Pendle
Yield trading protocol that splits yield-bearing tokens into principal (PT) and yield (YT) tokens.
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Pendle key facts
| Category | Yield platform |
|---|---|
| Chains | Ethereum, Arbitrum, Base, BNB Chain and other EVM networks |
| Platforms | Web, API |
| Custody | Non-custodial |
| Fees | 5% of yield accrued by YT, plus swap fees |
| Chains | Ethereum, Optimism, BNB Chain, Sonic, HyperEVM, Mantle, Base, Arbitrum, Berachain, Monad and others |
| Token | PENDLE |
| US availability | Partly: Boros closed to US persons |
PENDLE token
- Price
- $1.56 -1.3% 24h
- Market cap
- $271.5M
- Fully diluted value
- $439.4M
- 30-day change
- -28.8%
Market data: CoinGecko, updated Nov 10, 2026. Educational content, not financial advice.
What is Pendle?
Pendle is a yield trading protocol that splits yield-bearing tokens into principal tokens (PT), which lock in a fixed yield, and yield tokens (YT), which trade the variable yield. It charges a 5% fee on yield, including points, accrued by YT, plus swap fees. It is deployed on Ethereum, Arbitrum, Base, BNB Chain and other networks.
How Pendle works
Pendle wraps a yield-bearing token such as stETH into SY, then splits SY into a principal token (PT) and a yield token (YT) with a fixed maturity; for example ETH becomes stETH, then SY-stETH, then PT-stETH plus YT-stETH.
PT works like a zero-coupon bond: it trades at a discount and redeems 1:1 for the accounting asset at maturity, which sets its fixed APY. YT collects all yield and points until maturity, and its value falls toward zero as maturity nears.
Both trade on Pendle's own AMM, and YT trades route through the PT pool. Anyone can create a market on-chain, but only markets that pass review are shown in the official app.
How to start with Pendle
- Connect a self-custody wallet to the Pendle app on a supported network and pick an asset.
- You can buy PT to lock a fixed yield, buy YT to take on variable yield, provide liquidity, or mint PT and YT from the yield-bearing asset.
- Note which accounting asset is in brackets: PT-ezETH (ETH) redeems for 1 ETH worth of ezETH, not 1 ezETH.
- After maturity, redeem PT promptly.
Pendle fees and limits
- Pendle takes 5% of all yield and points accrued by YT; for points, partner protocols deduct the 5% and send it to Pendle fee wallets.
- 20% of swap fees go to LPs, and the rest plus YT fees split 80% to PENDLE buybacks, 10% to the treasury and 10% to operations.
PT swaps pay a fee equal to (fee tier / 365) x days to maturity, so fees shrink as maturity nears; the tier is listed under each market's specs. Redeeming PT after maturity costs only gas.
Risks to know before using Pendle
- Yield and points from PT or LP positions left unredeemed after maturity go to the Pendle treasury, not to you.
- YT can end worth less than you paid if the underlying APY averages below the implied APY you bought at, and it reaches zero at maturity.
- PT redeems for the accounting asset, so a depeg or loss in the underlying protocol carries through.
- On-chain market creation is permissionless, so markets outside the official app have not passed Pendle's review.
Pendle usage
From DefiLlama (TVL) (fees users paid), updated Nov 10, 2026.
Pendle alternatives
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On-chain asset management and tokenized fund infrastructure: Enzyme Onyx, Blue vaults and Myso options.
Where Pendle ranks on DappAtlas
Listed next to Pendle
Pendle pros and cons
- PTs lock a fixed yield until maturity
- Deployed on more than ten EVM networks
- 20% of swap fees go to liquidity providers
- 5% fee on all yield and points accrued by YT
- YT can lose most of its value if yields fall
- PT and YT concepts take time to learn
- Boros is closed to US persons
Pendle FAQ
What is Pendle?
Pendle is a yield trading protocol that splits yield-bearing tokens into principal tokens (PT), which lock in a fixed yield, and yield tokens (YT), which trade the variable yield. It charges a 5% fee on yield, including points, accrued by YT, plus swap fees. It is deployed on Ethereum, Arbitrum, Base, BNB Chain and other networks.
How much value is locked in Pendle?
$1B according to DefiLlama on Nov 10, 2026. It is deployed on 14 chains: Ethereum, Monad, Arbitrum, X Layer, Hyperliquid L1, Binance and others.
How much does Pendle cost?
5% of yield accrued by YT, plus swap fees, according to Pendle’s own page (checked Sep 26, 2026).
How much do users pay Pendle in fees?
$578,313 over the last 30 days, according to DefiLlama on Nov 10, 2026.
Does Pendle have a token?
Yes, PENDLE. Its market cap was $271.5M on CoinGecko on Nov 10, 2026. Educational content, not financial advice.
Is Pendle available in the US?
Partly: Boros closed to US persons, according to Pendle’s own page (checked Sep 26, 2026).
Does Pendle hold my funds?
No. Pendle is non-custodial: you keep your funds in your own wallet and sign each transaction.
Sources
How this page works
Sources: Pendle: official site, Pendle: Docs, Fees, Pendle: Docs, Deployments. Data as of Sep 26, 2026.
Not affiliated with any project listed. Educational content, not financial advice.