About this Chart

The Boros forward curve: the implied rate the market is quoting today, plotted across contract maturities from the nearest expiry out to the furthest. One line each for ETH and BTC.

The implied rate is the fixed leg - the rate at which the market will swap away floating funding. The slope is the signal: an upward-sloping curve means the market is charging more to lock in a rate for longer.

ETH and BTC only. They are the only Boros underlyings with a real term structure, carrying two or more simultaneous contracts on 91.9% of days - ETH reaches four, BTC three. Every other underlying holds a single contract on roughly 83% of days, which is a point rather than a curve. HYPE, SOL, OIL and the rest are on the Implied Rates by Asset and Maturity chart, which plots each contract against time and reads correctly with only one contract.

Implied rate only. Realized funding is deliberately not drawn here. It measures what the perp actually paid in the past, so putting it on a forward curve mixes two time directions on one axis. Funding by asset and maturity is on the Implied Rates by Asset and Maturity chart, and the implied-minus-funding spread is on the Carry chart.

Open-interest weighting. Every point folds in all venues and both collateral variants of a contract and weights them by open interest - the ETH 25 Sep point 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 shape the curve like a $58m one.

BTC's curve is one contract shorter than ETH's. BTC has not listed the 25 Dec 2026 maturity, so its line ends where ETH's continues. That is a real absence, not a missing series.

Listing day is excluded, because a contract's first day is a near-empty book printing about zero - across 75 contracts it averaged -0.08% implied on $154k of open interest, against 2.56% on $12.5m for middle days.

Mark convention: last traded rate, carried forward, with no staleness filter. A market that did not trade today is still open at its last mark.