Overview

CrossEx-Boros Terminal is a free, open-source tool built by the Pendle team that lets traders execute a 4-leg cross-exchange funding-rate arbitrage through Gate CrossEx and Boros, from a single dashboard on their own machine.

It runs locally — there's nothing to sign up for on the terminal itself. It talks directly to your own Gate account and your own Boros wallet.

The strategy: 4-leg funding rate arbitrage

Boros lets traders convert a venue's floating funding rate into a tradable fixed rate. The same coin's funding often carries a different implied APR on different venues — for example, ETH funding priced at 8% APR on Hyperliquid but 4% APR on Binance. The strategy locks in that gap as yield.

One position is 4 legs, all at the same notional. Using BTC as an example:

• Short 10 YU of BTC Hyperliquid funding at 8% Implied APR (Boros)
• Long 10 YU of BTC Binance funding at 4% Implied APR (Boros)
• Short 10 BTC on Hyperliquid BTC perp (via CrossEx)
• Long 10 BTC on Binance BTC perp (via CrossEx)

The two perp legs cancel each other's price exposure and offset the floating funding owed on the Boros legs, leaving the trader delta-neutral and holding just the 4% APR spread as fixed yield until the Boros markets mature (before leverage).

With leverage, this can be a lucrative yield farm — but coordinating collateral and positions across multiple exchanges manually is clunky, which is what keeps most traders from running it.

Why CrossEx

CrossEx is a Gate.io product that gives traders unified margin across perp positions opened on multiple exchanges simultaneously. Instead of juggling separate collateral pools per venue, a trader can open the long/short perp legs of the arbitrage under one account and remain fully delta-neutral.

What the terminal does

The CrossEx-Boros Terminal integrates both CrossEx and Boros so a trader can:

• Scan opportunities — see live fixed-rate spreads across venues, with potential returns and required margin calculated automatically
• One-click execute the perp legs of the arbitrage
• Monitor margin, PnL, and yield across the whole 4-leg position from a single dashboard

This is experimental, open-source software that places real orders with real funds on your own exchange account. It is not financial, investment, legal, or tax advice. See Risks & Security before use.

Further reading

• Understanding Implied and Underlying APR on Boros
• How Boros enables fixed rate payments on floating funding rates
• How Boros enables receiving fixed rates on floating funding rates
• Fixed-Return Funding Arbitrage — Boros Academy

Next: Installation