This article explains the risks involved in the iBGT/BERA basis trade, highlighting how it can appear "neutral" while being sensitive to funding costs and liquidity issues. Recent market movements revealed that this trade can lead to significant losses during volatility, challenging the assumption of a stable yield.

Boros is a new platform launched by the Pendle team on Arbitrum, allowing users to trade funding rates of BTC and ETH on-chain. It introduces Yield Units (YUs) for trading and aims to expand its offerings while implementing a phased launch focused on risk management and liquidity. The platform envisions becoming a core part of the yield ecosystem, facilitating various financial assets beyond crypto.