Yield-Bearing Stablecoins Compared: APY and Supply
sUSDe, sUSDS, sDAI, syrupUSDC, scrvUSD and other yield-bearing dollars side by side: realized yield, supply and the source of each yield.
Multi-chainEthereumTable · StrataPlanned
Pendle Fixed Yields: PT APY by Market and Maturity
What fixed APY does each Pendle PT market offer, and when does it mature?
Every live Pendle market with its PT fixed APY, implied APY, underlying APY, liquidity and days to maturity, read from market contracts.
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Blueprint
What the table will hold.
The table as it will open in Strata. Each figure is named here and arrives with its receipt; until its data is published, its place stays empty.
One row One row per live Pendle market on each chain, at the latest readSorted by PT fixed APY, highest first
| Market | Chain | Maturity | Days to maturitydays | PT fixed APY | Implied APY | Underlying APY | Implied minus underlying | PT price | LiquidityUSD | Volume, 24 hoursUSD | Receipt |
|---|---|---|---|---|---|---|---|---|---|---|---|
- Market market Token
- The market's underlying asset and maturity, linked to the market contract.
- Chain chain Chain
- The chain the market lives on.
- Maturity maturity Date
- The market's expiry, from expiry().
- Days to maturity days_to_maturity Number
- Days from the read block to the market's expiry.
- PT fixed APY pt_fixed_apy Percent
- The annualized return from buying PT at the latest swap price and holding it to maturity.
- Implied APY implied_apy Percent
- The rate implied by the market's AMM state, exp(lastLnImpliedRate) minus one, before fees and price impact.
- Underlying APY underlying_apy Percent
- The underlying asset's annualized growth from SY exchangeRate() over the last 7 days.
- Implied minus underlying implied_spread Percent
- Implied APY minus underlying APY: how the market prices future yield against current yield.
- PT price pt_price Number
- PT's price in units of the underlying asset, from the latest swap.
- Liquidity liquidity Exact amount
- The market's PT and SY reserves, valued at oracle prices.
- Volume, 24 hours volume_24h Exact amount
- Swap volume in the market over the last 24 hours, from Swap events.
- Receipt receipt Link
- The block, contracts and calls behind the row.
Filter by Chain, Maturity.
About
What it answers, and for whom.
Pendle splits a yield-bearing asset into two tokens until a maturity date: a principal token, PT, which redeems for the underlying asset at maturity, and a yield token, YT, which collects the yield until then. Because PT trades below the value it will redeem for, buying it and holding it to maturity locks in a fixed yield. This table lists every live Pendle market with that yield and the inputs behind it.
Each row shows the fixed APY a PT buyer locks in at the latest price, the market's implied APY, the underlying asset's own APY and the time left to maturity, read from the market and SY contracts at a pinned block. Compare implied APY with underlying APY to see how the market prices future yield, and sort by maturity or liquidity to compare markets over a given holding period.
Method
How it will be measured.
Every figure will be read at a block, kept with its source and its exact read, and open a receipt anyone can re-check.
How receipts work →- Markets are found from Pendle market factory CreateNewMarket events, each with its PT, SY, expiry and AMM parameters.
- Implied APY is exp(lastLnImpliedRate) minus one, from readState() at a pinned block; PT fixed APY is the annualized gain from the latest PT swap price to redemption at expiry.
- Underlying APY is the growth of the SY exchangeRate() between two daily blocks, annualized, so it reflects what the asset actually earned rather than a quoted rate.
- Liquidity is the market's PT and SY reserves, totalPt and totalSy, valued at oracle prices; days to maturity count from the read block's time to expiry().
The data it needs
Read from chain state and history
- yield_rates_dailyTo buildYields and ratesSupply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table.
- dex_liquidity_dailyTo buildDEX liquidityLiquidity held by each DEX pool at day end, in tokens and valued in USD, with fee tier and pool age.
- native_prices_dailyTo buildOracle prices by dayReference prices of major assets read from on-chain oracle feeds (Chainlink latestRoundData) at each day's last block, with each round's update time.
- Pendle market factory CreateNewMarket events (market, PT, scalarRoot, initialAnchor)
- PendleMarket readState() lastLnImpliedRate and expiry() at a pinned block
- PendleMarket Swap events (netPtOut, netSyOut, netSyFee)
- SY exchangeRate() at daily blocks for underlying APY
- Market reserves (totalPt, totalSy) and PT and YT totalSupply
Questions
Questions people ask.
What is Pendle PT?
A principal token: the part of a yield-bearing asset that redeems for the underlying at maturity, without the yield earned before then. It trades at a discount to that redemption value, and the discount is the fixed yield.
What is implied APY on Pendle?
The yield the market prices in for the underlying asset until maturity, derived from the current PT price. When implied APY is above the underlying APY, the market is pricing in more yield than the asset earns now.
Is the PT yield really fixed?
In units of the underlying, yes, if PT is held to maturity: it redeems for a known amount then. It still carries the risks of the underlying asset and of the contracts, and selling before maturity realizes the market price instead.
What is Pendle YT?
A yield token: it receives all the yield of the underlying until maturity and is worth nothing after. Its price moves with expectations of future yield, so it works as a leveraged position on yield rather than on price.
What happens at maturity?
PT can be redeemed for the underlying asset, YT stops accruing yield and the market's AMM stops trading. A market leaves the table once it expires, and its history stays in the dataset.
- PT (principal token)
- The token that redeems for the underlying asset at a market's maturity.
- YT (yield token)
- The token that collects the underlying asset's yield until maturity.
- SY (standardized yield)
- Pendle's wrapper that gives every yield-bearing asset the same interface, with an exchangeRate() that tracks its growth.
- Implied APY
- The annual yield that a market's current PT price implies for the underlying until maturity.
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