What a Pendle YT is

A Pendle market splits a yield-bearing asset into two tokens that trade on their own. The principal token, PT, is the claim on the asset itself at maturity. The yield token, YT, is the claim on what the asset earns until then.

So a YT is only the yield half of what the underlying costs, and it trades at a fraction of the underlying's price. That fraction is where the leverage the board measures comes from.

The two halves recombine into the underlying, so the prices of one PT and one YT add up to about the price of the underlying they split.

A PT holder knows at purchase what the position redeems for at maturity. A YT holder does not: what the position returns depends on what the underlying earns and, on a points market, on what a programme credits.

This site publishes no PT price and no fixed yield. It is about the YT side.

After maturity a YT has nothing left to claim, so its price runs down to zero over the life of the market.

That decay is what holding one costs. The board prints it on a yearly basis as Carry, and the cost-of-carry explainer linked below walks through it.

A YT holder is entitled to the yield the underlying earns until maturity. The payload publishes that rate as underlying_yield_annual_pct.

Where a points programme credits YT holders, the holder also accrues that programme's points. Whether a programme credits YT, and on what basis, is the programme's decision, and this site does not record the basis a programme allocates points on.

Because a YT costs a fraction of the underlying, a dollar of YT is exposure to more than a dollar of the underlying. Where a programme credits YT for the underlying it represents, points accrue on that larger exposure.

As an illustration and not a live figure: a YT trading at 3% of par is 33x exposure on its own. The board's Pts/$ is that leverage times the market's points multiplier.

That is what makes the YT the leveraged side. The same fraction that multiplies the exposure is the price that runs down to zero.

At maturity a YT is worth nothing. What it earned came in before then, as yield and, where a programme credits it, as points. The price paid for it does not come back.

Points are not money. What a point turns out to be worth is decided by a programme long after these figures are read, and this site does not say what it will be.

A programme can also change its terms, end a season early, or distribute nothing. Whether and when are the board's airdrop and date columns' subject.

The board carries the live figures, market by market. The explainers linked below say how to read what a dollar of YT buys and what holding one costs.

• The board — every live points market.
• How to read Pts/$ — what a dollar of YT buys.
• The cost of carrying a YT — what holding it costs.