Interest Rate Derivatives · Review
ActiveBoros Review 2026: Trading Funding Rates on Margin
Boros is a Pendle-built platform for trading perpetual funding rates with leverage, either to speculate on rate moves or to hedge funding costs. It holds about $8.1M TVL on Arbitrum, but no audits are listed and details are thin.
By the DappsAtlas editorial team · Updated
DappsAtlas score
6.0/10
Mixed
Our verdict on Boros
6.0/10Boros suits experienced DeFi and perpetuals traders who want to speculate on funding rates or hedge funding costs, backed by the Pendle brand and around $8.1M in TVL on Arbitrum. Its main caveat is limited published information: no audits are listed, fees are not public, and leveraged positions can be liquidated. Newcomers should learn funding rates first and use small sizes.
Score breakdown
How Boros scores
- Security
- 5.0/10
- Ease of use
- 5.0/10
- Fees
- n/a
- Features
- 6.0/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Boros?
Boros is a yield-trading platform on margin from Pendle. Its homepage describes it as a way to trade funding rates on leverage, either to speculate on rate shifts or to hedge perpetuals funding rate exposure. DefiLlama classes it as interest rate derivatives.
It runs on Arbitrum and has been listed since August 2025. DefiLlama shows about $8.06M in TVL, up 7.7% over seven days, with no token and no audits listed.
Fees, supported markets, margin rules and team details are not published, so this review covers the concept and the visible risk factors rather than detailed product behavior.
How Boros works
Perpetual futures exchanges charge a funding rate between long and short traders to keep the contract price near the spot price. That rate changes constantly, so it is uncertain. Boros lets users trade that rate as a market of its own.
A trader who expects funding rates to rise or fall can take a leveraged position on that view. Someone who already holds a perpetual position can take an opposite rate position to fix or offset their funding cost or income. The homepage describes both uses: speculating on rate shifts and hedging funding exposure.
Because trading is on margin, traders post collateral and their positions can be liquidated if losses grow too large. Exact margin and settlement mechanics are not public, so users should read the documentation.
5 features
Key features
01
Funding rate trading
Users can trade the funding rate of perpetual markets as its own position, rather than only the price of the underlying asset.
02
Leveraged positions
The platform is margin-based, so traders post collateral and take larger rate exposure than their deposit alone.
03
Rate speculation
Traders can speculate on whether funding rates will rise or fall.
04
Funding rate hedging
Holders of perpetual futures positions can use rate trades to offset the funding cost or income they face.
05
Pendle ecosystem
Boros is built by Pendle, a name already associated with yield trading in DeFi.
Pros and cons
What we like
- Targets a clear niche: tradable funding rates for speculation or hedging.
- Built by Pendle, an established name in DeFi yield trading.
- About $8.1M in TVL, up 7.7% in the past week.
- Gives perpetual traders a way to manage funding-rate exposure.
- Runs on Arbitrum, where gas costs are generally lower than on Ethereum mainnet.
Watch out for
- No audits are listed on DefiLlama, so the security review status is unclear from public sources.
- Leveraged funding-rate trading can lead to fast losses, including liquidation of margin.
- Fee schedule, margin requirements and liquidation rules are not.
- Only Arbitrum is listed, so access depends on that single network.
- Young product, listed since August 2025, with a limited track record.
- Understanding funding rates and yield units is a steep learning curve for newcomers.
Boros fees
Boros fees are not stated. Trading fees, margin requirements, funding mechanics and any settlement costs would be shown in the trading interface and official documentation.
On Arbitrum, users should also expect normal network gas costs when depositing or withdrawing, though the amounts are not published publicly.
Is Boros safe?
DefiLlama lists no audits for Boros, and public sources include no incident history. Smart-contract risk applies as with any DeFi protocol, and the product is young, having been listed in August 2025.
Positions are leveraged, so liquidation risk is the main practical danger. Users keep funds in their own wallet until they deposit margin, but deposited collateral is exposed to contract and market risk. Regulatory status is not stated publicly. Check the official docs for audits and verify the site address before connecting a wallet.
6 steps
How to get started with Boros
- 1
Read the Boros documentation and learn how funding rates and yield units work before depositing.
- 2
Set up a wallet compatible with Arbitrum and fund it with the needed collateral and gas.
- 3
Open the official Boros site and check that the address matches the one on Pendle's official channels.
- 4
Review the available markets, margin requirements and fee display in the interface.
- 5
Start with a small position and understand the liquidation rules.
- 6
Monitor open positions and rate changes, and close or hedge as needed.
Who Boros is for
Boros is for experienced DeFi users who already trade perpetual futures or yield products and want to speculate on or hedge funding rates. It is a poor fit for beginners or anyone unwilling to risk losses on leveraged positions.
Boros FAQs
What is Boros?
Boros is a yield-trading platform on margin built by Pendle. According to its homepage, users trade funding rates with leverage, either to speculate on rate shifts or to hedge the funding-rate exposure of their perpetual positions.
Is Boros made by Pendle?
Boros is built by Pendle, and its address sits under the Pendle Finance domain. The project does not say whether it shares a token or contracts with Pendle's main protocol.
Which blockchain does Boros run on?
DefiLlama lists Arbitrum only. The project does not mention other networks.
Does Boros have a token?
DefiLlama shows no token for Boros, and the project does not name one. Check official channels before trusting any token claiming to be Boros.
Has Boros been audited?
DefiLlama lists zero audits for Boros. That does not prove the code is unaudited, but readers should check the official documentation for audit reports before depositing funds.
Is Boros safe for beginners?
Leveraged trading carries a high risk of loss, and margin positions can be liquidated. It suits experienced users who understand perpetual funding rates and who only risk money they can afford to lose.
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How we checked
Sources
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