About this Chart

The implied rate is the fixed leg a Boros trade prints - the rate at which the market swaps floating funding away. Each line is one contract, an asset at a maturity (ETH 25Dec2026), drawn over time. Pick an asset from the group selector to see its maturity ladder; All Assets draws every contract at once.

Open-interest weighting. A line folds in every venue and both collateral variants of the same contract rather than splitting them - the ETH 25Sep2026 line on 2026-09-10 is six markets across six venues carrying $58.5m. Weighting matters because Boros market sizes span orders of magnitude, and an unweighted mean would let a $221k market move a line as much as a $58m one.

Reading the ladder. Lines start when a contract lists and stop at its maturity rather than forward-filling a dead mark, so an asset group shows the ladder rolling through time and the spread between simultaneous maturities is that asset's term structure at a glance. 75 contracts exist across the history, over 13 assets, from 2025-07-29.

Coverage caveat. The per-asset groups are a fixed list, so a newly listed underlying will not get its own group until one is added. All Assets has no such filter and picks up a new asset immediately - check there if an asset seems missing.

Mark convention: last traded rate, carried forward, with no staleness filter. A flat segment means nobody transacted at a different rate, not that a value was invented. Across live market-days 87.9% carry a same-day print, 9.7% are 1-2 days old and 2.4% older. Dropping stale marks would change which markets constitute a line according to who happened to trade.

Negative implied rates are real - perp funding goes negative. OIL prints -94.5% on 2026-09-10 on $221k of open interest. It sits in its own group, so it only compresses the axis for readers who select it.

Related: viz 14199 plots the same rate aggregated to one line per asset across all maturities, and viz 14525 plots it against maturity as a forward curve.