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feat: restructure docs — pendle-v2 split, boros-docs, new UI, CN i18n (#236)
* feat: restructure docs — pendle-v2 split, boros-docs, new UI, CN i18n - Rename docs/pendle-v2 → docs/pendle-docs (app/protocol content) and docs/pendle-dev-docs (developer content), update all routeBasePaths - Add docs/boros-docs, docs/boros-academy, docs/pendle-academy sections - New UI: custom sidebar, SidebarBanner, CardGrid, homepage, theming - Add CN i18n (locale toggle, translations for pendle-docs, boros-docs, pendle-academy) - Add admin CMS (GitHub OAuth via Netlify function, local search) - Update llms.txt and llms-full.txt for new routing and boros-docs content - Fix image paths (static/img → static/pendle-docs/imgs etc.) Co-Authored-By: Claude Sonnet 4.6 <noreply@anthropic.com> * update stale state management * chore: remove CMS admin panel for initial docs-only release Strips static/admin/, netlify/, netlify.toml, docs/cms-setup.md and the cms:proxy script. Full CMS implementation preserved on feature/cms-admin. Co-Authored-By: Claude Sonnet 4.6 <noreply@anthropic.com> * remove csm * change max rate deviation copies * added vid for hedging * added cn translation * fixed cn translation stuff * added language toggle for mobile * fixed sidebar mobile * fixed tables * bug fixes * updated content --------- Co-authored-by: Claude Sonnet 4.6 <noreply@anthropic.com>
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‎.gitignore‎

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‎.travis.yml‎

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‎.yarnrc.yml‎

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enableGlobalCache: false
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‎README.md‎

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## Deployment
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```console
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```console.
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GIT_USER=<Your GitHub username> USE_SSH=true yarn deploy
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```
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‎docs/boros-academy/Introduction.md‎

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import CardGrid, { Card } from '@site/src/components/CardGrid';
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import BorosSimple from '@site/src/components/icons/BorosSimple';
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import BorosAdvance from '@site/src/components/icons/BorosAdvance';
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# Welcome
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Welcome to Boros Academy!
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Boros is a yield-trading platform on margin by Pendle. Curious how you can take advantage of Boros? Read on! This Academy covers all you need to know to understand and use Boros.
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To learn more about the protocol mechanics, check out the [docs](/boros-docs/Introduction).
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<CardGrid type="selfService" theme="boros">
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<Card
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title="Learn the Basics"
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link="the-basics/chapter-0-understanding-funding-rates"
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icon={<BorosSimple />}
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/>
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<Card
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title="For the Pros"
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link="advanced-strategies/hedging-funding-rates-payment"
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icon={<BorosAdvance />}
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/>
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</CardGrid>

‎docs/boros-academy/advanced-strategies/fixed-funding-rates-receivables.md‎

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import Hint from '@site/src/components/Hint';
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# Fixed Funding Rates Receivables
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<iframe height="400" width="100%" src="https://www.youtube.com/embed/1TqmwHJ2Mcg" title="Video" frameBorder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowFullScreen></iframe>
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Assuming a positive funding rate environment, traders with a SHORT position on perp exchanges will receive a funding rate payment at every interval (which can differ across exchanges).
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<figure><img src="/boros-academy/imgs/image (37).png" alt="" /><figcaption></figcaption></figure>
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In the example above, a short position on Binance’s BTCUSDT Perp market will receive 0.0062% or 6.789% APR every 8 hours. However funding rate payments can fluctuate significantly, which can be hedged to receive a fixed APR on Boros.
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This is especially useful for entities with large exposure on funding rate APRs, e.g. funding rate basis traders like Ethena.
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Traders can hedge their floating funding rate receivables by swapping it into a fixed APR on Boros. To achieve this, traders with a short position on the underlying perps exchange should open a short YU position on Boros on the same market.
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To illustrate how this works:
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Let’s use an example of Bob with a short position on the Binance BTCUSDT market of 50 BTC, which is effectively receiving funding rates from 50 BTC as long as the position remains open.
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To hedge the funding rate receivables, **Bob opens a short position of 50 YU-BTCUSDT(Binance) on Boros at an implied APR of 5%**.
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Note that a short YU position:
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* Receives a fixed rate of 5%. (The implied APR when opening the position)
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* Pays the underlying APR (i.e. the funding rate of the underlying position)
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<figure><img src="/boros-academy/imgs/image (16).png" alt="" /><figcaption></figcaption></figure>
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Notice that Bob was initially exposed to a floating funding rate yield receivables from Binance. After opening a 50 YU position on Boros, Bob pays the same floating funding rate in exchange for a fixed APR receivable.
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This effectively results in an aggregate position where Bob is receiving a fixed APR of 5% (i.e. the implied APR when the position was opened).
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<figure><img src="/boros-academy/imgs/image (17).png" alt="" /><figcaption></figcaption></figure>
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<Hint style="info">
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**A trader looking to hedge their funding rate receivables only needs to observe the current implied APR of the asset they are looking to hedge.**
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The trader can open a short YU position if the implied APR is favorable to fix their funding rate yields. A higher implied APR will result in a higher fixed APR receivables, in other words, a better fixed income for the trader.
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</Hint>
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TLDR: To hedge the funding rates receivables of a short position on a perp exchange, you should open a short YU position on Boros of the same notional size.
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For example, if you have a 20 ETH short position on ETHUSDT(Hyperliquid), you can hedge the funding rate receivables by opening a short position of 20 YU-ETHUSDT(Hyperliquid) on Boros.

‎docs/boros-academy/advanced-strategies/hedging-funding-rates-payment.md‎

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import Hint from '@site/src/components/Hint';
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# Hedging Funding Rates Payment
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<iframe height="400" width="100%" src="https://www.youtube.com/embed/1TqmwHJ2Mcg" title="Video" frameBorder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowFullScreen></iframe>
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Assuming a positive funding rate environment, traders with a long position on perp exchanges will pay the funding rate at each interval (differs across exchanges).
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<figure><img src="/boros-academy/imgs/image (33).png" alt="" /><figcaption></figcaption></figure>
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In the example above, a long position on Binance’s BTCUSDT Perp market will pay 0.0069% or 7.55% APR. However funding rate payments can fluctuate significantly, which can be a significant cost for traders with large position sizes.
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Traders can hedge their floating payment exposure to funding rates by swapping it into a fixed payment on Boros. To achieve this, traders with a long position on the underlying perps exchange should open a long YU position on Boros on the same market.
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To illustrate how this works:
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Let’s use an example of a trader with a long position of 100 BTC on the Binance BTCUSDT market, effectively paying funding rates on 100 BTC while the position remains open.
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To hedge this funding rate position, the trader opens a long position of 100 YU-BTCUSDT(Binance) on Boros at an implied APR of 6%.
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This long YU position:
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* Pays a fixed rate at the implied APR of 6%
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* Receives the underlying APR (i.e. the funding rate of the underlying position)
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<figure><img src="/boros-academy/imgs/image (14).png" alt="" /><figcaption></figcaption></figure>
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Notice that the trader was initially paying the floating funding rate on Binance. After opening a 100 YU position on Boros, the trader now receives that same floating funding rate payment, while paying a fixed APR of 6%.
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This resulted in an aggregate position where the trader has locked in to paying a fixed APR of 6% (i.e. the implied APR when the position was opened) and has removed his exposure to the volatile fluctuations of the floating funding rate.
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<figure><img src="/boros-academy/imgs/image (15).png" alt="" /><figcaption></figcaption></figure>
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<Hint style="info">
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**A trader looking to hedge their funding rate payment only needs to observe the current implied APR of the asset they are looking to hedge.**
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The trader can open a long YU position if the implied APR is favorable to fix their funding rate payments. A lower implied APR will result in a lower fixed APR payable, in other words, a better hedge for the trader.
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</Hint>
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TLDR: To hedge the funding rates exposure of a long position on a perp exchange, you should open a long YU position on Boros of the same notional size.
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For example, if you have a 50 ETH long position on ETHUSDT(Hyperliquid), you can hedge the funding rate payments by opening a long position of 50 YU-ETHUSDT(Hyperliquid on Boros).

‎docs/boros-academy/advanced-strategies/implied-apr-vs-futures-premium.md‎

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import Hint from '@site/src/components/Hint';
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# Implied APR vs Futures Premium
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## Crypto Futures Premium
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A futures contract is an agreement to buy or sell an asset at a set price on a future date (i.e. a maturity date). Crypto futures contract tend to trade at a premium vs its spot value, and will eventually converge to its spot value at contract expiry.
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<figure><img src="/boros-academy/imgs/image (40).png" alt="" /><figcaption></figcaption></figure>
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To capture the futures premium, traders can execute a cash-and-carry trade (a.k.a Basis trade), where they hold a spot position while simultaneously shorting the futures contract of the same asset until the contract’s expiry.
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Using the above screenshot as an example, a trader can hold 1 BTC spot position while simultaneously shorting 1 BTC worth of the futures contract above, effectively earning the 8% APR premium of the contract while being delta neutral (i.e. unaffected by the change in price of BTC). Note that the 8% APR is fixed as long as the trader keeps this position open until contract maturity.
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## Funding Rate Basis Trading
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Traders can carry out the same cash-and-carry trade strategy via Perpetual contracts as well.
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In this scenario, the trader will hold a spot BTC position while shorting a BTC perpetual contract of the same size, effectively earning the funding rate as long the position is open (assuming a positive funding rate). While Perpetual contracts have no maturity as opposed to Futures contracts, this strategy has no guarantee on yield as funding rates can fluctuate significantly.
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However as covered in the previous [chapter](fixed-funding-rates-receivables), traders can fix their funding rates receivables by shorting YU of the same notional size on Boros. In this scenario, traders executing a cash-and-carry trade strategy on perpetual funding rates can fix their yield on Boros, effectively converting their floating rate exposure into a fixed exposure at the implied APR upon opening their position.
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## Implied APR vs Futures Premium
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Now lets compare the 2 different strategies listed above:
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1. Cash-and-carry trade via Futures\
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This is enabled by holding a spot asset while shorting the futures contract simultaneously, **earning a fixed yield from the quarterly futures premium** until the contract expiry.
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2. Cash-and-carry trade via Perpetuals and Boros \
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This is enabled by holding a spot asset while shorting the perpetuals contract simultaneously, earning yield from funding rates. The trader can then open a short position on Boros to **earn a fixed yield at the implied APR** upon opening the position until maturity.
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Notice that the above strategies have extremely similar behaviors and in fact, crypto futures premium movement have historically been rather correlated to funding rates.
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With Boros, traders can now execute cash-and-carry trade strategies on either perpetuals or futures to achieve a delta neutral exposure while earning fixed yields. Barring contract risks, both of these strategies have similar market exposure + fixed yields. With that, perhaps futures premium might be a good indicator of implied APR of the same asset? 🤔
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<Hint style="success">
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Futures premium might be a good indicator of implied APR as traders can execute a cash-and-carry trade strategy of similar risk profile with the same fixed yield outcome.
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If there is a disparity between the implied APR on Boros vs Futures Premium of a given asset, cash-and-carry traders will likely execute the strategy with the more favorable APR and unwind the less favorable one.
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</Hint>

‎docs/boros-academy/sidebars.js‎

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module.exports = {
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myAutogeneratedSidebar: [
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{ type: "doc", id: "Introduction", label: "Introduction", customProps: { icon: "auto_stories" } },
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{
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type: "category", label: "The Basics", customProps: { icon: "school" },
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items: [
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{ type: "doc", id: "the-basics/chapter-0-understanding-funding-rates", label: "Chapter 0 - Understanding Funding Rates" },
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{ type: "doc", id: "the-basics/chapter-1-yield-units-yu", label: "Chapter 1 - Yield Units (YU)" },
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{ type: "doc", id: "the-basics/chapter-2-implied-apr-and-underlying-apr", label: "Chapter 2 - Implied APR and Underlying APR" },
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{ type: "doc", id: "the-basics/chapter-3-opening-and-closing-a-position", label: "Chapter 3 - Opening and Closing a Position" },
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{ type: "doc", id: "the-basics/chapter-4-settlement", label: "Chapter 4 - Settlement" },
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{ type: "doc", id: "the-basics/chapter-5-long-rates", label: "Chapter 5 - Long Rates" },
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{ type: "doc", id: "the-basics/chapter-6-short-rates", label: "Chapter 6 - Short Rates" },
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{ type: "doc", id: "the-basics/chapter-7-margin-and-liquidations", label: "Chapter 7 - Margin and Liquidations" },
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{ type: "doc", id: "the-basics/tldr-how-to-win", label: "TLDR: How to Win", customProps: { icon: "emoji_events" } },
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],
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},
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{
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type: "category", label: "Advanced Strategies", customProps: { icon: "psychology" },
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items: [
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{ type: "doc", id: "advanced-strategies/hedging-funding-rates-payment", label: "Hedging Funding Rates Payment", customProps: { icon: "shield" } },
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{ type: "doc", id: "advanced-strategies/fixed-funding-rates-receivables", label: "Fixed Funding Rates Receivables", customProps: { icon: "lock" } },
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{ type: "doc", id: "advanced-strategies/implied-apr-vs-futures-premium", label: "Implied APR vs Futures Premium", customProps: { icon: "compare_arrows" } },
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],
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},
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],
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};

‎docs/boros-academy/the-basics/chapter-0-understanding-funding-rates.md‎

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import Hint from '@site/src/components/Hint';
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# Chapter 0 - Understanding Funding Rates
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<iframe height="400" width="100%" src="https://www.youtube.com/embed/u918Tj7S0Ug" title="Video" frameBorder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowFullScreen></iframe>
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## What are funding rates?
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Funding rate is an essential part of perpetual markets such as Binance Futures and Hyperliquid.
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They act as a mechanism to ensure that the price of a perpetual contract stays anchored to the actual market price (i.e. price on the spot market).
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Funding rates achieve this balance by establishing periodic payments made between traders with long and short positions:
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* If the price of the perpetual contract BTCUSDT is higher than the BTC spot price, traders holding long positions will pay funding to those in short positions. This payment discourages long holders and incentivizes short positions, helping to bring the contract price closer to the spot price.
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* Conversely, if the perpetual contract BTCUSDT trades below the BTC spot price, short position holders pay funding to long holders, encouraging more traders to go long, thus raising the perpetual's price to the spot level.
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<figure><img src="/boros-academy/imgs/image (3).png" alt="" /><figcaption></figcaption></figure>
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<Hint style="info">
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Traders either pay _or_ get paid to keep their perpetual contracts open. This periodic payment is called funding rate.
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* When funding rate is positive, traders with long positions pay traders with short positions
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* When funding rate is negative, traders with short positions pay traders with long positions
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</Hint>
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## How Do Funding Rates Work?
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Funding rates are settled at regular intervals, which can differ across exchanges (8h intervals for Binance, 1h interval for Hyperliquid, etc).&#x20;
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During settlement, long or short positions are either charged or paid the funding rates.
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<figure><img src="/boros-academy/imgs/image (44).png" alt="" /><figcaption><p><em>Source:</em> <a href="https://app.hyperliquid.xyz/trade/BTC"><em>Hyperliquid</em></a></p></figcaption></figure>
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On exchanges, funding rates are usually presented in scaled down figures (based on their settlement interval).
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On Hyperliquid, funding rates are settled _**every hour**_, so a 0.0013% rate (positive funding) in the example above would mean that:
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* A trader with a \$100,000 long position in BTCUSD on Hyperliquid will have to pay _\$100,000 x 0.0013% = \$1.30_ every hour (assuming funding rate remains).
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* A trader with a \$100,000 short position in BTCUSD on Hyperliquid will earn \$1.30 every hour (assuming funding rate remains).
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<figure><img src="/boros-academy/imgs/image (46).png" alt="" /><figcaption><p><em>Source:</em> <a href="https://www.coinglass.com/funding/BTC"><em>CoinGlass</em></a></p></figcaption></figure>
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The example above is an illustration of how funding rates can vary greatly between exchanges. The rates can exhibit significant volatility, often exceeding the volatility of the underlying asset’s price.
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For example, the funding rate for BTCUSDT on Binance shown above dropped dramatically from 0.0032% to -0.0041% within 48 hours, a 228% change if annualized.
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These volatile swings are relatively common in the realm funding rates, even for blue chip assets like BTC.
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Boros allows traders to speculate on the direction of funding rates, potentially profiting from changes in these rates.
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## How to Use Funding Rates
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Here are some examples of how funding rates can be utilized to enhance your trading strategies.
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### Gauging Market Sentiment
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<figure><img src="/boros-academy/imgs/image (47).png" alt="" /><figcaption><p><em>Source:</em> <a href="https://www.coinglass.com/FundingRateHeatMap"><em>CoinGlass</em></a></p></figcaption></figure>
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Many traders rely on funding rates as an indicator of market sentiment.
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For example, a positive funding rate in ETHUSDT tells us that there are more traders in long positions, and that the market is bullish. However, an _overly_ positive funding _**may**_ point to ETH being overbought.
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Funding rates are a reflection of collective market behavior. Leveraging this information might help you frame your market outlook.
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On Boros, you can proactively use this understanding to your advantage. Bullish ETH outlook? Go long on the ETH funding rate. Think SOL is overbought? Short the SOL funding rate. Given the volatility historically seen in funding rates, the potential for profits (or losses) is also present.
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### Delta Neutral Strategy (Cash and Carry Trade)
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Funding rates can be a great source of yield, especially for traders who employ delta-neutral strategies, allowing them to double up on their yield streams.
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As an example of how a simple delta-neutral strategy might work:
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1. Stake 100 ETH on Lido to earn \~4% APR
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2. Short 100 ETH on Binance
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This strategy makes the portfolio delta-neutral, meaning it is insulated from fluctuations in ETH's price.
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If ETH price goes down, the short position on Binance will yield profits that offset any devaluation of the staked ETH on Lido.
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If ETH price rises, the ETH on Lido will become more valuable, cancelling out any losses from the short position on Binance.
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No matter which way ETH price goes, you will be up in “yield” from Lido, minus any fees (if any) to maintain the short position.
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If funding rate is positive, you will actually get paid to maintain the short position, thus earning double yield from Lido _**and**_ funding rate fees.
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What you see here is essentially what the Ethena protocol does - delta neutral farming with ETH. The double yield stream allows Ethena to offer outsized stablecoin yield for sUSDe (when funding rate is positive for ETH). However, this yield is exposed to the volatility of funding rates, with no way of locking in higher APRs during high funding rate environments. Boros solves that.
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On Boros, users are able to supplement their existing delta-neutral strategies by turning the variable fees from funding rates into a _**fixed**_ yield stream. This capability allows traders and protocols like Ethena to secure stable yields from delta-neutral farming, making their income streams more predictable and easier to manage, or even locking in higher rates.
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You can learn more about advanced strategies for Boros [here](/boros-academy/advanced-strategies/hedging-funding-rates-payment).
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## Additional Resources
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BitMex published a comprehensive report on funding rate as of Q3 2025, check it out here: [https://blog.bitmex.com/2025q3-derivatives-report/](https://blog.bitmex.com/2025q3-derivatives-report/)

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