Boros

Exchange Arb (4-Way)

Model a cross-exchange arb: short YU (high IY) + short perp on one exchange, long YU (low IY) + long perp on another. Perp positions hedge delta exposure; the locked return is purely the Boros IY spread. Assumes holding to maturity; exiting early is subject to IY changes.

Expiry checker

—

Collateral Month Selected expiry —

Market	Expiry	Exchanges	IY range	Best short	Best long

Inputs

YU size (ETH)

ETH price (USD)

Short side (receive IY)

Boros short YU IY (%)

Best: —

Perp short current funding (%)

Current: —

Long side (pay IY)

Boros long YU IY (%)

Best: —

Perp long current funding (%)

Current: —

Days held

1 to 30 days.

All rates are annualized.

Results

Locked: --

Notional (USD)

YU size: --

Locked spread P&L (USD)

Hold: -- day(s)

Locked spread (ann.)

Boros short - Boros long

Leg (exchange)	Receive (USD)	Pay (USD)	Net (USD)	Rate (ann.)
Boros short YU settlement Exchange: —	--	--	--	--
Boros long YU settlement Exchange: —	--	--	--	--
Perp short funding Exchange: —	--	--	--	--
Perp long funding Exchange: —	--	--	--	--
Locked spread (Boros fixed)	—	—	--	--

Each leg shows receive/pay totals for the selected hold period and its net rate (ann.). Perp funding changes move P&L between legs, but the total locked spread (Boros short IY − Boros long IY) is fixed. Fees can be toggled below.

Margin view

Default margin (x)

Link legs Use default for every leg

Total collateral required (USD)

Leg (exchange)	Notional (USD)	Margin (x)	Collateral (USD)
Boros short YU Exchange: —	--	x	--
Boros long YU Exchange: —	--	x	--
Perp short Exchange: —	--	x	--
Perp long Exchange: —	--	x	--

ROI on margin (for days held)

P&L: --

ROI on margin (ann.)

Uses the locked spread P&L divided by total collateral across all four legs. Does not account for liquidation risk or margin calls.

Fees (estimate)

Boros swap fee (%)

Defaults: —

Applied on entry only: YU value × years to expiry.

Boros open interest fee (%)

Applied on the fixed APR side for both legs.

Perp short fee (—)

Defaults: —

Perp long fee (—)

Defaults: —

Fee total (USD)

Apply fees to totals

Boros swap	--
Boros open interest	--
Perp short	--
Perp long	--

Perps assume open + close. Boros swap is entry only; OI fee at settlement. Boros charges a small fixed fee on your first transaction and then intermittently (~every 50 transactions), not included in totals. Toggle above to apply fees to totals.