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Pendle
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Pendle

DeFi · Decentralized Yield Services+1
OverviewChartsMonitoringResearchNewsMarketsToken UnlocksAboutPendle
OverviewChartsMonitoringResearchNewsMarketsToken UnlocksAboutPendle
OverviewFinancialsPENDLE TokenMarketsTerm StructureBorosPT LoopingDeFi Integrations
Pendle: Boros Revenue

Boros protocol revenue by fee source

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Boros

Boros is Pendle's margined venue for trading interest-rate swaps on Arbitrum, letting users go long or short a market's floating rate (currently CEX funding rates) against a fixed rate via a CLOB + AMM. Positions are margin accounts, not tokens, and settle continuously against each market's funding index until maturity.

Use Cases

  • Hedge funding costs: Perp traders and cash-and-carry desks pay fixed and receive floating to convert unpredictable funding into a known cost.
  • Speculate on rates: Long or short a market's rate to take a directional view on where funding will move, without exposure to the underlying asset's price.
  • Arbitrage funding spreads: Go short the high-funding exchange and long the low-funding exchange on the same underlying to lock in the spread.
  • Supply liquidity: LPs provide AMM liquidity to earn trading fees plus PENDLE incentives.

Boros earns taker, OTC, AMM, settlement, entrance, and liquidation fees on trading activity, all flowing into the same protocol revenue pool that funds PENDLE buybacks.

Pendle: Boros Swap Volume

Taker volume on Boros, by direction (the taker's side), source (order book, AMM or OTC liquidity), exchange, underlying and collateral

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Pendle: Boros Open Interest

Open rate positions across Boros markets, by exchange, underlying and collateral

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Pendle: Boros TVL

Margin collateral held by the Boros MarketHub, by collateral asset, margin mode and owner

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Pendle: Boros Collateral Flows

External collateral moving in and out of the Boros MarketHub

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Pendle: Boros Implied Rate

Implied rate on the front contract, open-interest-weighted across Boros markets.

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Pendle: Boros Funding Rate

Realized funding rate on the underlying perpetual, open-interest-weighted across Boros markets.

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Pendle: Boros Carry

Implied rate minus realized funding, open-interest-weighted on front contracts.

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Pendle: Boros Users

Boros wallets holding collateral, holding a position, and trading each day

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Pendle: Boros Liquidations

Liquidated notional on Boros, by direction, collateral, market and exchange

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Pendle: Boros ADL

Auto-deleveraged notional on Boros, by direction, collateral, market and exchange

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Pendle: Boros Top Markets

Largest Boros markets by open interest, with rates, size and holders

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Pendle: Boros LP Vault Deposits

Collateral deposited into Boros AMM vaults, by market status, exchange and collateral

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Pendle: Boros Vault Flows

Gross LP deposits and withdrawals across Boros AMM vaults

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Pendle: Boros Vault Detail

Every Boros AMM vault by full market name, unexpired first

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Term Structure

Pendle: Boros Implied Rates by Asset and Maturity

Open-interest-weighted implied rate per contract, one line per maturity, grouped by underlying asset.

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Pendle: Boros Term Structure

Open-interest-weighted implied rate across maturities

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