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PENDLE to USDT Converter
1 PENDLE = 1.9320 USDT · updated 06:19 UTC
Volume Bubbles Chart (1h)
Each 1-hour candle's volume is signed by its direction (up candles count as net buying, down candles as net selling) and drawn as a bubble at the closing price, green for buying and red for selling. Bubble size and colour intensity show how strong that flow is compared with the last 300 candles: the strongest 30% get full bubbles with their USD value, the rest stay as small dots. Unusually large bubbles flag aggressive buying or selling worth a closer look, often near breakouts, reversals or key levels.Seasonal Chart
Plots one line per calendar year showing the % change since the start of that year, with the current year highlighted against up to four previous years. Lining the years up on the same calendar shows whether the price tends to rise or fall in the same months, helping you spot recurring seasonal patterns. Treat it as context rather than a forecast: past seasonality does not guarantee future moves.Pendle Markets
Pendle Historical Data
About Pendle (PENDLE)
Pendle (PENDLE) is a decentralized finance protocol for trading future yield. It takes assets that earn interest, such as staked ether or yield-bearing stablecoins, and splits them into two tradable parts. PENDLE is the token that governs the protocol and, through staking, receives a share of its fees. On this page, PENDLE prices come from an FMchart composite that merges several exchanges' markets into one dollar figure.
Principal tokens and yield tokens
Pendle first wraps a yield-bearing asset into a standard format called SY. It then splits SY into a principal token (PT) and a yield token (YT). The PT can be redeemed for the underlying asset at maturity, so buying it at a discount locks in a fixed return. The YT collects the yield until maturity, so its holder is betting that yields will beat what the market expects. Both trade on Pendle's own automated market maker.
From vePENDLE to sPENDLE
Until early 2026, holders locked PENDLE for long periods to receive vePENDLE, which carried voting power and fee rewards. CoinDesk reported in January 2026 that only about 20% of supply was actively engaged under that model. Pendle replaced it with sPENDLE, launched on 20 January 2026. PENDLE converts to sPENDLE one-for-one. Unstaking takes 14 days, or happens at once for a 5% fee. New vePENDLE locks were paused on 29 January 2026.
Fees that fund buybacks
Under the sPENDLE model, 80% of Pendle V2 yield and swap fees is used to buy PENDLE on the market. Up to 100% of the repurchased PENDLE is paid out every two weeks to sPENDLE holders who stay active. Being active means voting whenever a governance proposal is open, although sPENDLE deployed in eligible DeFi integrations also counts as active. Existing vePENDLE positions became non-transferable 'virtual' sPENDLE, with a boost that fades until their locks expire.
Emissions set by an algorithm
PENDLE incentives for liquidity pools used to be steered by weekly holder votes. That system has given way to the Algorithmic Incentive Model, which recalculates incentives hourly across several reward streams, although some components update on different schedules. The goal, CoinDesk reported, was to cut emissions by about 30% while directing incentives to markets with real demand. Pendle also launched Boros, a platform for trading crypto funding rates, in August 2025. That month its total value locked reached $8.27 billion, a record at the time, CoinDesk reported.
Complexity and dependency risks
Pendle's products are harder to understand than simple lending or swapping, and YT prices can move sharply when yields change. Each market inherits the risks of its underlying asset. If a yield-bearing token fails, its PT and YT suffer too. Smart-contract flaws in Pendle or in protocols built around it are another risk. Each market also has a fixed maturity date, so positions need attention as that date approaches. Revenue, and therefore buybacks, rise and fall with demand for yield trading.
Last reviewed: Oct 8, 2026
Pendle (PENDLE) FAQ
What is Pendle (PENDLE)?
Pendle is a DeFi protocol that splits yield-bearing assets into principal tokens and yield tokens so each can be traded separately. That lets users lock in fixed returns or speculate on future yields. PENDLE is the governance token, and staked PENDLE receives buybacks funded by protocol fees.
How do PT and YT work on Pendle?
A principal token (PT) can be redeemed for the underlying asset at maturity, so buying it below that value earns a fixed return. A yield token (YT) receives all the yield until maturity. PT suits people who want certainty, while YT holders profit only if actual yields exceed what the price implied.
What is sPENDLE, and what happened to vePENDLE?
sPENDLE replaced vePENDLE in January 2026. You stake PENDLE one-for-one, with a 14-day unstaking wait or an instant exit for a 5% fee. vePENDLE needed long locks, and only about 20% of supply was actively engaged, according to CoinDesk. Old vePENDLE positions now count as virtual sPENDLE until they unlock.
What is the current PENDLE price?
PENDLE currently sits around $1.9288 in FMchart's composite feed. Roughly $2.83M of it changed hands during the last day across the exchanges in FMchart's composite. Under the sPENDLE model, 80% of Pendle V2 yield and swap fees is used to buy PENDLE on the market.
How many PENDLE tokens are in circulation?
Around 173,900,616 PENDLE are in circulation. New tokens come from incentives set by the Algorithmic Incentive Model, while fee-funded buybacks take PENDLE off the market. At the composite price the circulating supply is worth about $335.4M, placing Pendle at rank 133.
What is PENDLE's record high?
PENDLE topped out at $7.5 on Apr 11, 2024, based on market data. Since January 2026, part of Pendle's fee income has gone into buying PENDLE for sPENDLE holders. The Price Statistics panel shows today's distance from the high and from the all-time low.
Which months were strongest and weakest for PENDLE?
In FMchart's composite price history (since September 2024), PENDLE's best stretch was September 2026 (+35.7%) and its worst October 2025 (-31.5%). The Monthly Returns (USD) grid holds the other months, and the Annual Price (USD) Change table totals each year. The tables record past moves only.
Does Pendle buy back PENDLE?
Yes. Under the sPENDLE model, 80% of Pendle V2 yield and swap fees goes toward buying PENDLE on the market. Up to 100% of the repurchased PENDLE is then distributed every two weeks to active sPENDLE holders, meaning those who vote on open proposals or hold sPENDLE in eligible DeFi integrations.
Is Pendle a good investment?
That is a personal judgment, and FMchart provides no investment advice. Pendle uses protocol fees for buybacks. Its demand depends on DeFi yields, its markets carry the risks of their underlying assets, and the products are complex enough to cause costly mistakes for new users.
What is Boros by Pendle?
Boros is a platform from Pendle for trading funding rates, the periodic payments between long and short traders on perpetual futures markets. It launched in August 2025. Boros extends Pendle's idea of turning yields into tradable assets, applied to funding rates instead of interest.