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Dashboards / Pendle
Pendle, live.
The PENDLE token against the business behind it, and every active Pendle market with its fixed yield, depth and a risk read.
Page built 2 Nov 2026 10:46 UTC. Markets refresh every 5 minutes, token and protocol data every 15.
The token
PENDLE
$1.800
-3.9% 24h / -24.0% 30d
Market cap
$312.33M
FDV $505.56M
TVL
$1.04B
-92% from peak
Revenue, annualised
$5.78M
$475.5K last 30 days
Cap / TVL
0.30×
FDV/TVL 0.49×
Cap / revenue
54×
FDV/revenue 87×
PENDLE is down 41% over a year
Price, USD, daily close
Data as of 2 Nov 2026 10:44 UTC/Source CoinGecko
TVL is 92% below its Sep 2025 peak
Total value locked across all chains, USD. Peak $13.39B
Data as of 2 Nov 2026 10:46 UTC/Source DefiLlama
Revenue ran $475.5K over the last 30 days
Protocol revenue per week, USD
Data as of 2 Nov 2026 10:46 UTC/Source DefiLlama
The market pays 0.30× TVL for PENDLE
Market cap divided by TVL, daily
Data as of 2 Nov 2026 10:46 UTC/Source CoinGecko, DefiLlama
Buybacks against emissions
Since the January 2026 sPENDLE overhaul, about 80% of revenue buys PENDLE on the open market for stakers, while incentives emit new PENDLE to liquidity. Buying more than is emitted takes supply off the market; emitting more dilutes it. Both sides below are actual flows, per 14-day epoch.
Bought / emitted
2.9×
since 29 Jan 2026
PENDLE bought
3.07M
$4.62M spent
PENDLE emitted
1.04M
incentive claims, same epochs
Net taken off market
2.03M
1.16% of circulating
Last epoch
7.8×
92.1K bought, 11.7K emitted (epoch of 6 Oct, settled 23 Oct)
Staked
91.91M
53% of circulating; 28.51M as sPENDLE
Buybacks have outrun emissions 2.9 to 1
PENDLE bought back and PENDLE emitted, per 14-day epoch
Bought backEmitted
Data as of 2 Nov 2026 10:46 UTC/Source Pendle, Ethereum, DefiLlama
2.03M PENDLE net removed since the overhaul
Cumulative PENDLE bought back minus emitted
Data as of 2 Nov 2026 10:46 UTC/Source Pendle, Ethereum, DefiLlama
Bought back: PENDLE delivered to sPENDLE each epoch, from Pendle's sPENDLE data, or read straight from the delivery transaction on Ethereum where Pendle has not finalised the epoch yet (the latest epoch's dollar figure is Pendle's running estimate until then). Emitted: PENDLE incentives actually claimed in the same window (gauge claims and the merkle distributor). Current emission run-rate from live market incentives: about 6.1K PENDLE a week ($10.9K). The epoch that began 20 Oct has $261.9K of revenue so far; its buyback settles within 7 days of 3 Nov.
Fixed yield against the alternatives
The average principal-token (PT) yield on Pendle, weighted by TVL across every market live that day, including markets that have since matured, set against what the same dollars or ETH earn without Pendle.
Stablecoin PTs
10.33%
live, liquidity-weighted
vs 3-month T-bill
+626bp
bill 4.08%
vs Aave USDC
+630bp
Aave 4.03%
ETH PTs
2.63%
daily average
vs Lido stETH
+28bp
stETH 2.34%
All PTs
10.93%
live, liquidity-weighted
Stablecoin PTs pay +626bp over T-bills
TVL-weighted stablecoin PT implied APY against dollar alternatives, daily
Pendle stablecoin PTsEthena sUSDeAave USDCSky sUSDS3-month T-bill
Data as of 1 Nov 2026 14:34 UTC/Source Pendle, DefiLlama, US Treasury
ETH PTs pay +28bp over staking
TVL-weighted ETH PT implied APY against Lido stETH, daily
Pendle ETH PTsLido stETH
Data as of 1 Nov 2026 14:34 UTC/Source Pendle, DefiLlama
450 markets read. A PT locks its rate to maturity, so the spread over a floating rate is the price of giving up liquidity and taking the underlying asset's risk; many high-yield stablecoin PTs sit on synthetic or credit-backed dollars. Markets under $10K TVL or quoting above 150% are excluded. T-bill: 13-week, coupon equivalent.
The markets
Each market splits a yield-bearing asset into a principal token, which locks a fixed APY to maturity, and a yield token. Implied APY is that fixed rate; underlying APY is what the asset earns today.
Active markets
86
9 chains
TVL in markets
$945.16M
Liquidity
$162.30M
24h volume
$6.15M
Implied APY
11.16%
TVL-weighted
Largest chain
Ethereum
78% of TVL
Ethereum 77.9%Monad 15.3%Chain 196 2.8%Arbitrum 2.7%HyperEVM 0.8%BNB Chain 0.3%Base 0.2%
86 of 86 active marketsclick a column to sort
| Market | |||||||
|---|---|---|---|---|---|---|---|
 reUSDPTSEthereum | 10 Dec 26 38d | $13.09M | $282.29M | $1.61M | 11.87% | 7.12% | Moderate 43 |
 USD3Ethereum | 17 Dec 26 45d | $6.03M | $71.16M | $511.7K | 15.17% | 6.21% | Moderate 45 |
 sUSDSEthereum | 26 Nov 26 24d | $3.71M | $70.44M | $47.0K | 5.97% | 3.80% | Elevated 51 |
 USDatPTSMonad | 14 Jan 27 73d | $1.39M | $64.38M | $66.2K | 7.93% | 3.00% | High 70 |
 STRCxPTSEthereum | 26 Nov 26 24d | $1.26M | $50.53M | $1.05M | 18.63% | 12.17% | High 75 |
 apyUSDPTSEthereum | 5 Nov 26 3d | $17.58M | $50.09M | $334.6K | 17.79% | 13.97% | High 79 |
 AUSDMonad | 17 Dec 26 45d | $2.36M | $47.90M | $6.0K | 5.55% | 3.50% | Elevated 48 |
| USDatPTSEthereum | 14 Jan 27 73d | $1.57M | $30.49M | $94.7K | 8.00% | 3.00% | High 70 |
 siUSDPTSEthereum | 7 Jan 27 66d | $18.80M | $29.08M | $241.6K | 9.45% | 6.80% | Moderate 37 |
 USDGChain 196 | 25 Feb 27 115d | $1.88M | $26.43M | $38.2K | 2.96% | 3.30% | Elevated 48 |
 sUSDeEthereum | 26 Nov 26 24d | $5.10M | $24.95M | $33.2K | 4.78% | 5.06% | Moderate 44 |
 sUSDaiPTSArbitrum | 25 Feb 27 115d | $5.35M | $24.64M | $131.9K | 10.29% | 11.47% | Moderate 43 |
 sUSDDEthereum | 26 Nov 26 24d | $5.15M | $21.06M | $997.6K | 5.34% | 4.00% | Moderate 36 |
| sUSDeNEWMonad | 28 Jan 27 87d | $20.49M | $20.49M | $65.1K | 4.52% | 5.06% | Moderate 46 |
 reUSDePTSEthereum | 10 Dec 26 38d | $4.58M | $17.48M | $107.8K | 18.47% | 12.55% | Elevated 50 |
 apxUSDPTSEthereum | 5 Nov 26 3d | $1.14M | $15.45M | $9.3K | 23.19% | 0.00% | High 86 |
 sUSDxPTSEthereum | 3 Dec 26 31d | $7.03M | $15.41M | $256.4K | 16.99% | 15.65% | Moderate 45 |
 strUSDPTSEthereum | 26 Nov 26 24d | $4.47M | $6.54M | $26.9K | 11.48% | 10.00% | Moderate 44 |
 sUSDfrPTSEthereum | 28 Jan 27 87d | $6.33M | $6.54M | $26.0K | 26.78% | 19.13% | Moderate 46 |
 sUSDatPTSEthereum | 14 Jan 27 73d | $1.43M | $6.12M | $5.7K | 13.91% | 27.36% | High 75 |
 wstETHEthereum | 30 Dec 27 423d | $4.79M | $5.24M | $0 | 2.31% | 4.32% | Low 26 |
| sUSDatPTSMonad | 14 Jan 27 73d | $1.83M | $4.94M | $0 | 13.40% | 27.36% | High 80 |
 USDxPTSEthereum | 3 Dec 26 31d | $2.34M | $4.77M | $10.8K | 12.57% | 0.00% | Moderate 45 |
| apxUSDNEWPTSEthereum | 11 Feb 27 101d | $129.8K | $4.52M | $108.7K | 14.27% | 0.00% | High 97 |
| apyUSDNEWPTSEthereum | 11 Feb 27 101d | $870.3K | $3.70M | $32.5K | 14.33% | 13.97% | High 93 |
 kHYPEHyperEVM | 25 Mar 27 143d | $1.90M | $3.68M | $2.4K | 1.93% | 1.93% | Elevated 49 |
 trUSDPTSEthereum | 26 Nov 26 24d | $796.2K | $3.19M | $193 | 10.78% | 0.00% | Elevated 53 |
| reUSDPTSMonad | 10 Dec 26 38d | $559.7K | $2.96M | $706 | 12.32% | 7.12% | Elevated 62 |
 mAPOLLOEthereum | 18 Mar 27 136d | $2.90M | $2.90M | $0 | 7.04% | 6.47% | Moderate 38 |
 sUSD3PTSEthereum | 17 Dec 26 45d | $1.19M | $2.78M | $24.4K | 25.86% | 13.51% | Elevated 51 |
 limUSDHyperEVM | 26 Nov 26 24d | $1.23M | $2.03M | $41.2K | 8.36% | 7.70% | Moderate 44 |
| USDatPTSBNB Chain | 14 Jan 27 73d | $41.7K | $1.76M | $143 | 5.92% | 0.00% | High 90 |
 strUSDNEWMonad/ strUSD-scaled18 | 4 Feb 27 94d | $1.57M | $1.64M | $0 | 11.52% | 10.04% | Elevated 51 |
 stHYPEHyperEVM | 28 Jan 27 87d | $1.04M | $1.31M | $0 | 2.11% | 1.99% | Elevated 54 |
 fxSAVENEWEthereum | 29 Apr 27 178d | $1.01M | $1.28M | $103.7K | 7.73% | 8.21% | Moderate 46 |
 sUSNPTSEthereum | 22 Jul 27 262d | $1.19M | $1.21M | $0 | 8.61% | 7.54% | Moderate 38 |
 superUSDCEthereum | 26 Nov 26 24d | $275.8K | $1.12M | $5.3K | 8.28% | 10.40% | Elevated 53 |
 srUSDatPTSMonad | 14 Jan 27 73d | $329.6K | $1.04M | $2.1K | 11.41% | 8.22% | High 82 |
 jrRoyAPYUSDPTSEthereum/ ROY-JT-apyUSD | 5 Nov 26 3d | $1.00M | $1.00M | $0 | 19.32% | 0.00% | High 80 |
 USDaiPTSArbitrum | 25 Feb 27 115d | $177.2K | $986.2K | $16 | 8.05% | 0.00% | High 68 |
Sources: Pendle V2 API (markets, APY, liquidity), CoinGecko (price, supply), DefiLlama (TVL, revenue). The risk read is a heuristic weighted toward the collateral type, then liquidity, maturity, yield level and Pendle's own risk notes; it is not a peg monitor. Nothing here is investment advice. The editor may hold positions in assets shown.