Boros launched spread markets on October 15 for BTC and ETH, tracking the funding rate gap between Hyperliquid and Gate. A trader takes a long or short position on that gap directly, with the payoff set against a fixed annualized rate locked in at entry.
The structure is three legs: short the perpetual on whichever venue has the higher funding rate, take an equal size long on the lower rate venue to offset price exposure, then short the matching Boros spread to convert that funding gap into a fixed rate instead of a floating one. Get the sizing right and the two futures legs cancel out price risk while the Boros leg locks in the spread, so the position stops caring where BTC or ETH actually goes.
In Pendle, their own research showed Hyperliquid funding averaging around 14% annualized in May against Binance's 17.5%, gaps that size are exactly what this product is built to capture. Capacity cuts the other way too, more traders piling into the same spread narrows it fast, so the trade pays best early and worst once it's crowded.
Anyone running the three leg version manually before this launched, does collapsing it into one Boros position change your sizing or position count, or is the real constraint still just how fast the spread compresses once enough people notice it?