Pendle

On-chain yield-trading protocol

yieldPTYTfixedincome

pendle.financeUpdated 2026-11-02

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About

Pendle splits yield-bearing assets into principal and yield tokens that trade separately: lock fixed yields or speculate on future rate changes, covering major staking and yield assets.

PT suits conservative users locking yield; YT suits aggressive views on future rates. Pricing behaves completely differently across expiry dates — understand the term structure before buying.

Main uses

Fixed-yield locking
Yield trading
Multi-asset pools

Site info

CategoryDeFi & DEX

TypeYield protocol

LanguagesEnglish

AccessWeb

FeesProtocol fees

FAQ

What are PT and YT on Pendle?

PT is the principal token redeemable at face value at maturity — effectively fixed yield. YT captures the floating yield during the term. Very different risk profiles.

What are the risks of LPing on Pendle?

Yields and prices swing both ways, and liquidity behaves oddly near maturity. Understand YT pricing before providing liquidity.

How do I reach the official Pendle site safely?

The “Visit official site” button on this page points to Pendle’s official address: pendle.finance. Fake clones are common in crypto — verify the domain and bookmark this page or the official URL.

Does Pendle cost money?

Protocol fees

Visit official site ↗