Credit · Fixed Income · PENDLE
Pendle tokenizes yield-bearing assets into Principal Tokens (PT) and Yield Tokens (YT), creating an on-chain market for fixed-rate yield and yield speculation/hedging. Pendle V2's specialized AMM and vote-escrowed vePENDLE coordinate liquidity across dozens of maturity-dated yield markets, and Boros extends the model to funding-rate trading.
Tokenized yield: split principal and yield (PT/YT).
PENDLE price
$1.34
-0.4% 24h
Latest data · 15 min delay
Curated asset listings joined to their typed risks, with oracles and parameters.
Pendle is the volume leader in yield tokenization and its asset strategy is aggressive breadth: any yield-bearing asset that can be wrapped into a Standardized Yield (SY) token can be split into a Principal Token and a Yield Token with a fixed expiry, and Pendle lists across Ethereum, Arbitrum, BNB Chain, Base and Sonic. As of July 26, 2026, chain 1 alone has 58 active markets in the API. The composition of the current top book is telling: it is dominated not by liquid staking tokens but by newer synthetic dollar and RWA-flavoured assets (USDai, USDat, sUSDe, sUSDD, mAPOLLO, mHYPER, ynRWAx, superUSDC), with Lido wstETH the only large legacy LSD market and the only one running out to December 2027. The single largest market by liquidity is -USDai on Arbitrum at $50.4M, an order of magnitude above the next tier. What distinguishes Pendle from Spectra is the depth per market and the fact that its PT pricing has become infrastructure for other protocols: the Linear Discount Oracle is explicitly positioned as the recommended feed for money markets and has been adopted by Aave and Morpho curators including Gauntlet and Steakhouse (Pendle oracle overview).
Share of curated asset listings by chain (count, not value).
| Asset | Role | Maturity | Implied APY | Oracle | ||
|---|---|---|---|---|---|---|
PT-USDai-15OCT2026 (SY-USDai) Arbitrum | Principal token, market underlying SY is USDai | 2026-10-15 | 6.41% implied | Linear Discount Oracle recommended, TWAP available | MTCG | |
PT-sUSDai-15OCT2026 (SY-sUSDai) Arbitrum | Principal token | 2026-10-15 | 9.35% implied vs 7.83% underlying | Linear Discount Oracle or TWAP | MTCG | |
PT-USDat-27AUG2026 (SY-USDat) Ethereum | Principal token | 2026-08-27 | 6.77% implied | Linear Discount Oracle or TWAP | MTCG | |
PT-sUSDE-13AUG2026 (SY-sUSDE) Ethereum | Principal token | 2026-08-13 | 4.22% implied vs 4.02% underlying | Linear Discount Oracle, explicitly named as a pricing example in the docs | MTCG | |
PT-sUSDD-27AUG2026 (SY-sUSDD) Ethereum | Principal token | 2026-08-27 | 7.64% implied vs 4.00% underlying | Linear Discount Oracle or TWAP | MTCG | |
PT-stETH-30DEC2027 (SY-stETH, listed as PT wstETH (stETH), protocol Lido) Ethereum | Principal token | 2027-12-30 | 2.27% implied vs 2.19% underlying | Linear Discount Oracle or TWAP | MTCG | |
PT-sUSDat-27AUG2026 (SY-sUSDat) BNB Chain | Principal token | 2026-08-27 | 13.73% implied | Linear Discount Oracle or TWAP | MTCG | |
PT-sUSDat-27AUG2026 (SY-sUSDat) Ethereum | Principal token | 2026-08-27 | 10.65% implied | Linear Discount Oracle or TWAP | MTCG |
Full narratives on the Risks tab.
Risk-linked assets with no row in this entity's asset table: All PT, All PT markets, All PT tokens, All Pendle V2 contracts, All YT, Arbitrum 128.82 million USD, Ethereum 594.57 million USD, Fake market 0x0ab305033592E16dB7D8e77d613F8d172a76ddc9, Hyperliquid L1 21.25 million USD, Monad 49.79 million USD, PENDLE, PNP, PT collateral listings on Aave, PT collateralised Morpho, PT positions, PT-ENA, PT-USD0++, PT-USD0++-27MAR2025, PT-WBTC, PT-sUSDe, PT-sUSDe markets, PT-sUSDe-29MAY2025, PT-sUSDe-29MAY2025 (max lnImpliedRate change 17.09%), PT-weETH, PT-weETH-27JUN2024, Plasma 128.49 million USD, SY contracts, Spark vaults, USD0++, YT, other listed PTs, structurally similar markets. These are real dependencies that sit outside the curated top 20, so render them as text in the risk drill down rather than as a clickable asset row.
Pendle Linear Discount Oracle (Spark Linear Discount Oracle)
Deterministic discount factor in 18 decimals, `answer = min(1e18, 1e18 - ((maturity - t) * baseDiscountPerYear) / (365*24*60*60))`, converging to 1.0 at maturity; no external calls, reads only `block.timestamp`; deployed via `sparkLinearDiscountOracleFactory` with `createWithPt` or `createWithMarket`
Pendle Linear Discount Oracle, LP variant
Deterministic LP pricing, documented as the LP variant of the linear discount model
Pendle TWAP PT and LP Oracle
Market-derived; stores cumulative logarithm of implied APY as `uint32 blockTimestamp`, `uint216 lnImpliedRateCumulative`, `bool initialized`; geometric mean price via `lnImpliedRate = (lnImpliedRateCumulative_1 - lnImpliedRateCumulative_0)/(t1 - t0)`, `impliedRate = e^lnImpliedRate`, `assetToPtPrice = impliedRate^(timeToMaturity/oneYear)`, `ptToAssetPrice = 1/assetToPtPrice`. Introduces AMM manipulation surface and requires careful initialization and liquidity depth assessment
Aave and Morpho risk curators (Gauntlet, Steakhouse)
Consumers of the Linear Discount Oracle rather than feed providers; named in the Pendle docs as the curators that adopted it
Underlying yield token USD price feed
Full formula: PT USD price = (oracle discount factor) / PYIndex * (yield token USD price); simplified form drops PYIndex when yield token depeg risk is ignored
n.a. (Pendle markets have no borrow LTV; caps are liquidity based)
Matures 2026-07-30, four days after the July 26, 2026 collection date, with $2,437,764 of liquidity still in the market
Matures 2026-07-30, four days after the collection date, $1,382,478 liquidity
The PT is denominated in ENA, a governance token, so a 15.11% fixed rate is a fixed ENA yield and the holder keeps full ENA price risk
The SY asset is a junior tranche (jrRoyAPYUSD), meaning first-loss exposure sits underneath the PT, which is consistent with the 19.15% implied rate
22.47% implied APY, the highest in the top 20, against an underlying APY reported as 0 by the API
The same asset and maturity prices at 13.73% implied on BNB Chain versus 10.65% on Ethereum, a 308 basis point gap that indicates fragmented liquidity between the two listings
8.27% implied against 15.41% underlying, so the market is pricing a large decline in the Midas strategy yield
Pendle's own docs state the TWAP oracle derives price from AMM activity, introduces an AMM manipulation surface, and requires careful initialization and liquidity depth assessment; the Linear Discount Oracle is recommended instead
Curated list ranked by size and strategic importance; not the exhaustive on-chain asset universe. Data as of 2026-07-26.
