# Pendle Fixed Yields: PT APY by Market and Maturity

> Pendle fixed yield by market: PT APY, implied APY and underlying APY for every live Pendle market, with liquidity, PT price and days to maturity.

Markdown copy of https://voltfincrypto.com/apps/pendle-fixed-yields

**Question:** What fixed APY does each Pendle PT market offer, and when does it mature?

- Kind: Table in Voltfin Strata
- Topic: [DeFi](https://voltfincrypto.com/topics/defi)
- Chains: Multi-chain, Ethereum, Arbitrum, Base, BNB Chain
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

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.

## Blueprint

One row: One row per live Pendle market on each chain, at the latest read

- **Market** (`market`): The market's underlying asset and maturity, linked to the market contract.
- **Chain** (`chain`): The chain the market lives on.
- **Maturity** (`maturity`): The market's expiry, from expiry().
- **Days to maturity** (`days_to_maturity`, days): Days from the read block to the market's expiry.
- **PT fixed APY** (`pt_fixed_apy`): The annualized return from buying PT at the latest swap price and holding it to maturity.
- **Implied APY** (`implied_apy`): The rate implied by the market's AMM state, exp(lastLnImpliedRate) minus one, before fees and price impact.
- **Underlying APY** (`underlying_apy`): The underlying asset's annualized growth from SY exchangeRate() over the last 7 days.
- **Implied minus underlying** (`implied_spread`): Implied APY minus underlying APY: how the market prices future yield against current yield.
- **PT price** (`pt_price`): PT's price in units of the underlying asset, from the latest swap.
- **Liquidity** (`liquidity`, USD): The market's PT and SY reserves, valued at oracle prices.
- **Volume, 24 hours** (`volume_24h`, USD): Swap volume in the market over the last 24 hours, from Swap events.
- **Receipt** (`receipt`): The block, contracts and calls behind the row.

## How it will be measured

- 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().

## Data it needs

- `yield_rates_daily` (to build): Supply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table.
- `dex_liquidity_daily` (to build): Liquidity held by each DEX pool at day end, in tokens and valued in USD, with fee tier and pool age.
- `native_prices_daily` (to build): Reference prices of major assets read from on-chain oracle feeds (Chainlink latestRoundData) at each day's last block, with each round's update time.
- Source: Pendle market factory CreateNewMarket events (market, PT, scalarRoot, initialAnchor)
- Source: PendleMarket readState() lastLnImpliedRate and expiry() at a pinned block
- Source: PendleMarket Swap events (netPtOut, netSyOut, netSyFee)
- Source: SY exchangeRate() at daily blocks for underlying APY
- Source: Market reserves (totalPt, totalSy) and PT and YT totalSupply

## Questions

### 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.

## Glossary

- **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.

## Related apps

- [Yield-Bearing Stablecoins Compared: APY and Supply](https://voltfincrypto.com/apps/yield-bearing-stablecoins-compared)
- [Ethena USDe Supply and sUSDe Yield](https://voltfincrypto.com/apps/ethena-usde-supply-susde-yield)
- [stETH APR Compared With rETH, weETH and Other LSTs](https://voltfincrypto.com/apps/steth-apr-liquid-staking-yields)
- [Stablecoin Lending Rates: USDC and USDT APY](https://voltfincrypto.com/apps/stablecoin-lending-rates)
- [DeFi Lending Rates Table: Utilization and LTV by Market](https://voltfincrypto.com/apps/defi-lending-rates-table)
- [DeFi TVL by Chain: Total Value Locked Rankings](https://voltfincrypto.com/apps/defi-tvl-by-chain)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F