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Spread tracker·realized vs fixed

Spread Tracker

What spread is Boros offering today? Compare the realized exchange funding spread against the tradeable Boros fixed spread, fee drag, and maturity-specific hurdle.

4-way arb Strategies

Pair controls

Realized spread is exchange A APR minus exchange B APR.

Asset

Exchange A

Exchange B

Lookback

Boros maturity

Presets

Boros fixed

+3.08pp

tradeable spread

30d realized

+1.03pp

window average

Breakeven

+3.38pp

fixed spread + fees

30d residual

-2.35pp

realized minus breakeven

Hurdle clear

57%

windows above breakeven

Status

Tight

near hurdle

BTC Hyperliquid vs KuCoin: realized funding averaged +1.0pp over 30d against a Boros fixed spread of +3.1pp, so the long Hyperliquid side misses by 2.3pp after fees. Tight, 57% of windows cleared.

Current Boros markets

26 Jun 2026·16d

Fixed spread quote

BTC Hyperliquid - KuCoin

Bid

+2.72pp

short HL / long KC

Ask

+3.08pp

long HL / short KC

Width

+0.36pp

ask minus bid

Spread quote is synthesized from the two Boros books. It is not size-aware slippage.

Long spread leg

Hyperliquid

BTCUSDC-HL-T-260626

Market #111·BTC collateral·entry +4.99pp

Bid

+4.80pp

Ask

+4.99pp

Long YU uses ask

Explorer Trade on Boros

Short spread leg

KuCoin

BTCUSDT-KC-T-260626

Market #151·BTC collateral·entry +1.91pp

Bid

+1.91pp

Ask

+2.08pp

Short YU uses bid

Explorer Trade on Boros

Live Boros order books

executable depth

Long spread legHyperliquid

Market #111·Long YU uses ask·OI $9.3M

Explorer Trade

▾

idle

Implied APR (%)Size (BTC YU)Total (BTC YU)

Waiting for live book

Short spread legKuCoin

Market #151·Short YU uses bid·OI $223.0K

Explorer Trade

▾

idle

Implied APR (%)Size (BTC YU)Total (BTC YU)

Waiting for live book

Realized spread trends

180 daily samples

30d regime bars

Dec 12+6.4pp

Jan 11+1.5pp

Feb 10+4.6pp

Mar 12+5.2pp

Apr 11+7.0pp

May 11+1.0pp

Cadence

Hyperliquid1h

KuCoin8h

anchorKuCoin 8h

Distribution

p10 -5.7ppmedian +4.6ppp90 +13.7pp

windows above breakeven57%

Trade read

Long HL YU + Short KC YU

Receives realized Hyperliquid funding, pays realized KuCoin funding, and pays the fixed Boros spread. Clears the hurdle when realized A-B stays above fixed spread plus fees.

+3.38pp

breakeven

Short HL YU + Long KC YU

Receives the fixed spread and warehouses the realized exchange-spread risk. This side is paid a rate for taking the other side of the dispersion.

+3.08pp

fixed spread

Size it

Collateral (BTC)

Margin multiple (max 2x)

Two-leg notional

325.7 YU

Margin / 100 YU

0.30701 BTC

Carry / yr

-7.6527 BTC

To 16d

-0.33546 BTC

Estimate at the 30d residual in collateral units. Hedge collateral exposure separately.

Boros spread table

realized 24h +3.91pp·7d +4.81pp·30d +1.03pp

Pair	Boros fixed	Breakeven	30d residual	Maturity	Min leg OI	OI	Status
BTCHyperliquid-KuCoin #111 #151	+3.08pp	+3.38pp	-2.35pp	26 Jun 2026 16d	$223.0K	$9.6M	Tight

Min leg OI is the smaller open-interest leg, not executable slippage. Live books above show size at rate.