ETH: Pendle: Implied vs Underlying Yield
Shown as its Apr–Jun 2024 sample; the latest readings and full history are included with Plus.
The yield the market is pricing compared with the yield the token actually paid, across Pendle's active markets, weighted by value.
Why use it. The gap shows whether fixed-rate buyers are getting a bargain or paying up, and how much yield the market expects to persist. How to read it. Implied above underlying means the market expects yields to hold or rise, or that yield points are being paid for; implied below underlying means fixed-rate buyers are getting less than the current run-rate.
Calculation. Value-weighted means over the active markets. A market's underlying yield is its standardized yield token's exchange-rate growth over 30 days, annualised; a market is left out of the underlying mean on a day when that reads above 100% a year, which is a jump in the rate rather than interest. 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.