Is points farming worth it?

A Pendle YT is the yield half of a market, and it costs a fraction of the underlying it is entitled to. A dollar of YT is therefore exposure to more than a dollar of the underlying, and where a programme credits YT holders, points accrue on that larger exposure. That is the reason to be here at all.

The board puts that leverage on one basis. Pts/$ is a market's points multiplier divided by the share of the underlying that one YT costs. A figure marked with a dagger has no reported multiplier behind it, so it is the price leverage alone — how much exposure a dollar buys, not how many points — and a dagger figure is comparable only with another dagger figure.

It is not an APY, and no points emission rate exists anywhere in this data, so nothing here is per day. It also does not rank programmes against each other: one project's point and another's are different things with the same name, so a figure means something only beside another figure from the same farm.

How to read Pts/$ — the column that measures it.

The leverage is bought, not given. A YT has nothing left to claim after maturity, so its price runs down to zero over the life of the market, and that decay is what holding one costs. Carry is that cost on a yearly basis at today's price, annualised from the days left and stated per dollar of underlying notional.

Carry is gross: no strategy relief is netted off it. A YT holder is also entitled to the underlying yield, which the payload publishes on the same basis beside it, and the farm page's own note puts that comparison against Carry — how much of Carry the yield covers is their ratio, and their difference is the net annual cost of the position.

Break-even is the same cost read from the rewards side: the yearly rate at which rewards must accrue, on the underlying notional, for the position to break even. It is the gross carry divided by the market's points multiplier, and that division is why the two are separate numbers. They differ by exactly the multiplier published beside them, and they coincide only where no multiplier was reported or the reported one leaves the division unchanged.

So do not take the underlying yield off Break-even. That hurdle is already divided by the multiplier, and subtracting the raw rate off it overstates the relief by exactly the multiplier.

Break-even is a required accrual rate and never a price per point: divide it by a points count and the result has no unit. It is the hurdle, and it is the furthest this data goes. Whether a programme's rewards will clear it is a different question, and the sections below are why it stays open.

The cost of carrying a YT — where Carry and Break-even are worked through.

Three things sit between the hurdle and what a position actually earns, and the board carries a code for each. None of the three below is a prediction: each is a condition the engine can read off a campaign record today. They do not all cost the same, and each paragraph says what its own costs.

The season can settle. Where a campaign's record says it has closed, points no longer accrue on that route, and the carry keeps running until maturity whether or not anything is still being earned. The board flags those rows; nothing on this page says how many there are on any given build, because that is a number that moves.

The market can mature before the programme's window closes. That shortens the accrual window — the position stops earning at maturity and the programme goes on without it — and it is not the same thing as losing what was already earned. Whether points already accrued still count is not recorded for any programme here, so this page does not say either way.

And the campaign record may carry no airdrop at all. This is the one worth reading carefully, because the field it rests on has a default.

15 live points markets on the board today have no airdrop in the campaign record. That is a statement about our record rather than about the programme: the field defaults to that value, so a campaign nobody has researched looks exactly like one researched and found to pay nothing. Read the status hub for what those rows carry.

A row there with no sentence under it is flagged on a field nobody has recorded — not on a finding.

This page states a hurdle. It does not tell you whether a position clears it, and the reasons are specific rather than modest.

What a point is worth is not published here. Working that out needs three facts about the same programme — how many tokens it will hand out, what one of those tokens costs, and how many points exist in total — and this site publishes exposure and cost and leaves the valuation to you.

No points emission rate exists anywhere in this data either, so nothing here turns a points count into an accrual rate. The hurdle is a rate; what a programme actually credits is not, on this board, a rate at all.

Carry and Break-even leave out gas and slippage, which depend on your size and not on the market, and both are a reading at the price the board last took. They carry no claim about how long that price will hold.

What this is not: advice. The figures are measurements of published fields, and every one of them is a column here and a field in the JSON, so anything this page asserts can be checked against the row it came from.