Pendle (@pendle_fi): Structural differences are persistent in funding rates across platforms, embedded in the way each venue calculates funding.

Structural differences are persistent in funding rates across platforms, embedded in the way each venue calculates funding. Since these differences are a function of the formulas themselves, the opportunity remains open as long as the underlying mechanics stay in place. Arbitrageurs have been taking advantage of this for some time, but what they lacked was a way to make the strategy predictable, since funding can compress or invert at any moment. @boros_fi addresses that directly. By allowing traders to lock in rate exposure, it converts a volatile arbitrage into a fixed-yield strategy that can be held with size and underwritten with confidence. Read on to understand why one of crypto's most persistent edges has been sitting in plain sight all along: