something starting with 'h' +/- a capital letter. NFA NLA NMA MDMA Pendle

Pendle's new product Boros, which took nearly two years to refine, finally launched yesterday. Twitter was buzzing, and TG messages were overflowing. Grandma knows that the community members have been waiting for a long time, and she is incredibly grateful for the enthusiasm of the DeFi community. Yesterday, some friends asked Grandma some questions about Boros PMF, so here’s a summary to share with everyone (Chinese is not my first language, please be kind to Grandma ❤️): The user profile of Boros is more diverse compared to Pendle V2, and the operation and structure of Boros are simpler and easier to understand. From a macro perspective, Boros can cover both DeFi and CeFi players, providing a new trading method for both sides while simultaneously unlocking funding rates as a new stable and reliable source of income. In addition to opening positions on Boros, users can also open positions on exchanges to implement more advanced composite strategies. 💡 Why are funding rates a high-quality and reliable source of income? 📍 No need for "narratives," no need to worry about TGE, no need to calculate points, it's straightforward and simple. There is no dependency on the platform or a single party, and it has good sustainability. 📍 Suitable for various capital sizes, whether small retail investors or large whales, everyone can find a way to participate that suits them. 📍 You can go long on bullish positions and short on bearish positions, with no absolute dependency on market sentiment; it works for both bull and bear markets, allowing for flexible strategy adjustments. 📍 Funding rates are usually updated every 8 hours, and they are publicly transparent parameters on major exchanges, monitored in real-time, fair and reliable. 💡 For professional traders and institutions: Derivatives issuers, especially those at the short end, typically hedge their positions by going long on perpetual contracts. For example, options sellers will hedge on the long side of perpetual contracts, and these positions need to pay funding rates. Boros can help them hedge these funding rate payments. Many funds hold long positions on perpetual contracts for a longer term, and these positions also face funding rates. These are usually hedged elsewhere through OTC or brokers, which is clearly less efficient. Regarding projects like Ethena / Resolv and basis trading, Boros aims to provide them with an additional, more efficient, and reliable operational pathway to hedge their basis trading positions when needed. They are all actively testing Boros and adapting mechanisms that can be implemented in their protocols. Currently, due to the extremely strict risk control measures for the new product launch, there is a very low OI cap. As the OI cap increases and liquidity improves, more large funds will enter the market. For example, when perpetual contracts were first launched, funding rates weren't even a concept; they were just a tool for the operation of perpetual contracts. But now, they have become a source of income for many funds and basis trading positions. Therefore, from various DeFi and CeFi retail players to institutions holding different strategies, and to protocols with related needs, Boros will definitely become an important tool, laying a solid foundation for future rates beyond funding rates, and even for off-chain yield trading pairs. 💡 The data from Boros's first 24 hours is also impressive, having already surpassed: • $15 million in open contracts (increased from the initial $10 million) • $36 million in nominal trading volume • The LP vaults for BTC/USDT and ETH/USDT have been completely filled Everything is running smoothly, and the risk control team will gradually consider increasing the limits. There’s really so much to discuss about Boros, Grandma looks forward to the community members wishing each other prosperity and sharing more! 🔥 We also have a dedicated channel for Boros discussions in Pendle's Chinese community: 📍 Telegram group address: @PendleFinance_CN

Napkin math on the potential impact @boros_fi could have on the revenues of @pendle_fi based on a reasonable market size Pendle could capture. The data points towards a potential revenue increase of 37% annually which is significant. The 15% SAM assumption comes from the average of the DEX/CEX spot and DEX/CEX perp volume ratios. The 10% SOM assumption comes from looking at the market share Pendle has managed to capture for yield tokens. Around 8% of USDS and 12% of SyrupUSDC sits on Pendle. 30% of USDe also sits on Pendle but given the insane amount of looping happening around USDe, felt that skewed the data to the upside. Let me know if I missed out on anything @PendleIntern and congrats @tn_pendle and team on the launch of Boros.

Very significant launch by @pendle_fi. Combined with Pendle's existing PT/YT mechanism for on-chain yields, Boros now covers off-chain yields (CEX funding rates). Perps traders will be able to lock in funding rate costs. Could be very useful for @ethena_labs one day, who could potentially lock in future funding rates by longing YUs when rates are attractive. This transforms variable funding income into fixed income for specific periods. During periods of negative funding (like bear markets), Ethena could have pre-hedged by shorting YUs. This would offset losses from paying funding, stabilizing USDe's yield, and would help to stop the supply contracting during risk off periods (would stop the fudoooors). Obviously early days, and it needs to become battle tested, but think this is a big launch for crypto as a whole. There is still only one token too - $PENDLE Elite team, elite protocol.