Pendle Boros Tokenizes Funding Rates, $950M in 2 Months
Pendle launched Boros in August 2025, the first on-chain platform to tokenize perpetual swap funding rates into standardized YU derivatives. Traders can go long or short on funding rate derivatives with 8-hour settlements on Binance and 1-hour on Hyperliquid, using up to 3× leverage. In two months, Boros recorded $950 M in volume, $61 M open interest, over 11,000 users and $730 K in annualized revenue. Liquidity providers earn swap fees, PENDLE rewards and vault APYs up to 60%. All protocol fees flow back to PENDLE and vePENDLE holders, contributing to a 40% spike in PENDLE price. With a $2.5 T daily funding rates market and only 0.03% captured, Boros plans to add SOL and BNB, integrate Bybit and OKX, raise leverage caps, expand vaults and launch a referral program—targeting 3% market share and up to 100× growth.
Bullish
Boros’s rapid adoption and $950 M volume in two months demonstrate strong demand for on-chain funding rate derivatives. Short-term, high trading volumes, leverage and vault yields boost protocol fees and PENDLE token utility. Long-term, a roadmap to add SOL, BNB, new venues and a referral program, combined with a vast $2.5 T daily market and only 0.03% current capture, highlights substantial growth potential. Revenue backflow to PENDLE/vePENDLE holders and the 40% price spike further underpin a bullish outlook for traders and token holders.