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Fixed yield

Buy a principal token below par; it pays back par on its maturity date.

Private-credit PTs outstandingPrincipal token: bought below par, worth par at maturity.
$405M$404,504,486 Pendle, Exponent · 10 Nov, 07:48 UTC
10 markets on Pendle

Key metrics

  • Average fixed APYYearly rate a PT pays if held to maturity.12.77%12.772% 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 Pendle (Ethereum).

PT loans due in 6 weeks. Borrowing against fixed-yield tokens that mature within 42 days.

PT value maturingBorrowed against those PTs
$350M$175M$0$319M / $151M10 DecreUSD, reUSDe$74M / $43M17 DecUSD3, sUSD3$87K31 DecsAID$76K7 JansrnOPAL$11M / $82K14 JansUSDat, srUSDat
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

PTTokenThe token’s own APY, as Pendle or Exponent reports it.SpreadFixed APY minus the token’s own yield, in points.
PT-sUSD314.22%14.2166% Pendle, Exponent · 10 Nov, 07:48 UTC+12.86+12.8644 pts Pendle, Exponent · 10 Nov, 07:48 UTC
PT-sUSDat2.59%2.5915% Pendle, Exponent · 10 Nov, 07:48 UTC+10.80+10.8047 pts Pendle, Exponent · 10 Nov, 07:48 UTC
PT-USD36.54%6.5432% Pendle, Exponent · 10 Nov, 07:48 UTC+8.96+8.9641 pts Pendle, Exponent · 10 Nov, 07:48 UTC
PT-reUSDe12.58%12.5825% Pendle, Exponent · 10 Nov, 07:48 UTC+5.44+5.4408 pts Pendle, Exponent · 10 Nov, 07:48 UTC
PT-reUSD7.19%7.1872% Pendle, Exponent · 10 Nov, 07:48 UTC+4.48+4.4751 pts Pendle, Exponent · 10 Nov, 07:48 UTC
PT-srUSDat8.11%8.1092% Pendle, Exponent · 10 Nov, 07:48 UTC+3.04+3.0353 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 Loopscale
PT-reUSD
Borrow 9.76%9.7622% Morpho · 10 Nov, 07:48 UTC · carryFixed APY minus the borrow rate, in points. +1.90+1.8984 pts Pendle, Exponent, Morpho · 10 Nov, 07:48 UTC pts · max LTVMost you can borrow against the PT before liquidation. 91.5%Morpho · 10 Nov, 07:48 UTC · 3x loopBorrow against the PT, buy more PT, repeat up to 3x. is liquidated on a 27.1%27.1403% Morpho · 10 Nov, 07:48 UTC PT drop
PT-USD3
Borrow 8.40%8.398% Morpho · 10 Nov, 07:48 UTC · carryFixed APY minus the borrow rate, in points. +7.11+7.1093 pts Pendle, Exponent, Morpho · 10 Nov, 07:48 UTC pts · max LTVMost you can borrow against the PT before liquidation. 91.5%Morpho · 10 Nov, 07:48 UTC · 3x loopBorrow against the PT, buy more PT, repeat up to 3x. is liquidated on a 27.1%27.1403% Morpho · 10 Nov, 07:48 UTC PT drop
PT-sUSDat
Borrow 6.42%6.4196% Morpho · 10 Nov, 05:01 UTC · carryFixed APY minus the borrow rate, in points. +6.83+6.8261 pts Pendle, Exponent, Morpho · 10 Nov, 05:01 UTC pts · max LTVMost you can borrow against the PT before liquidation. 91.5%Morpho · 10 Nov, 05:01 UTC · 3x loopBorrow against the PT, buy more PT, repeat up to 3x. is liquidated on a 27.1%27.1403% Morpho · 10 Nov, 05:01 UTC PT drop
About 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 is
Pendle

Pool liquidity before maturityNeeded to sell before maturity, not to hold to it.

PT-reUSD
PT-USD3
PT-reUSDe
About this data

Pool liquidity is Pendle’s. Exponent doesn’t report liquidity in dollars.

PT markets

10 markets · 3 not indexed yet
Principal tokenVenueMaturesFixed APYPT valuePool liquidityNeeded to sell before maturity, not to hold to it.Borrowed againstOpen
PT-deJAAAPendleBase26 Nov————
PT-reUSDPendleEthereum10 Dec11.66%11.6569% $297M$297,438,907 $12.7M$12,748,092 $150M$149,864,827 ↗
PT-reUSDPendleMonad10 Dec12.15%12.1464% $3.4M$3,363,963 $562.9K$562,948 $1.2M$1,150,633 ↗
PT-reUSDePendleEthereum10 Dec18.02%18.0232% $17.9M$17,867,932 $4.7M$4,740,548 —↗
PT-sAIDPendleEthereum31 Dec9.47%9.4659% $86.7K$86,701 $70.8K$70,771 —↗
PT-sAIDPendleEthereum31 Dec————
PT-srnOPALPendleEthereum7 Jan8.68%8.6847% $76.2K$76,179 $62.2K$62,218 —↗
PT-srUSDatPendleEthereum14 Jan11.14%11.1445% $905.1K$905,125 $206.9K$206,897 $18.3K$18,260 ↗
PT-srUSDatPendleMonad14 Jan————
PT-sUSD3PendleEthereum17 Dec27.08%27.081% $2.8M$2,800,185 $1.2M$1,210,828 —↗
PT-sUSDatPendleEthereum14 Jan13.25%13.2457% $6.2M$6,163,016 $1.7M$1,710,689 $63.3K$63,251 ↗
PT-sUSDatPendleMonad14 Jan13.61%13.6082% $4.4M$4,375,448 $1.7M$1,676,333 $0↗
PT-USD3PendleEthereum17 Dec15.51%15.5073% $71.4M$71,427,030 $5.9M$5,923,234 $42.8M$42,821,560 ↗
13 of 13 · — = not indexed yet
About this data

Not indexed yet (contract not confirmed by the issuer): PT-srUSDat (Monad), PT-sAID (Ethereum), PT-deJAAA (Base).

Sources: 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.