Fixed vs Floating Funding (Pendle Boros)

Pendle Boros lets you lock a venue's perp funding at a fixed rate until a maturity. This endpoint puts each Boros market's implied (fixed) APR beside the floating APR Boros reports and the funding the same venue contract actually paid over the last 7 and 30 days, so you can see when locking the fixed rate beats the floating leg.

GET/v1/arbitrage/fixed-floating-funding

List Boros markets

One row per live Boros market: a venue's perp (Binance, OKX, Bybit, Gate, KuCoin, Hyperliquid including the xyz builder dex, Lighter) to a maturity. Boros is read per request (a 60-second cache per server instance; stale after 5 minutes); realised funding comes from Sharpe's stored settlements (the funding_accumulated view, refreshed every 30 minutes, stale after 1 hour).

A market whose venue contract Sharpe does not track, or whose stored history does not cover the window, keeps its Boros figures and serves the realised figure as null with a reason, never 0. If Boros cannot be reached the endpoint answers 503.

Order: spread30dApr, then spread7dApr, then impliedApr, highest first; rows without a spread last.

Query parameters

Name
coin
Type
string
Description
Optional underlying, e.g. BTC, ETH, HYPE, BRENTOIL.
Name
venue
Type
string
Description
Optional venue: Boros's name (Binance, OKX, Hyperliquid, Gate, Kucoin, Lighter, Bybit) or Sharpe's (Gate.io, KuCoin, tradeXYZ).

Request

GET

/v1/arbitrage/fixed-floating-funding

curl -G https://www.sharpe.ai/api/v1/arbitrage/fixed-floating-funding \
  -H "Authorization: Bearer sk_live_your_key_here" \
  -d coin=BTC

Response

{
  "data": {
    "rows": [
      {
        "marketId": 202,
        "market": "BINANCE-BTCUSDT-30OCT2026",
        "venue": "Binance",
        "coin": "BTC",
        "fundingExchange": "Binance",
        "fundingContract": "BTCUSDT",
        "collateral": "BTC",
        "maturity": "2026-10-30T00:00:00.000Z",
        "daysToMaturity": 29.66,
        "settlementIntervalHours": 8,
        "settlementsToMaturity": 90,
        "nextSettlementAt": "2026-09-30T16:00:00.000Z",
        "status": "trading",
        "impliedApr": 0.050954,
        "midApr": 0.052700,
        "bestBidApr": 0.052953,
        "bestAskApr": 0.053585,
        "floatingApr": -0.003833,
        "realised7dApr": 0.025832,
        "realised7dNullReason": null,
        "realised30dApr": 0.057277,
        "realised30dNullReason": null,
        "spread7dApr": 0.025123,
        "spread30dApr": -0.006322,
        "openInterestUsd": 1789102.21,
        "volume24hUsd": 12441000,
        "tradeUrl": "https://boros.pendle.finance/markets/202",
        "borosAsOf": "2026-09-30T08:04:02.000Z",
        "fundingAsOf": "2026-09-30T07:48:24.297Z"
      }
    ],
    "summary": {
      "markets": 1,
      "matched": 1,
      "unmatched": {},
      "borosSyncedAt": "2026-09-30T08:04:02.000Z",
      "fundingAccumulatedAt": "2026-09-30T07:48:24.297Z"
    }
  },
  "meta": {
    "request_id": "req_abc123def456ghij",
    "timestamp": "2026-09-30T08:04:30.000Z",
    "elapsed_ms": 42
  }
}

Formula

Every rate is a fraction per year (0.05 = 5%), annualised simply, never compounded.

impliedApr is the Boros market's mark rate: the fixed rate positions are valued at. bestBidApr is the fixed rate you receive selling yield now (receive fixed, pay floating); bestAskApr the rate you pay buying it.
floatingApr is the underlying (floating) rate as Boros reports it: the venue's current funding, annualised by Boros's oracle. It can differ from Sharpe's own current print for the same contract.
realised7dApr = acc_7d × 365 / 7 and realised30dApr = acc_30d × 365 / 30, where acc is the sum of the contract's funding rates settled in the window (per settlement, at its own interval).
spread7dApr = impliedApr − realised7dApr and spread30dApr = impliedApr − realised30dApr. Positive: locking the fixed rate beats what the floating leg has paid. Negative: the fixed rate is cheap to pay. Gross: Boros and venue fees are not netted.
openInterestUsd is Boros's one-sided open interest (yield units of the market's collateral token) times the collateral's USD price. daysToMaturity is fractional, computed when the answer is generated.

Contract matching: Binance and Bybit {coin}USDT, OKX {coin}-USDT-SWAP, Gate {coin}_USDT (Sharpe's Gate.io), Kucoin {coin}USDTM with BTC as XBT (Sharpe's KuCoin), Lighter {coin}, Hyperliquid {coin}-USD, and Hyperliquid's xyz builder dex xyz:{coin} (Sharpe's tradeXYZ).

`realised7dNullReason` / `realised30dNullReason`	Why the realised figure is `null`
`venue_not_covered`	Boros quotes a venue or builder dex Sharpe does not track.
`contract_not_in_store`	Sharpe has no stored funding for the contract.
`store_unavailable`	The funding store could not be read (the answer is marked degraded).
`accumulated_stale`	The stored 7- and 30-day sums are past their 1-hour freshness SLA.
`listed_within_window`	The contract's first stored settlement is inside the window.
`history_stale`	The contract's last stored settlement is more than a day old.