\u6c38\u7eed\u5408\u7ea6\u7684\u8d44\u91d1\u8d39\u7387\u6ce2\u52a8\u5267\u70c8\uff0c\u8ba9\u4ea4\u6613\u8005\u5934\u75db\u4e0d\u5df2\u3002\u73b0\u5728 Pendle \u63a8\u51fa\u9769\u547d\u6027\u5de5\u5177 Boros\uff0c\u9996\u6b21\u8ba9\u8d44\u91d1\u8d39\u7387\u53d8\u6210\u53ef\u4ea4\u6613\u8d44\u4ea7\uff0c\u65e2\u80fd\u5bf9\u51b2\u98ce\u9669\u53c8\u80fd\u6295\u673a\u83b7\u5229\u3002 Boros \u4e3a Ethena \u63d0\u4f9b\u4e86\u7a33\u5b9a\u6536\u76ca\u7684\u89e3\u51b3\u65b9\u6848\uff0c\u66f4\u5f00\u542f\u4e86 DeFi \u5229\u7387\u4ea4\u6613\u7684\u5168\u65b0\u65f6\u4ee3\u3002
\n
<\/p>\n
\u4eca\u5929\u8981\u548c\u5927\u5bb6\u804a\u804a\u4e00\u4e2a\u5f88\u6709\u610f\u601d\u7684\u65b0\u5de5\u5177\uff0dPendle \u4e8e 8 \u6708 6 \u65e5\u63a8\u51fa\u7684 Boros \u5e73\u53f0\u3002\u8fd9\u662f\u4e00\u4e2a\u5168\u65b0\u7684\u94fe\u4e0a\u534f\u8bae\uff0c\u4e13\u95e8\u5c06\u6c38\u7eed\u5408\u7ea6\uff08Perpetuals\uff0cPerps\uff09\u7684\u8d44\u91d1\u8d39\u7387\uff08Funding Rate\uff09\u8f6c\u5316\u4e3a\u53ef\u4ea4\u6613\u7684\u6536\u76ca\u5de5\u5177\u3002<\/p>\n
\u4ecb\u7ecd FUNDING RATE \u673a\u5236<\/p>\n
\u9996\u5148\uff0c\u8ba9\u6211\u4eec\u6765\u4e86\u89e3\u8fd9\u4e2a\u5de5\u5177\u8981\u89e3\u51b3\u7684\u75db\u70b9\u95ee\u9898\uff1a\u6c38\u7eed\u5408\u7ea6\u7684 Funding Rate \u592a\u4e0d\u7a33\u5b9a\u4e86\u3002<\/p>\n
\u5148\u7ed9\u4e0d\u592a\u719f\u6089\u7684\u670b\u53cb\u89e3\u91ca\u4e00\u4e0b\u4ec0\u4e48\u662f\u6c38\u7eed\u5408\u7ea6\u3002\u7b80\u5355\u6765\u8bf4\uff0c\u6c38\u7eed\u5408\u7ea6\u5c31\u662f\u4e00\u79cd\u6ca1\u6709\u5230\u671f\u65e5\u7684\u671f\u8d27\u5408\u7ea6\uff0c\u4f60\u53ef\u4ee5\u4e00\u76f4\u6301\u6709\u4e0b\u53bb\u3002\u8fd9\u5c31\u9020\u6210\u4e86\u4e00\u4e2a\u95ee\u9898\uff1a\u5e38\u89c4\u671f\u8d27\u7684\u5230\u671f\u65e5\u673a\u5236\u80fd\u591f\u8ba9\u671f\u8d27\u73b0\u8d27\u4ef7\u683c\u6536\u655b\uff0c\u4f46\u662f\u6c38\u7eed\u5408\u7ea6\u7f3a\u4e4f\u5230\u671f\u65e5\uff0c\u4e5f\u5c31\u5931\u53bb\u4e86\u8ba9\u671f\u8d27\u4ef7\u683c\u951a\u5b9a\u73b0\u8d27\u4ef7\u683c\u7684\u624b\u6bb5\u3002\u4e3a\u4e86\u8ba9\u5408\u7ea6\u4ef7\u683c\u4e0d\u504f\u79bb\u73b0\u8d27\u4ef7\u683c\u592a\u8fdc\uff0c\u4ea4\u6613\u6240\u8bbe\u8ba1\u4e86\u4e00\u4e2a\u300c\u8d44\u91d1\u8d39\u7387\uff08Funding Rate\uff09\u300d\u673a\u5236\u3002<\/p>\n
\u7b80\u5355\u6765\u8bf4\uff0cFunding Rate \u673a\u5236\u5c31\u662f\u4e3a\u4e86\u589e\u52a0\u83b7\u5229\u4e00\u65b9\u7684\u6301\u80a1\u6210\u672c\uff0c\u4ece\u800c\u9f13\u52b1\u83b7\u5229\u4e00\u65b9\u53ca\u65f6\u5e73\u4ed3\u4e86\u7ed3\u3002\u8fd9\u4e2a\u673a\u5236\u662f\u8fd9\u6837\u8fd0\u4f5c\u7684\uff1a<\/p>\n
\u5f53\u6c38\u7eed\u5408\u7ea6\u4ef7\u683c\u9ad8\u4e8e\u73b0\u8d27\u4ef7\u683c\u65f6\uff08\u591a\u5934\u5f3a\u4e8e\u7a7a\u5934\uff09\uff0c\u591a\u5934\u5c31\u8981\u5411\u7a7a\u5934\u652f\u4ed8 Funding Rate \u3002\u8fd9\u6837\u5c31\u589e\u52a0\u4e86\u591a\u5934\u7684\u6301\u4ed3\u6210\u672c\uff0c\u4ece\u800c\u8feb\u4f7f\u591a\u5934\u5e73\u4ed3\u3001\u9f13\u52b1\u7a7a\u5934\u5f00\u4ed3\uff0c\u7ed3\u679c\u5c31\u80fd\u4f7f\u6c38\u7eed\u5408\u7ea6\u4ef7\u683c\u6389\u5934\u5411\u4e0b\uff0c\u5411\u73b0\u8d27\u4ef7\u683c\u6536\u655b\u3002
\n\u53cd\u4e4b\u4ea6\u7136\uff0c\u5f53\u6c38\u7eed\u5408\u7ea6\u4ef7\u683c\u4f4e\u4e8e\u73b0\u8d27\u4ef7\u683c\u65f6\uff08\u7a7a\u5934\u5f3a\u4e8e\u591a\u5934\uff09\uff0c\u7a7a\u5934\u5c31\u8981\u5411\u591a\u5934\u652f\u4ed8 Funding Rate \u3002\u8fd9\u6837\u5c31\u80fd\u8ba9\u6c38\u7eed\u5408\u7ea6\u4ef7\u683c\u8f6c\u5934\u5411\u4e0a\uff0c\u5411\u73b0\u8d27\u4ef7\u683c\u6536\u655b\u3002<\/p>\n
\u8fd9\u6837\u4e00\u6765\uff0c\u900f\u8fc7 Funding Rate \u673a\u5236\u5c31\u80fd\u8fbe\u5230\u300c\u8ba9\u5408\u7ea6\u4ef7\u683c\u56f4\u7ed5\u73b0\u8d27\u4ef7\u683c\u6ce2\u52a8\uff0c\u4e0d\u81f3\u4e8e\u504f\u79bb\u592a\u591a\u3011\u7684\u76ee\u7684\u3002<\/p>\n
\u76ee\u524d\uff0c\u6bcf\u5929\u7684\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u91cf\u8fbe\u5230\u6570\u767e\u4ebf\u7f8e\u5143\uff01\u6839\u636e\u7edf\u8ba1\uff0cBTC \u548c ETH \u6c38\u7eed\u5408\u7ea6\u7684\u5e74\u5316 Funding Rate \u5e73\u5747\u5728 7.8% \u5230 9% \u4e4b\u95f4\u3002\u7b97\u4e00\u4e0b\u5c31\u77e5\u9053\uff0c\u6bcf\u5929\u900f\u8fc7 Funding Rate \u6d41\u52a8\u7684\u8d44\u91d1\u8fbe\u5230\u6570\u767e\u4e07\u7f8e\u5143\u3002<\/p>\n
\u75db\u70b9\uff1a\u6ce2\u52a8\u592a\u5927\u4e86<\/p>\n
\u4f46\u662f\u8fd9\u91cc\u6709\u4e2a\u5927\u95ee\u9898\u2014\u2014Funding Rate \u6ce2\u52a8\u975e\u5e38\u5927\u3002\u6bd4\u65b9\u8bf4\uff0cETH \u6c38\u7eed\u5408\u7ea6\u7684 Funding Rate \u5927\u90e8\u5206\u65f6\u95f4\u662f\u6b63\u7684\uff08\u591a\u5934\u652f\u4ed8\u7ed9\u7a7a\u5934\uff09\uff0c\u4f46\u5728\u5e02\u573a\u5267\u70c8\u6ce2\u52a8\u65f6\uff0c\u4e5f\u66fe\u7ecf\u8dcc\u5230\u8d1f\u503c\u533a\u57df\uff08\u7a7a\u5934\u652f\u4ed8\u7ed9\u591a\u5934\uff09\u3002<\/p>\n
\u8fd9\u79cd\u6ce2\u52a8\u7ed9\u4ea4\u6613\u8005\u548c\u534f\u8bae\u90fd\u5e26\u6765\u4e86\u5f88\u5927\u7684\u4e0d\u786e\u5b9a\u6027\u3002\u4e3e\u4e2a\u4f8b\u5b50\uff0cEthena \u7684 USDe \u662f\u8457\u540d\u7684\u6536\u76ca\u578b\u7a33\u5b9a\u5e01\uff0c\u5176\u6536\u76ca\u7684\u4e3b\u8981\u6765\u6e90\u5c31\u662f Ethena \u900f\u8fc7\u505a\u7a7a\u6c38\u7eed\u6765\u83b7\u53d6 Funding Rate \u6536\u76ca\uff0c\u7136\u540e\u628a\u6536\u76ca\u5206\u7ed9 USDe \u6301\u6709\u8005\u3002\u4f46\u4e00\u65e6 Funding Rate \u53d8\u6210\u8d1f\u7684\uff0c\u4f5c\u4e3a\u7a7a\u5934\u7684 Ethena \u53cd\u800c\u8981\u5bf9\u5916\u652f\u4ed8\uff0c\u539f\u6765\u7684\u6536\u5165\u7ba1\u9053\u53cd\u800c\u53d8\u6210\u4e86\u6301\u4ed3\u6210\u672c\u3002<\/p>\n
\u4e3a\u4e86\u5e94\u5bf9\u8fd9\u4e2a\u98ce\u9669\uff0cEthena \u4e0d\u5f97\u4e0d\uff1a<\/p>\n
\u8bbe\u7acb\u4e86\u8d85\u8fc7 3900 \u4e07\u7f8e\u5143\u7684\u4fdd\u9669\u57fa\u91d1\uff0c\u4f5c\u4e3a Funding Rate \u53d8\u8d1f\u65f6\u5bf9\u5916\u652f\u4ed8\u7684\u300c\u50a8\u5907\u5f39\u836f\u300d\u3002
\n\u900f\u8fc7\u53d1\u653e ENA \u4ee3\u5e01\u6765\u6fc0\u52b1\u7528\u6237\u4e0d\u8981\u5c06 USDe \u8d28\u62bc\u4e3a sUSDe\uff0c\u4ece\u800c\u653e\u5f03\u6536\u76ca\u6743\uff0c\u8ba9\u90e8\u5206\u6536\u76ca\u7559\u5728\u4fdd\u9669\u57fa\u91d1\u91cc\uff0c\u589e\u539a\u81ea\u5df1\u7684\u300c\u5b89\u5168\u57ab\u300d\u3002<\/p>\n
\u53ef\u4ee5\u770b\u51fa\uff0cFunding Rate \u7684\u5267\u70c8\u6ce2\u52a8\u7ed9 DeFi \u534f\u8bae\u589e\u52a0\u4e86\u8bb8\u591a\u8d1f\u62c5\u548c\u590d\u6742\u6027\u3002<\/p>\n
BOROS\uff1a\u628a FUNDING RATE \u53d8\u6210\u53ef\u4ea4\u6613\u7684\u8d44\u4ea7<\/p>\n
\u9488\u5bf9\u8fd9\u4e2a\u75db\u70b9\uff0cPendle \u5728 Arbitrum \u4e0a\u63a8\u51fa\u4e86 Boros \u6a21\u7ec4\u3002 Boros \u7684\u6838\u5fc3\u521b\u65b0\u662f\u5f15\u5165\u4e86\u300cYield Units\uff08\u7b80\u79f0 YU\uff09\u300d\u7684\u6982\u5ff5\u3002<\/p>\n
\u7b80\u5355\u6765\u8bf4\uff0cYU \u5c31\u662f\u628a\u672a\u6765\u4e00\u6bb5\u65f6\u95f4\u7684 Funding Rate \u6536\u76ca\u6253\u5305\u6210\u4e00\u4e2a\u53ef\u4f9b\u4ea4\u6613\u7684\u8d44\u4ea7\u3002\u4f8b\u5982\uff1a5 YU-ETHUSDT-Binance \u4ee3\u8868\u5728 Binance \u4e0a\uff0c\u4e00\u4e2a\u90e8\u4f4d\u5927\u5c0f\u4e3a 5 ETH \u7684 ETHUSDT \u6c38\u7eed\u5408\u7ea6\u5728\u672a\u6765\u4e00\u6bb5\u65f6\u95f4\u5185\u7684 Funding Rate \u6536\u76ca\u6743\u3002\u8bf7\u6ce8\u610f\uff0c\u6c38\u7eed\u5408\u7ea6\u6ca1\u6709\u5230\u671f\u65e5\uff0c\u4f46\u662f YU \u6709\u5230\u671f\u65e5\u3002\u5230\u671f\u65f6\uff0c\u6240\u6709\u6536\u76ca\u7ed3\u7b97\u5b8c\u6210\uff0cYU \u4ef7\u503c\u81ea\u7136\u5f52\u96f6\u3002<\/p>\n
\u4ea4\u6613 YU \u6d89\u53ca\u4e24\u4e2a\u5173\u952e\u6982\u5ff5\uff1a<\/p>\n
\u9690\u542b\u5e74\u5316\u5229\u7387\uff08Implied APR\uff09\uff1a\u8fd9\u662f\u5e02\u573a\u7ed9\u4e88 YU \u5b9a\u7684\u4ef7\u683c\uff0c\u53cd\u6620\u4e86\u5e02\u573a\u5bf9\u672a\u6765 Funding Rate \u7684\u5e73\u5747\u9884\u671f\u3002\u5f53\u4f60\u4ea4\u6613 YU \u65f6\uff0c\u6210\u4ea4\u65f6\u7684 Implied APR \u5c31\u76f8\u5f53\u4e8e\u4f60\u9501\u5b9a\u4e86\u4e00\u4e2a\u56fa\u5b9a\u5229\u7387\u3002\u6839\u636e\u4ea4\u6613\u65b9\u5411\u4e0d\u540c\uff0c\u8fd9\u4e2a\u9501\u5b9a\u7684\u56fa\u5b9a\u5229\u7387 Implied APR \u53ef\u80fd\u662f\u4f60\u652f\u4ed8\u7684\u6210\u672c\uff0c\u4e5f\u53ef\u80fd\u662f\u4f60\u7684\u6536\u5165\u3002
\n\u5e95\u5c42\u5b9e\u9645\u5e74\u5316\u5229\u7387\uff08Underlying APR\uff09\uff1a\u8fd9\u662f\u5e95\u5c42\u8d44\u4ea7\uff08Binance \u6216 Hyperliquid \u4e0a\u7684\u6c38\u7eed\u5408\u7ea6\uff09\u5b9e\u9645\u4ea7\u751f\u7684 Funding Rate \u6536\u76ca\uff0c\u4f1a\u968f\u5e02\u573a\u6ce2\u52a8\u3002<\/p>\n
Boros \u4e0a\u4ea4\u6613 YU \u7684\u6838\u5fc3\u903b\u8f91\u5c31\u662f\uff0c\u6bcf\u4e2a\u4ea4\u6613\u8005\u6839\u636e\u81ea\u5df1\u5bf9\u5e02\u573a\u4e0a\u672a\u6765 Funding Rate \u8d8b\u52bf\u7684\u9884\u6d4b\uff0c\u62ff\u5f00\u4ed3\u65f6\u5c31\u56fa\u5b9a\u4e0b\u6765\u7684 Implied APR \u53bb\u7f6e\u6362\u672a\u6765\u4e00\u6bb5\u65f6\u95f4\u5185\u6d6e\u52a8\u7684 Underlying APR \u3002<\/p>\n
\u505a\u591a\u5229\u7387 VS \u505a\u7a7a\u5229\u7387<\/p>\n
\u4ea4\u6613 YU \u7684\u8981\u8bc0\u5728\u4e8e\uff0c\u6bd4\u8f83\u5e02\u573a\u5bf9\u672a\u6765 Funding Rate \u7684\u9884\u671f\uff08\u5373 Implied APR\uff0c\u662f\u5df2\u77e5\u7684\uff09\u548c\u672a\u6765\u5b9e\u9645\u53d1\u751f\u7684\u8d44\u91d1\u8d39\u7387\uff08\u5373 Underlying APR\uff0c\u73b0\u5728\u662f\u672a\u77e5\u7684\uff0c\u9700\u8981\u4e2a\u4eba\u6765\u9884\u6d4b\uff09\uff1a<\/p>\n
\u5982\u679c\u4f60\u8ba4\u4e3a\u672a\u6765 Underlying APR \u4f1a\u9ad8\u4e8e\u76ee\u524d Implied APR\uff0c\u90a3\u5c31\u5e94\u8be5\u505a\u591a\u5229\u7387\uff08Long Rate\uff09\u3002\u900f\u8fc7\u591a\u5934\u90e8\u4f4d\uff0c\u4f60\u652f\u4ed8\u4e00\u4e2a\u56fa\u5b9a\u7684\u3001\u8f83\u4f4e\u7684 Implied APR\uff0c\u6362\u53d6\u4e00\u4e2a\u83b7\u5f97\u66f4\u9ad8\u7684\u5b9e\u9645\u8d44\u91d1\u6536\u76ca\uff08Underlying APR\uff09\u7684\u673a\u4f1a\u3002\u5982\u679c\u672a\u6765 Underlying APR \u771f\u5982\u4f60\u5f53\u521d\u9884\u6d4b\u4e00\u6837\u8d70\u5f3a\uff0c\u4f60\u7684\u6536\u5165\uff08Underlying APR\uff09\u8d85\u8fc7\u6210\u672c\uff08\u5f53\u521d\u7684 Implied APR\uff09\uff0c\u4ece\u800c\u83b7\u5229\u3002\u53cd\u4e4b\uff0c\u5982\u679c\u5e02\u573a\u8d70\u52bf\u4e0e\u4f60\u7684\u9884\u6d4b\u76f8\u53cd\uff0c\u4f60\u81ea\u7136\u5c31\u4f1a\u906d\u53d7\u635f\u5931\u3002
\n\u53cd\u4e4b\u4ea6\u7136\uff0c\u5982\u679c\u4f60\u8ba4\u4e3a\u672a\u6765 Underlying APR \u4f1a\u4f4e\u4e8e\u76ee\u524d Implied APR\uff0c\u90a3\u5c31\u5e94\u8be5\u505a\u7a7a\u5229\u7387\uff08Short\u00a0Rate\uff09\u3002\u900f\u8fc7\u7a7a\u5934\u90e8\u4f4d\uff0c\u4f60\u9501\u5b9a\u4e00\u4e2a\u8f83\u9ad8\u7684\u56fa\u5b9a\u5229\u7387\uff08Implied APR\uff09\u4f5c\u4e3a\u6536\u5165\uff0c\u5e76\u9884\u671f\u672a\u6765\u9700\u8981\u53d1\u751f\u7684\u5b9e\u9645\u652f\u51fa\uff08Underlying APR\uff09\u4f1a\u6bd4\u8f83\u5c11\uff0c\u4ece\u800c\u51c0\u8d5a\u5229\u5dee\u3002<\/p>\n
\u6362\u8a00\u4e4b\uff0cImplied APR \u7684\u672c\u8d28\u5c31\u662f\u4e70\u5356 Funding Rate \u6536\u76ca\u673a\u4f1a\u7684\u4ef7\u683c\uff1a<\/p>\n
\u5f53\u4f60 Long Rate \u65f6\uff0c\u4f60\u76f8\u5f53\u4e8e\u652f\u4ed8\u4e00\u7b14\u56fa\u5b9a\u5229\u7387\u6210\u672c\uff08Implied APR\uff09\u6765\u83b7\u5f97\u672a\u6765\u6d6e\u52a8\u7684 Funding Rate \u6536\u5165\uff08Underlying APR\uff09\uff1b
\n\u5f53\u4f60 Short Rate \u65f6\uff0c\u4f60\u76f8\u5f53\u4e8e\u6536\u53d6\u4e00\u7b14\u56fa\u5b9a\u5229\u7387\u6536\u76ca\uff08Implied APR\uff09\u5e76\u627f\u62c5\u672a\u6765\u9700\u8981\u652f\u4ed8\u6d6e\u52a8\u8d44\u91d1\u8d39\u7528\uff08Underlying APR\uff09\u7684\u4e49\u52a1\u3002
\n\u4e09\u5927\u5e94\u7528\u573a\u666f<\/p>\n
Boros \u5f15\u5165\u7684\u5229\u7387\u4e92\u6362\u529f\u80fd\u4e3a DeFi \u7528\u6237\u548c\u534f\u8bae\u63d0\u4f9b\u4e86\u591a\u79cd\u5b9e\u7528\u573a\u666f\uff0c\u5e2e\u52a9\u4ed6\u4eec\u7ba1\u7406 Funding Rate \u98ce\u9669\u5e76\u521b\u65b0\u6536\u76ca\u7b56\u7565\u3002<\/p>\n
\u591a\u5934\u5bf9\u51b2 FUNDING RATE \u6210\u672c<\/p>\n
\u5f53\u5e02\u573a\u884c\u60c5\u706b\u70ed\u3001 Funding Rate \u957f\u671f\u4e3a\u6b63\u4e14\u53ef\u80fd\u8fdb\u4e00\u6b65\u4e0a\u5347\u65f6\uff0c\u6c38\u7eed\u5408\u7ea6\u591a\u5934\u867d\u7136\u4eab\u53d7\u4ef7\u683c\u4e0a\u6da8\u7684\u6536\u76ca\uff0c\u4f46\u65e5\u76ca\u63d0\u9ad8\u7684 Funding Rate \u4ed8\u6b3e\u4f1a\u51cf\u5c11\u51c0\u5229\u6da6\u3002<\/p>\n
\u900f\u8fc7\u5728 Boros \u4e0a\u505a\u591a\u5229\u7387\uff08Long Rate\uff09\uff0c\u591a\u5934\u6295\u8d44\u8005\u652f\u4ed8\u4e00\u4e2a\u56fa\u5b9a\u5229\u7387\uff0c\u6536\u83b7\u4e00\u4e2a\u6d6e\u52a8\u5229\u7387\u5e76\u5c06\u5176\u8f6c\u79fb\u652f\u4ed8\u7ed9\u7a7a\u5934\uff0c\u8fd9\u5c31\u7b49\u4e8e\u5c06\u6d6e\u52a8\u7684\u3001\u5e76\u9884\u8ba1\u4f1a\u8d8a\u6765\u8d8a\u9ad8\u7684 Funding Rate \u6210\u672c\u9501\u5b9a\u4e3a\u4e00\u4e2a\u56fa\u5b9a\u6210\u672c\u3002\u8fd9\u76f8\u5f53\u4e8e\u4e70\u8fdb\u4e00\u4efd\u5229\u7387\u4e0a\u5347\u4fdd\u9669\uff1a\u5373\u4f7f\u8d44\u91d1\u8d39\u7387\u98d9\u5347\uff0c\u8d85\u51fa\u56fa\u5b9a\u90e8\u5206\u7684\u65b0\u589e\u652f\u51fa\u5c06\u7531 Boros \u4e0a\u83b7\u5f97\u7684\u6d6e\u52a8\u6536\u76ca\u4e88\u4ee5\u62b5\u6d88\uff0c\u4ece\u800c\u7a33\u5b9a\u591a\u5934\u7684\u6301\u4ed3\u6210\u672c\u3002\u5728\u591a\u5934\u7b56\u7565\u4e2d\uff0c\u6b64\u4e3e\u80fd\u663e\u8457\u63d0\u9ad8\u591a\u5934\u7b56\u7565\u7684\u786e\u5b9a\u6027\u3002<\/p>\n
ETHENA \u7a33\u5b9a FUNDING RATE \u6536\u5165<\/p>\n
\u50cf\u524d\u8ff0 Ethena \u534f\u8bae\u8fd9\u7c7b\u505a\u7a7a\u6c38\u7eed\u8d5a\u53d6 Funding Rate \u6536\u76ca\u7684 Delta \u4e2d\u6027\u7b56\u7565\uff0c\u540c\u6837\u53ef\u4ee5\u53d7\u76ca\u4e8e Boros \u3002\u5e73\u65f6\u8fd9\u7c7b\u7b56\u7565\u4f9d\u8d56 Funding Rate \u4e3a\u6b63\u6765\u4ea7\u751f\u6536\u76ca\uff0c\u4f46\u9047\u5230\u6781\u7aef\u60c5\u51b5 Funding Rate \u53ef\u80fd\u8f6c\u8d1f\uff0c\u5bfc\u81f4 Ethena \u4ea7\u751f\u989d\u5916\u652f\u51fa\uff0c\u9020\u6210\u534f\u8bae\u4e8f\u635f\u3002<\/p>\n
\u900f\u8fc7\u5728 Boros \u4e0a\u505a\u7a7a\u5229\u7387\uff08Short\u00a0Rate\uff09\uff0cEthena \u53ef\u4ee5\u5c06\u6d6e\u52a8\u7684\u3001\u6709\u53ef\u80fd\u8d8a\u6765\u8d8a\u4f4e\u751a\u81f3\u4e3a\u8d1f\u7684 Funding Rate \u6536\u5165\u63d0\u524d\u7f6e\u6362\u4e3a\u4e00\u4e2a\u56fa\u5b9a\u5229\u7387\u7684\u6536\u76ca\u3002\u5982\u679c\u672a\u6765\u5b9e\u9645 Funding Rate \u4e3a\u8d1f\uff0cBoros \u4e0a\u7684 Short Rate \u5408\u7ea6\u8ba9 Ethena \u80fd\u591f\u5f97\u5230\u8865\u507f\uff08Short Rate \u9700\u8981 Ethena \u652f\u4ed8\u4e00\u4e2a\u8d1f\u7684\u6d6e\u52a8\u5229\u7387\uff0c\u76f8\u5f53\u4e8e\u63a5\u6536\u4e00\u4e2a\u6b63\u7684\u6d6e\u52a8\u5229\u7387\u6536\u5165\uff09\u5e76\u8f6c\u79fb\u652f\u4ed8\u7ed9\u591a\u5934\uff0c\u4e24\u76f8\u62b5\u6d88\uff0c\u4f7f Ethena \u7a33\u7a33\u4eab\u53d7 Short Rate \u7f6e\u6362\u6765\u7684\u56fa\u5b9a\u6536\u5165\u5229\u7387\uff0c\u4e0d\u4f1a\u56e0\u60ac\u5d16\u800c\u51fa\u73b0\u7684\u56fa\u5b9a\u6536\u76ca\u3002<\/p>\n
\u8fd9\u4e3a Ethena \u7b49\u534f\u8bae\u63d0\u4f9b\u4e86\u53e6\u4e00\u91cd\u98ce\u9669\u5bf9\u51b2\u624b\u6bb5\uff0c\u53ef\u51cf\u5c11\u5bf9\u5e9e\u5927\u4fdd\u9669\u57fa\u91d1\u6216 ENA \u6fc0\u52b1\u624b\u6bb5\u7684\u4f9d\u8d56\uff0c\u5e76\u63d0\u9ad8\u8d44\u91d1\u5229\u7528\u6548\u7387\u3002\u6b63\u5982 Pendle \u5b98\u65b9\u6240\u6307\u51fa\u7684\uff0cBoros \u5c06\u6210\u4e3a\u6b64\u7c7b Delta \u4e2d\u6027\u534f\u8bae\u7684\u5173\u952e\u5bf9\u51b2\u5de5\u5177\uff0c\u5e2e\u52a9\u5e73\u6ed1\u56e0\u8d1f Funding Rate \u5e26\u6765\u7684\u6536\u76ca\u6ce2\u52a8\uff0c\u63d0\u9ad8\u5728\u718a\u5e02\u73af\u5883\u4e0b\u7684\u6536\u76ca\u7a33\u5b9a\u6027\u3002<\/p>\n
DELTA NEUTRAL \u9501\u5b9a\u6536\u76ca<\/p>\n
\u5728\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff08\u5982 Deribit\uff09\uff0c\u5957\u5229\u8005\u53ef\u4ee5\u900f\u8fc7\u300c\u73b0\u8d27+\u671f\u8d27\u300d\u5efa\u6784\u65e0\u98ce\u9669\u6536\u76ca\u3002\u4f8b\u5982\u5957\u5229\u8005\u6ce8\u610f\u5230\u5f53\u524d\u5e02\u573a\u4e0a\uff0c\u671f\u8d27\u4ef7\u683c\u8fdc\u9ad8\u4e8e\u73b0\u8d27\u4ef7\u683c\uff0c\u4e8e\u662f\u53ef\u4ee5\u6267\u884c\u300cCash-and-Carry\u300d\u7b56\u7565\uff0c\u5373\u505a\u591a\u73b0\u8d27\uff0c\u505a\u7a7a\u671f\u8d27\uff0c\u5e76\u6301\u6709\u5230\u671f\uff0c\u56e0\u4e3a\u5230\u671f\u65f6\u671f\u8d27\u73b0\u8d27\u4ef7\u683c\u6536\u655b\uff0c\u8fd9\u6837\u5c31\u80fd\u9501\u5b9a\u5165\u573a\u65f6\u7684\u57fa\u5dee\uff0c\u83b7\u5f97\u4e00\u4efd\u7a33\u5b9a\u7684\u6536\u76ca\u3002<\/p>\n
\u7136\u800c\u5728\u94fe\u4e0a\uff0c\u5927\u90e8\u5206\u884d\u751f\u6027\u5546\u54c1\u5e76\u975e\u5e38\u89c4\u671f\u8d27\uff0c\u800c\u662f\u6c38\u7eed\u5408\u7ea6\u3002\u867d\u7136\u300c\u505a\u591a\u73b0\u8d27\u3001\u505a\u7a7a Perps\u300d\u7684\u7ec4\u5408\uff08\u4f8b\u5982 Ethena USDe \u80cc\u540e\u7684\u7ec4\u5408\uff09\u4ecd\u7136\u80fd\u591f\u505a\u5230 Delta Neutral\uff0c\u800c Funding Rate \u673a\u5236\u4ecd\u7136\u80fd\u591f\u589e\u52a0\u6574\u4e2a\u7ec4\u5408\u7684\u4ef7\u503c\uff0c\u4f46\u7f3a\u70b9\u662f\uff0cFunding Rate \u5e26\u6765\u7684\u6536\u5165\u59cb\u7ec8\u5728\u6ce2\u52a8\uff0c\u4f7f\u5957\u5229\u8005\u65e0\u6cd5\u50cf\u6301\u6709\u671f\u8d27\u90a3\u6837\u5728\u4e00\u5f00\u59cb\u5c31\u9501\u5b9a\u6536\u76ca\u3002<\/p>\n
Boros \u7684\u51fa\u73b0\u6539\u53d8\u4e86\u8fd9\u4e2a\u5c40\u9762\u3002\u4f8b\u5982\u5f53 Perps \u4ef7\u683c\u9ad8\u4e8e\u73b0\u8d27\u4ef7\u683c\u65f6\uff0c\u5957\u5229\u8005\u5728\u94fe\u4e0a\u505a\u591a\u73b0\u8d27\u5e76\u505a\u7a7a\u6c38\u7eed\u5408\u7ea6\u83b7\u5f97\u6b63\u5411\u8d44\u91d1\u8d39\u7387\uff0c\u7136\u540e\u5728 Boros \u4e0a Short Rate\uff0c\u5c06\u672a\u6765\u6ce2\u52a8\u7684 Funding Rate \u6536\u5165\u7f6e\u6362\u4e3a\u4e00\u4e2a\u56fa\u5b9a\u5229\u7387\u73b0\u91d1\u6d41\u3002\u8fd9\u6837\u4e00\u6765\uff0c\u300c\u73b0\u8d27+\u6c38\u7eed\u5408\u7ea6\u300d\u7684\u7ec4\u5408\uff0c\u4e5f\u80fd\u50cf\u300c\u73b0\u8d27+\u671f\u8d27\u300d\u7ec4\u5408\u4e00\u6837\uff0c\u5728\u5f00\u4ed3\u4e4b\u521d\u5c31\u9501\u5b9a\u6536\u76ca\uff0c\u4e0d\u518d\u62c5\u5fc3 Funding Rate \u4e2d\u9014\u5927\u5e45\u6ce2\u52a8\u4fb5\u8680\u5229\u6da6\u3002\u8fd9\u5f25\u8865\u4e86 DeFi \u6c38\u7eed\u5408\u7ea6\u76f8\u8f83\u4e2d\u5fc3\u5316\u671f\u8d27\u7684\u4e00\u5757\u77ed\u677f\uff0c\u53ef\u671b\u5438\u5f15\u66f4\u591a\u7a33\u5065\u8d44\u91d1\u8fdb\u5165\u94fe\u4e0a\u5957\u5229\u548c\u505a\u5e02\u9886\u57df\u3002<\/p>\n
\u5bf9 Pendle \u5e73\u53f0\u7684\u610f\u4e49<\/p>\n
Boros \u7684\u63a8\u51fa\u6807\u5fd7\u8457 Pendle \u4ece\u6700\u521d\u4e13\u6ce8 DeFi \u56fa\u5b9a\u6536\u76ca\u7684\u534f\u8bae\uff0c\u5e76\u8fdb\u519b\u4e86\u52a0\u5bc6\u884d\u751f\u6027\u5546\u54c1\u5229\u7387\u5e02\u573a\u8fd9\u4e00\u5e7f\u9614\u9886\u57df\u3002\u8d44\u91d1\u8d39\u7387\u4f5c\u4e3a\u300c\u52a0\u5bc6\u539f\u751f\u300d\u7684\u5229\u7387\u54c1\u79cd\uff0c\u5176\u6bcf\u65e5\u4ea4\u6613\u91cf\u9ad8\u8fbe\u767e\u4ebf\u7f8e\u5143\u5374\u957f\u671f\u7f3a\u4e4f\u94fe\u4e0a\u5de5\u5177\u3002 Boros \u4e00\u4e3e\u586b\u8865\u4e86\u8fd9\u4e00\u7a7a\u767d\uff0c\u4f7f Pendle \u6210\u4e3a\u5b8c\u6574\u7684\u94fe\u4e0a\u5229\u7387\u4ea7\u54c1\u5e73\u53f0\uff0d\u65e2\u80fd\u4ea4\u6613\u94fe\u4e0a\u501f\u8d37\u5229\u7387\u3001\u8d28\u62bc\u6536\u76ca\u7b49\u56fa\u5b9a\u6536\u76ca\u4ea7\u54c1\uff0c\u53c8\u80fd\u4ea4\u6613\u6c38\u7eed\u5408\u7ea6\u7b49\u884d\u751f\u6027\u5546\u54c1\u7684\u6d6e\u52a8\u8d44\u91d1\u5229\u7387\u3002 Pendle \u56e2\u961f\u8054\u5408\u521b\u59cb\u4eba TN Lee \u8868\u793a\uff0c\u8fd9\u610f\u5473\u8457\u957f\u671f\u4ee5\u6765\u65e0\u6cd5\u5728\u94fe\u4e0a\u5bf9\u51b2\u6216\u6295\u673a\u7684\u8d44\u91d1\u8d39\u7387\u98ce\u9669\u7ec8\u4e8e\u6709\u4e86\u89e3\u51b3\u65b9\u6848\u3002<\/p>\n
Boros \u5f00\u8f9f\u4e86\u65b0\u7684\u624b\u7eed\u8d39\u6536\u5165\u7ba1\u9053\uff0cPendle \u4ee3\u5e01\u6301\u6709\u8005\u7684\u6536\u76ca\u6d41\u5c06\u66f4\u52a0\u591a\u5143\uff0c\u4ece\u800c\u7ed9\u4e88 PENDLE \u4ee3\u5e01\u4ef7\u683c\u66f4\u7a33\u5b9a\u7684\u652f\u6491\uff0cPendle \u534f\u8bae\u4e5f\u5de9\u56fa\u5176\u5728 DeFi \u5229\u7387\u5e02\u573a\u7684\u6838\u5fc3\u5730\u4f4d\u3002<\/p>\n
\u5bf9\u6574\u4e2a DeFi \u751f\u6001\u7684\u5f71\u54cd<\/p>\n
Boros \u7684\u51fa\u73b0\u5b8c\u5584\u4e86\u94fe\u4e0a\u884d\u751f\u6027\u5546\u54c1\u5e02\u573a\u7684\u98ce\u9669\u7ba1\u7406\u5de5\u5177\uff1a\u4ea4\u6613\u8005\u548c\u534f\u8bae\u7ec8\u4e8e\u53ef\u4ee5\u50cf\u4f20\u7edf\u91d1\u878d\u5e02\u573a\u4e00\u6837\uff0c\u900f\u8fc7\u56fa\u5b9a-\u6d6e\u52a8\u5229\u7387\u4e92\u6362\u6765\u5bf9\u51b2\u8d44\u91d1\u8d39\u7387\u7684\u4e0d\u786e\u5b9a\u6027\u3002\u8fd9\u5c06\u964d\u4f4e DeFi \u6c38\u7eed\u5408\u7ea6\u5e02\u573a\u7684\u7cfb\u7edf\u6027\u98ce\u9669\uff0c\u5e76\u4fc3\u8fdb\u66f4\u591a\u673a\u6784\u548c\u7a33\u5065\u8d44\u91d1\u53c2\u4e0e\u94fe\u4e0a\u884d\u751f\u6027\u5546\u54c1\u4ea4\u6613\u3002<\/p>\n
\u76ee\u524d Boros \u8bbe\u5b9a\u4e86\u6700\u9ad8 1000 \u4e07\u7f8e\u5143\u7684\u6301\u80a1\u4e0a\u9650\u548c 1.2 \u500d\u6760\u6746\u6765\u63a7\u5236\u98ce\u9669\uff0c\u800c\u4e14\u53ea\u652f\u6301 Binance \u4e0a\u7684 BTC \u548c ETH \u8fd9\u4e24\u4e2a\u6c38\u7eed\u5408\u7ea6\u54c1\u79cd\u3002\u968f\u8457\u7cfb\u7edf\u6210\u719f\uff0c\u56e2\u961f\u8ba1\u5212\u5f00\u653e\u66f4\u591a\u8d44\u4ea7\u5e02\u573a\uff08\u5982 SOL \u3001 BNB\uff09\u3001\u652f\u63f4\u66f4\u591a\u884d\u751f\u6027\u5546\u54c1\u5e73\u53f0\uff08\u5982 Hyperliquid \u3001 Bybit\uff09\u3002<\/p>\n
\u603b\u7684\u6765\u8bf4\uff0cPendle \u7684 Boros \u529f\u80fd\u5c06\u6c38\u7eed\u5408\u7ea6 Funding Rate \u8fd9\u4e00\u91cd\u8981\u4f46\u6ce2\u52a8\u7684\u6536\u76ca\u6d41\uff0c\u8f6c\u5316\u4e3a DeFi \u4e16\u754c\u4e2d\u53ef\u4ea4\u6613\u3001\u53ef\u5bf9\u51b2\u7684\u6807\u51c6\u5316\u5229\u7387\u4ea7\u54c1\u3002\u8fd9\u4e0d\u4ec5\u4e3a\u8d44\u6df1 DeFi \u7528\u6237\u63d0\u4f9b\u4e86\u5168\u65b0\u7684\u7b56\u7565\u5de5\u5177\uff0c\u4e5f\u4e3a\u63a8\u52a8\u52a0\u5bc6\u91d1\u878d\u4e0e\u4f20\u7edf\u91d1\u878d\u63a5\u8f68\u8fc8\u51fa\u4e86\u5173\u952e\u4e00\u6b65\u3002<\/p>\n
\u76f8\u4fe1\u968f\u8457 Boros \u7b49\u521b\u65b0\u7684\u666e\u53ca\uff0c\u672a\u6765 DeFi \u5c06\u80fd\u591f\u627f\u8f7d\u66f4\u52a0\u5e9e\u5927\u7684\u4ea4\u6613\u91cf\u548c\u66f4\u590d\u6742\u7684\u91d1\u878d\u4e1a\u52a1\uff0c\u771f\u6b63\u5b9e\u73b0\u300cAny yield is accessible, tradable, and hedged\u300d\u7684\u613f\u666f\u3002<\/p>\n
\uff08\u4ee5\u4e0a\u5185\u5bb9\u83b7\u5408\u4f5c\u4f19\u4f34 PANews \u6388\u6743\u8282\u5f55\u53ca\u8f6c\u8f7d\uff0c\u539f\u6587\u8fde\u7ed3 | \u51fa\u5904\uff1a \u52a0\u871c\u70d8\u7119\u574a\uff09<\/p>\n","protected":false},"excerpt":{"rendered":"
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