Pendle Review
Yield Trading · Official site ↗
By DifiCalc Research Team · Published Sep 12, 2026 Data verified Sep 12, 2026 via DeFiLlama
Yield trading AMM — split yield-bearing assets into fixed-rate PT and variable-rate YT
Best for: Yield sellers who want certainty (PT) and points farmers who want leveraged exposure (YT)
Risk Assessment
Four public audits and TVL above $5B since the 2021 launch, with no protocol-wide loss of user funds to date. PT/YT mechanics add execution complexity — fixed rates underperform if variable yields spike — which caps the grade below the A tier.
Fees
| Trading Fee | 0.1%–0.5% per swap (AMM) |
| Yield Fee | 3% of accrued yield on YT positions |
| Ve Pendle Boost | gauge emissions directed by vePENDLE lockers |
Top Vaults
| Vault | Asset | Strategy | 30d APY |
|---|---|---|---|
| PT sUSDe (Dec 2026) | Ethena sUSDe | Fixed yield to maturity | 7.2% |
| PT wstETH (Jun 2027) | Lido wstETH | Fixed staking yield to maturity | 3.4% |
| YT sUSDe | Ethena sUSDe | Leveraged variable yield + points exposure | 11.5% |
| PT eETH (Mar 2027) | ether.fi eETH | Fixed staking + restaking yield | 4.1% |
Strengths
- ✓The only major venue to lock fixed yield on LSTs, sUSDe and other yield-bearing assets (PT)
- ✓Fixed rates of ~4–12% on blue-chip yield assets typically beat variable lending at deposit time
- ✓YT provides leveraged yield and points exposure without selling the principal
Weaknesses & Risks
- !PT/YT mechanics and AMM pricing have a learning curve
- !Fixed returns cap upside if variable rates rally after purchase
- !PT liquidity thins on long-dated markets as expiry approaches
Compare Pendle with alternatives
Pendle FAQ
What is Pendle?
Pendle is a yield trading platform, founded in 2021, live on ethereum, arbitrum, optimism, base, bsc, mantle. Yield trading AMM — split yield-bearing assets into fixed-rate PT and variable-rate YT
What APY can I earn on Pendle?
Current yields typically range from 3% to 15% APY, with a typical rate around 8%. APY varies with market conditions, utilization and token emissions — always verify live rates before depositing.
Is Pendle safe?
DifiCalc risk grade: A-. Four public audits and TVL above $5B since the 2021 launch, with no protocol-wide loss of user funds to date. PT/YT mechanics add execution complexity — fixed rates underperform if variable yields spike — which caps the grade below the A tier. Audits: CertiK, Zellic, OtterSec, Hacken. As with all DeFi, smart-contract and market risk remains — never deposit more than you can afford to lose.
What fees does Pendle charge?
Trading Fee: 0.1%–0.5% per swap (AMM). Yield Fee: 3% of accrued yield on YT positions. Ve Pendle Boost: gauge emissions directed by vePENDLE lockers.
Run the numbers yourself
Model a real Pendle position with our free yield calculator — no signup.
Information last reviewed in 2026. APY figures are indicative ranges from protocol data and may differ from live rates. This page is for informational purposes only and is not financial advice.