Fixed yield
Buy a principal token below par; it pays back par on its maturity date.
Key metrics
- Average fixed APYYearly rate a PT pays if held to maturity.12.81%12.8072% Pendle, Exponent · 10 Nov, 07:48 UTC
- Borrowed against PTsBorrowed against these PTs on Morpho, Fluid and Loopscale.$194M$193,918,532 Lending venues, Pendle, Exponent · 10 Nov, 07:48 UTC
- Next maturityThe soonest date a PT here pays back par.10 Dec · 29Pendle, Exponent · 10 Nov, 07:48 UTC days
- PT loans due in 6 weeksBorrowing against PTs maturing within 6 weeks.100%99.958% Lending venues, Pendle, Exponent · 10 Nov, 07:48 UTC
About this data
Private-credit PTs outstanding. On Pendle, the value locked in each maturity. On Exponent, the tokens outstanding times their price. Not tracked yet: PT-srUSDat (Monad), PT-sAID (Ethereum), PT-deJAAA (Base).
Average fixed APY. Averaged by the value of each fixed-yield token.
Borrowed against PTs. Borrowed in lending markets that accept these fixed-yield tokens as collateral. Loans on Kamino and Euler aren’t counted yet. Kamino doesn’t show debt per collateral, and Euler’s fixed-yield vaults aren’t tracked.
Next maturity. The next to mature is PT-reUSD, on Exponent (Solana).
PT loans due in 6 weeks. Borrowing against fixed-yield tokens that mature within 42 days.
About this data
10 Dec is the big date: PT-reUSD and PT-reUSDe mature, the most PT value of any date and the most borrowed against it.
Borrowed against: Morpho Blue, Fluid and Loopscale markets that take the PT as collateral; Kamino and Euler not counted yet. Loans against a PT are repaid or rolled by its maturity.
Not indexed yet, so not drawn: PT-srUSDat (Monad), PT-sAID (Ethereum), PT-deJAAA (Base).
Source: Pendle and Exponent APIs for PT value, and Morpho Blue, Fluid and Loopscale for borrowing.
Fixed APY vs what the token pays
| PT | TokenThe token’s own APY, as Pendle or Exponent reports it. | SpreadFixed APY minus the token’s own yield, in points. |
|---|---|---|
 PT-sUSD3 | 14.22%14.2166% Pendle, Exponent · 10 Nov, 07:48 UTC | +12.86+12.8644 pts Pendle, Exponent · 10 Nov, 07:48 UTC |
 PT-sUSDat | 2.59%2.5915% Pendle, Exponent · 10 Nov, 07:48 UTC | +10.80+10.8047 pts Pendle, Exponent · 10 Nov, 07:48 UTC |
| PT-USD3 | 6.54%6.5432% Pendle, Exponent · 10 Nov, 07:48 UTC | +8.96+8.9641 pts Pendle, Exponent · 10 Nov, 07:48 UTC |
 PT-reUSDe | 12.58%12.5825% Pendle, Exponent · 10 Nov, 07:48 UTC | +5.44+5.4408 pts Pendle, Exponent · 10 Nov, 07:48 UTC |
| PT-reUSD | 7.19%7.1872% Pendle, Exponent · 10 Nov, 07:48 UTC | +4.48+4.4758 pts Pendle, Exponent · 10 Nov, 07:48 UTC |
 PT-ONyc | 11.02%11.0197% Pendle, Exponent · 10 Nov, 07:48 UTC | +2.75+2.7458 pts Pendle, Exponent · 10 Nov, 07:48 UTC |
About this data
Spread: the fixed APY minus the token’s own yield, in points. Fixed APY per market is in the table below.
Borrowing against PTs
Morpho Blue, Fluid and LoopscalePT-reUSDPT-USD3PT-sUSDatAbout this data
Bar = amount borrowed (hover); each market's figure is in the table.
Borrow rate: average, weighted by how much is borrowed in each market. Loop: how far the PT price can fall before a 3x loop is liquidated, from its debt and the market's maximum loan-to-value.
Where PTs trade
and how deep the exit isPool liquidity before maturityNeeded to sell before maturity, not to hold to it.
About this data
Pool liquidity is Pendle’s. Exponent doesn’t report liquidity in dollars.
PT markets
14 markets · 3 not indexed yet| Principal token | Venue | Matures | Fixed APY | PT value | Pool liquidityNeeded to sell before maturity, not to hold to it. | Borrowed against | Open |
|---|---|---|---|---|---|---|---|
 PT-deJAAA |  Pendle Base | 26 Nov | — | — | — | — | |
| PT-reUSD |  Exponent Solana | 10 Dec | 11.91%11.9054% | $821.5K$821,541 | — | — | ↗ |
| PT-reUSD | Pendle Ethereum | 10 Dec | 11.66%11.6569% | $297M$297,438,907 | $12.7M$12,748,092 | $150M$149,864,827 | ↗ |
| PT-reUSDe | PendleEthereum | 10 Dec | 18.02%18.0232% | $17.9M$17,867,932 | $4.7M$4,740,548 | — | ↗ |
| PT-reUSD | Pendle Monad | 10 Dec | 12.15%12.1464% | $3.4M$3,363,963 | $562.9K$562,948 | $1.2M$1,150,633 | ↗ |
| PT-USD3 | PendleEthereum | 17 Dec | 15.51%15.5073% | $71.4M$71,427,030 | $5.9M$5,923,234 | $42.8M$42,821,560 | ↗ |
| PT-sUSD3 | PendleEthereum | 17 Dec | 27.08%27.081% | $2.8M$2,800,185 | $1.2M$1,210,828 | — | ↗ |
 PT-sAID | PendleEthereum | 31 Dec | 9.47%9.4659% | $86.7K$86,701 | $70.8K$70,771 | — | ↗ |
| PT-sAID | PendleEthereum | 31 Dec | — | — | — | — | |
| SPT-srnOPAL | PendleEthereum | 7 Jan | 8.68%8.6847% | $76.2K$76,179 | $62.2K$62,218 | — | ↗ |
| PT-ONyc | ExponentSolana | 10 Jan | 13.77%13.7655% | $23.6M$23,636,048 | — | — | ↗ |
| SPT-srONyc | ExponentSolana | 10 Jan | 8.66%8.6586% | $1.8M$1,847,964 | — | — | ↗ |
| PT-sUSDat | PendleEthereum | 14 Jan | 13.25%13.2457% | $6.2M$6,163,016 | $1.7M$1,710,689 | $63.3K$63,251 | ↗ |
| SPT-srUSDat | PendleEthereum | 14 Jan | 11.14%11.1445% | $905.1K$905,125 | $206.9K$206,897 | $18.3K$18,260 | ↗ |
| PT-sUSDat | PendleMonad | 14 Jan | 13.61%13.6082% | $4.4M$4,375,448 | $1.7M$1,676,333 | $0 | ↗ |
| SPT-srUSDat | PendleMonad | 14 Jan | — | — | — | — | |
 PT-sUSD.infra | ExponentSolana | 16 Jan | 18.20%18.1973% | — | — | — | ↗ |
About this data
Not indexed yet (contract not confirmed by the issuer): PT-srUSDat (Monad), PT-sAID (Ethereum), PT-deJAAA (Base).
Sources: PT markets: Exponent PT markets, Pendle PT markets · 10 Nov 2026, 07:48 UTC. Borrowed against: Morpho Blue, Fluid and Loopscale markets · 10 Nov 2026, 07:48 UTC; Kamino and Euler not counted yet.