ETH: Pendle: Implied Yield less Underlying
Shown as its Apr–Jun 2024 sample; the latest readings and full history are included with Plus.
The difference between the implied and the underlying yield across Pendle's active markets.
Why use it. A single number for how richly the market is pricing future yield. How to read it. Above zero the market prices more yield than the token has been paying; falling spreads mean the premium is fading.
Calculation. The value-weighted implied yield less the value-weighted underlying yield (a market whose underlying reads above 100% a year, a jump in its exchange rate, is left out of that mean for the day). Computed by CryptoKeyhole from its own Ethereum archive node: every Pendle market created by its Ethereum factories, each market's state and its SY token's exchange rate at the last block of every UTC day from January 2024 (the latest finalized block for the day still open). The implied yield is the market's own last implied rate, annualised; the underlying yield is the growth of the SY token's exchange rate over the last 30 days, annualised. Markets are weighted by value, in US dollars, for assets that are dollars, ether or bitcoin (ether and bitcoin at our own hourly close); markets in other assets count in the market total only. Markets on other networks are not read.