What is the current price of Pendle?
The current price of Pendle is $1.95 with a 5.60% change in the last 24 hours.
Pendle is a DeFi protocol for trading yield. It takes a yield bearing asset, such as a liquid staking token or a lending deposit, and splits it into two tokens: a principal token redeemable at maturity, and a yield token capturing the variable yield until then. That split lets one user lock a fixed rate while another takes a leveraged view on future yield. PENDLE is the protocol token, locked as vePENDLE to direct incentives and receive fees.
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Pendle traces to late 2020, when it was introduced as Benchmark by a team including TN Lee and Vu Nguyen. TN Lee, the chief executive, was previously part of the founding team at Kyber Network; Vu Nguyen was chief technology officer at Digix. The protocol launched in 2021 and was rebuilt as Pendle V2 with a redesigned token model and a purpose built market maker. In August 2025 the team launched Boros on Arbitrum, extending into margined trading of funding rates.
A deposited yield bearing asset is first wrapped into a Standardised Yield token, a common interface hiding the differences between underlying protocols. That SY is then split into a principal token (PT) and a yield token (YT) with a fixed maturity.
PT trades at a discount and converges to par as maturity approaches, so buying PT and holding to maturity is effectively a fixed rate position. YT pays whatever yield the asset produces until maturity and then expires worthless, so buying YT is a leveraged long on yield. Pendle deploys a dedicated market maker per maturity, built around that predictable convergence, which keeps impermanent loss low. Boros differs: it is a margined venue where traders long or short yield units representing a market's funding rate.
PENDLE is locked for up to two years to mint vePENDLE, with voting power decaying toward the unlock date. vePENDLE holders vote on which pools receive PENDLE emissions, making it a target for protocols wanting liquidity for their yield bearing asset. Holders also receive a share of protocol revenue, documented as a portion of swap fees plus a slice of the yield routed through YT. Voting for a pool also directs that pool's fees to the voter.
Pendle is the dominant implementation of yield tokenisation on chain, and it built the pricing infrastructure the category needs: a market maker that understands time to maturity rather than treating PT as a generic asset. That makes fixed rate positions practical at size.
Lending markets offer variable rates and let you borrow, but do not let you sell future yield separately from principal. Structured product vaults package strategies but hide the pricing. Pendle exposes yield as a tradable instrument with an explicit term structure. The cost is complexity: PT, YT, maturities and implied yields demand more understanding than a deposit.
Contracts are open source and have been through multiple independent audits, with a public bug bounty. The market maker design avoids oracle dependence for PT pricing by relying on convergence to maturity. Pendle runs across many EVM networks, so users inherit the security of whichever chain they use. Boros adds margin, liquidation and rate oracle logic, a more complex risk surface.
Pendle's risk is inherited as well as native: if an underlying asset depegs, is exploited or stops paying, PT and YT positions are affected regardless of Pendle's own code. YT decays to zero by design, so holding it without yield accruing is a loss. Fixed rates come from market pricing, not a guarantee, and exiting early means selling at whatever the pool offers. Liquidity concentrates around active maturities, Boros adds liquidation risk, and emissions voting concentrates influence among large holders.
Interest rate markets are among the largest in traditional finance, and until Pendle there was no liquid on chain equivalent. By making yield separable and tradable it gave DeFi a term structure, a prerequisite for serious fixed income activity on chain.
PENDLE is listed on most large centralised exchanges and trades on decentralised exchanges across Ethereum, Arbitrum, BNB Chain and other supported networks. Confirm which network a listing or withdrawal uses before transferring.
PENDLE is a standard ERC-20 token, held in wallets such as MetaMask, Rabby or Trust Wallet, with hardware wallet support through the same interfaces. Locking into vePENDLE moves tokens into a contract for the chosen term and they cannot be withdrawn early, so choose the length deliberately.
Track Pendle live price, chart, market cap, and volume in real time. Practice mock trading and demo trading for Pendle on CoinRithm before using real money.
Use a crypto paper trading account to demo trade Pendle with real-time prices, AI trade feedback, and trading leagues. Test strategies, learn risk management, and build confidence before trading Pendle with real money.
Read the complete paper trading guideThe current price of Pendle is $1.95 with a 5.60% change in the last 24 hours.
The daily trading volume is $1,713,627 representing a 41.42% change in the past 24 hours.
The market capitalization of Pendle is $335,938,590, ranking #107 globally.
The fully diluted valuation (FDV) of Pendle is $548,872,318, calculated assuming the total supply of 281,527,448 PENDLE is in circulation.
Circulating: 172,309,536. Total: 281,527,448. Max: N/A.
In the last 24 hours, Pendle traded between a low of $1.84 and a high of $1.99.
PENDLE/USDTTether USDT1.95 USDT
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