Pendle
Onchain metrics, activity and charts for Pendle.
Pendle: Boros Revenue
Boros protocol revenue by fee source
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
Pendle: Boros Open Interest
Open rate positions across Boros markets, by exchange, underlying and collateral
Pendle: Boros TVL
Margin collateral held by the Boros MarketHub, by collateral asset, margin mode and owner
Pendle: Boros Collateral Flows
External collateral moving in and out of the Boros MarketHub
Pendle: Boros Implied Rate
Implied rate on the front contract, open-interest-weighted across Boros markets.
Pendle: Boros Funding Rate
Realized funding rate on the underlying perpetual, open-interest-weighted across Boros markets.
Pendle: Boros Carry
Implied rate minus realized funding, open-interest-weighted on front contracts.
Pendle: Boros Users
Boros wallets holding collateral, holding a position, and trading each day
Pendle: Boros Liquidations
Liquidated notional on Boros, by direction, collateral, market and exchange
Pendle: Boros ADL
Auto-deleveraged notional on Boros, by direction, collateral, market and exchange
Pendle: Boros Top Markets
Largest Boros markets by open interest, with rates, size and holders
Pendle: Boros LP Vault Deposits
Collateral deposited into Boros AMM vaults, by market status, exchange and collateral
Pendle: Boros Vault Flows
Gross LP deposits and withdrawals across Boros AMM vaults
Pendle: Boros Vault Detail
Every Boros AMM vault by full market name, unexpired first
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.
Pendle: Boros Term Structure
Open-interest-weighted implied rate across maturities