Glossary

The words the board prints, defined the way this site uses them.

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Terms

Airdrop status: What a campaign's record says about an airdrop, shown in the Airdrop column and published as airdrop_status: confirmed, expected, rumored, none or unknown. None is the column's default and reads no airdrop, but it does not mean a programme has no airdrop: a campaign nobody has researched reads the same as one found to have none. Unknown is this site's own value for a market with no campaign linked.
Break-even accrual: The yearly rate at which rewards must accrue, on the underlying notional, for a position to break even, shown in the farm page's Break-even column. It is the gross Carry divided by the market's points multiplier: a required accrual rate, never a price per point. It and Carry are two numbers, and they coincide only where the multiplier is null or 1x. See also: The cost of carrying a YT
Campaign: A points programme as this site records it for a market: its season, its dates and its airdrop status. The Farm column names the campaign a market farms when one is linked, and the project otherwise, so a farm name is not a guarantee that a campaign exists.
Carry: What a year of holding a YT costs at today's price, shown in the Carry column: a YT decays to zero by maturity, and Carry annualises that decay over the days left. It is gross, with no strategy relief netted off, and it is stated per dollar of underlying notional rather than per dollar spent on YT. It excludes gas and slippage, and inside one day of expiry the board prints a dash instead. See also: The cost of carrying a YT
Expiry: The date a Pendle market matures, published as expiry. On this site expiry and maturity name the same date. A row's Ends is not days to expiry: it counts to the sooner of the season's end and the market's maturity.
Farm: What a market row is grouped under, shown in the Farm column: the campaign the market farms when one is linked, and the project otherwise. Compare Pts/$ only between markets of the same farm, because two programmes' points are different things sharing a name.
Implied APY: The yearly yield a Pendle market's prices imply its underlying will earn until maturity, read off what its YT and PT trade at. This site publishes no implied APY figure, and Pts/$ is not an APY either.
Maturity: The date a Pendle market ends: its PT is the claim on the underlying itself at that date, and after it a YT has nothing left to claim. On this site maturity and expiry name the same date, published as expiry.
Multiplier: The points multiplier on record for a market, shown in the Mult column and published as multiplier. A stored value at or below 1x is published as null and shown as a dash, so a dash here means either not measured or exactly 1x, and this site cannot tell which.
Notional: The amount of underlying a position is exposed to, as distinct from the dollars spent on it. Carry and Break-even are stated per dollar of underlying notional, and because a YT costs a fraction of the underlying, a dollar of YT carries more than a dollar of notional.
Points: The units a points programme credits to the positions it rewards, on rules the programme sets and this site does not record. They do not carry across protocols: one project's point and another's are different things with the same name. This site does not say what a point is worth.
Provenance: Where a campaign fact on this site came from, published per market row as markets[].sources, which is not the top-level sources key about the site's own collectors. An empty list means nobody has recorded a source for that row's campaign, which is not a claim that no source exists. See also: the API reference
PT: The principal token of a Pendle market: the claim on the underlying asset itself at maturity. A PT holder knows at purchase what the position redeems for. This site publishes no PT price and no fixed yield. See also: What a Pendle YT is
Pts/$: Points exposure per dollar deployed, shown in the Pts/$ column: a market's points multiplier divided by the share of the underlying that one YT costs. A figure marked † has no reported multiplier behind it, so it is YT price leverage per dollar rather than a points multiple, and compares only with another †. It is not an APY and not a price. See also: How to read Pts/$
Season: A points campaign's period, as its programme defines it, whose end the board prints under Season ends. A market row's Ends counts days to the sooner of that end and the market's maturity. A programme can change its terms or end a season early.
Snapshot: The snapshot date on record for a programme, shown in the Snapshot column and published as snapshot_date. What a programme does on that date is its own rule, and this site does not record it. A date marked ~ is an estimate, and a dash means no date is held.
TGE: Token generation event: the launch of a project's token. The TGE column shows the expected date on record, published as tge_date, and a dash means no date is held.
Trap: A market row that is live-looking and does not pay, marked 🔴 in the board's status column. A row is a trap when its flags carry one of the blocker codes this site treats as a danger, and flagged rows are not ranked and sit at the foot of the board. The word describes the route, not the intent of the project behind it.
TVL: Total value locked: the value held in a market, in dollars, as the collector last read it, shown in the TVL column and published as tvl_usd. A dash means no reading, never zero.
Underlying: The yield-bearing asset a Pendle market splits into PT and YT. A YT holder is entitled to what it earns until maturity, published as underlying_yield_annual_pct. Carry, Break-even and that yield are each stated per dollar of underlying notional.
YT: The yield token of a Pendle market: the claim on what the underlying earns until maturity. It costs a fraction of the underlying and decays to zero by maturity, which is the cost Carry measures. Where a programme credits YT, the holder also accrues that programme's points. See also: What a Pendle YT is