Total Value Locked$1.066b
TVL by Chain
Ethereum$783.48m
Monad$165.14m
X Layer$45.9m
Arbitrum$45.23m
Hyperliquid L1$9.23m
BSC$7.51m
Plasma$6.14m
Base$2.29m
Sonic$479,527
Robinhood Chain$283,432
Mantle$106,982
Avalanche$45,578
Berachain$1,330
OP Mainnet$0
Key Metrics
Fees 30d$425,889
Fees 30d by chain
Ethereum$308,739
Arbitrum$75,246
Monad$24,007
Plasma$6,780
Hyperliquid L1$6,448
Sonic$2,299
Base$1,256
X Layer$398.31
BSC$339.35
Robinhood Chain$312.94
Mantle$60.18
Berachain$0.37
OP Mainnet$0
Fees 7d$83,600
Ethereum$61,926
Arbitrum$14,150
Monad$4,868
Plasma$2,190
Hyperliquid L1$304.61
Base$96.52
BSC$28.87
X Layer$27.41
Robinhood Chain$5.58
Sonic$1.94
Mantle$0.60
Berachain$0
OP Mainnet$0
Fees 24h$17,331
Ethereum$16,667
Arbitrum$459
Monad$120
Plasma$52
BSC$20
X Layer$3.45
Robinhood Chain$3.43
Base$3.22
Hyperliquid L1$2.44
Sonic$0.04
Berachain$0
Mantle$0
OP Mainnet$0
Cumulative Fees$67.2m
Ethereum$54.66m
Arbitrum$5.75m
Plasma$1.9m
Berachain$1.49m
BSC$1.41m
Mantle$844,280
Base$516,785
Hyperliquid L1$331,099
Sonic$149,385
Monad$126,893
OP Mainnet$24,365
X Layer$602.45
Robinhood Chain$585.40
Revenue 30d$419,494
Revenue 30d by chain
Ethereum$304,092
Arbitrum$74,410
Monad$23,308
Plasma$6,773
Hyperliquid L1$6,388
Sonic$2,299
Base$1,155
X Layer$364.88
BSC$332.66
Robinhood Chain$309.85
Mantle$60.18
Berachain$0.37
OP Mainnet$0
Revenue 7d$82,365
Ethereum$61,124
Arbitrum$14,017
Monad$4,596
Plasma$2,190
Hyperliquid L1$299.76
Base$80.79
BSC$26.72
X Layer$23.06
Robinhood Chain$4.68
Sonic$1.94
Mantle$0.60
Berachain$0
OP Mainnet$0
Revenue 24h$17,213
Ethereum$16,593
Arbitrum$422
Monad$115
Plasma$52
BSC$20
Base$3.21
X Layer$3.07
Robinhood Chain$2.75
Hyperliquid L1$2.39
Sonic$0.04
Berachain$0
Mantle$0
OP Mainnet$0
Cumulative Revenue$64.53m
Ethereum$52.54m
Arbitrum$5.53m
Plasma$1.83m
Berachain$1.48m
BSC$1.36m
Mantle$841,622
Base$446,158
Hyperliquid L1$218,802
Sonic$135,933
Monad$123,449
OP Mainnet$24,240
Robinhood Chain$578.56
X Layer$552.66
Holders Revenue 30d$335,592
Holders Revenue 30d by chain
Ethereum$243,274
Arbitrum$59,529
Monad$18,645
Plasma$5,418
Hyperliquid L1$5,112
Sonic$1,838
Base$923.72
X Layer$291.89
BSC$265.71
Robinhood Chain$247.67
Mantle$48.14
Berachain$0.29
OP Mainnet$0
Holders Revenue 7d$65,894
Ethereum$48,900
Arbitrum$11,214
Monad$3,677
Plasma$1,752
Hyperliquid L1$240.62
Base$65.30
BSC$21.38
X Layer$18.45
Robinhood Chain$3.75
Sonic$1.55
Mantle$0.48
Berachain$0
OP Mainnet$0
Holders Revenue 24h$13,771
Ethereum$13,274
Arbitrum$338
Monad$92
Plasma$42
BSC$16
Base$2.57
X Layer$2.45
Robinhood Chain$2.20
Hyperliquid L1$1.91
Sonic$0.03
Berachain$0
Mantle$0
OP Mainnet$0
Cumulative Holders Revenue$56.83m
Ethereum$46.6m
Arbitrum$4.64m
Berachain$1.47m
Plasma$1.46m
BSC$1.12m
Mantle$702,676
Base$415,084
Hyperliquid L1$175,042
Sonic$130,972
Monad$98,756
OP Mainnet$19,975
Robinhood Chain$462.49
X Layer$442.31
DEX Volume 30d$900.42m
DEX Volume 30d by chain
Ethereum$632.12m
Monad$146.95m
Arbitrum$96.03m
Plasma$15.98m
X Layer$4.01m
Hyperliquid L1$3.37m
Robinhood Chain$1.32m
Base$378,027
BSC$245,394
Berachain$0
Mantle$0
OP Mainnet$0
Sonic$0
DEX Volume 7d$373.2m
Ethereum$309.37m
Monad$48.09m
Plasma$11.62m
Arbitrum$3.58m
Hyperliquid L1$222,129
X Layer$137,580
Base$88,919
BSC$75,710
Robinhood Chain$26,978
Berachain$0
Mantle$0
OP Mainnet$0
Sonic$0
DEX Volume 24h$22.6m
Ethereum$22.01m
Arbitrum$353,134
Monad$167,088
BSC$23,294
Robinhood Chain$17,900
X Layer$17,699
Plasma$4,709
Hyperliquid L1$1,653
Base$1,326
Berachain$0
Mantle$0
OP Mainnet$0
Sonic$0
Cumulative DEX Volume$58.348b
Ethereum$52.494b
Arbitrum$3.276b
BSC$1.581b
Monad$399.17m
Mantle$303.09m
Plasma$221.12m
Hyperliquid L1$45.97m
Base$17.5m
X Layer$6.48m
Robinhood Chain$4.21m
OP Mainnet$158,370
Berachain$0
Sonic$0
Staked$181.67m
Total Raised$3.7m
May 4, 2021$3.7mRound: SeedInvestors: AllianceDAO, Bitlink Capital, Bitscale Capital, CMS Holdings, Crypto.com Capital, D1 Ventures, Fisher8 Capital, Genesis Block Ventures, Harvest Finance, HashKey, imToken Ventures, LedgerPrime, Lemniscap, Mechanism Capital, Origin Capital, Parataxis Capital, Signum Capital, Sora Ventures
Aug 23, 2023Round: Investors: Binance Labs
Nov 9, 2023Round: OTCInvestors: The Spartan Group
Protocol Information
Pendle Finance is a protocol that enables the trading of tokenized future yield on an AMM system.
Audits:
Methodology
TVL: V1 TVL counts the collateral backing the yield tokens and USDC in the pendle markets, plus staked OT liquidity, and SLP/JLP staked in masterchef. Staking TVL is just staked PENDLE on 0x07282F2CEEbD7a65451Fcd268b364300D9e6D7f5. Pool2 refers to the Pe,P pool on mainnet, and Pa,P pool on avax.View code on GitHubFees: Total yield from deposited assets + trading fees paid by yield traders.View code on GitHubRevenue: Sum of 5% fee from all yield + points accrued and 80% trading fees.View code on GitHubHolders Revenue: 80% revenue distributed to sPENDLE holders (100% before September 2025).View code on GitHubDEX Volume: Value traded in Pendle's pools plus limit orders filled on Pendle's order book, counted once per trade on the yield-bearing token side. A YT trade counts the size of the position it opens, not the smaller amount the trader pays for it. Minting and redeeming PT/YT is not a trade and is excluded.View code on GitHubYields
Pools Tracked176
Average Supply APY63.32%
User Activity
Active Addresses (24h)448
New Addresses (24h)62
Transactions (24h)756
Gas Used (24h)0.12 ETH
Gas Cost (24h)$289
Competitors
Pendle V2 history
TVL is the default DefiLlama definition, which excludes Staking and Pool2. Daily values are UTC snapshots from Jun 16, 2021 to Oct 27, 2026.
All-time high TVL: $13.386b on Sep 19, 2025. All-time low TVL: $899,394 on Jun 16, 2021.
Daily TVL, Sep 28, 2026 to Oct 27, 2026
| Date | TVL |
|---|---|
| Sep 28, 2026 | $1.257b |
| Sep 29, 2026 | $1.262b |
| Sep 30, 2026 | $1.256b |
| Oct 1, 2026 | $1.249b |
| Oct 2, 2026 | $1.258b |
| Oct 3, 2026 | $1.261b |
| Oct 4, 2026 | $1.255b |
| Oct 5, 2026 | $1.258b |
| Oct 6, 2026 | $1.253b |
| Oct 7, 2026 | $1.254b |
| Oct 8, 2026 | $1.244b |
| Oct 9, 2026 | $1.209b |
| Oct 10, 2026 | $1.211b |
| Oct 11, 2026 | $1.21b |
| Oct 12, 2026 | $1.213b |
| Oct 13, 2026 | $1.222b |
| Oct 14, 2026 | $1.231b |
| Oct 15, 2026 | $1.215b |
| Oct 16, 2026 | $1.116b |
| Oct 17, 2026 | $1.108b |
| Oct 18, 2026 | $1.106b |
| Oct 19, 2026 | $1.102b |
| Oct 20, 2026 | $1.109b |
| Oct 21, 2026 | $1.114b |
| Oct 22, 2026 | $1.114b |
| Oct 23, 2026 | $1.054b |
| Oct 24, 2026 | $1.056b |
| Oct 25, 2026 | $1.061b |
| Oct 26, 2026 | $1.06b |
| Oct 27, 2026 | $1.073b |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $4.141b |
| Dec 31, 2024 | $4.423b |
| Jan 31, 2025 | $5.458b |
| Feb 28, 2025 | $4.693b |
| Mar 31, 2025 | $3.042b |
| Apr 30, 2025 | $2.932b |
| May 31, 2025 | $4.053b |
| Jun 30, 2025 | $4.912b |
| Jul 31, 2025 | $6.827b |
| Aug 31, 2025 | $10.568b |
| Sep 30, 2025 | $6.602b |
| Oct 31, 2025 | $6.997b |
| Nov 30, 2025 | $3.463b |
| Dec 31, 2025 | $3.734b |
| Jan 31, 2026 | $3.097b |
| Feb 28, 2026 | $2.26b |
| Mar 31, 2026 | $2.071b |
| Apr 30, 2026 | $1.479b |
| May 31, 2026 | $1.449b |
| Jun 30, 2026 | $942.01m |
| Jul 31, 2026 | $1.21b |
| Aug 31, 2026 | $1.176b |
| Sep 30, 2026 | $1.256b |
| Oct 27, 2026 (latest) | $1.073b |
TVL at each year end, Dec 31, 2021 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2021 | $34.13m |
| Dec 31, 2022 | $15.22m |
| Dec 31, 2023 | $234.01m |
| Dec 31, 2024 | $4.423b |
| Dec 31, 2025 | $3.734b |
Fees, revenue and holders revenue by UTC calendar month, Nov 2024 to Oct 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Nov 2024 | $1.74m | $1.62m | $1.3m |
| Dec 2024 | $3m | $2.82m | $2.25m |
| Jan 2025 | $8.83m | $8.63m | $8.63m |
| Feb 2025 | $2.63m | $2.55m | $2.55m |
| Mar 2025 | $1.47m | $1.4m | $1.4m |
| Apr 2025 | $1.57m | $1.53m | $1.53m |
| May 2025 | $4.92m | $4.88m | $4.88m |
| Jun 2025 | $1.52m | $1.49m | $1.49m |
| Jul 2025 | $2.16m | $2.1m | $2.1m |
| Aug 2025 | $4.06m | $3.94m | $3.94m |
| Sep 2025 | $3.44m | $3.22m | $2.57m |
| Oct 2025 | $4.28m | $4.11m | $3.29m |
| Nov 2025 | $3.05m | $2.97m | $2.38m |
| Dec 2025 | $1.32m | $1.29m | $1.04m |
| Jan 2026 | $1.13m | $1.12m | $895,336 |
| Feb 2026 | $914,118 | $903,802 | $723,050 |
| Mar 2026 | $602,083 | $593,623 | $474,897 |
| Apr 2026 | $1.69m | $1.68m | $1.34m |
| May 2026 | $1.1m | $1.09m | $868,257 |
| Jun 2026 | $1.05m | $1.04m | $828,007 |
| Jul 2026 | $588,278 | $579,563 | $463,649 |
| Aug 2026 | $660,668 | $650,102 | $520,083 |
| Sep 2026 | $528,149 | $520,926 | $416,740 |
| Oct 2026 (to date) | $402,770 | $397,174 | $317,738 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/pendle-v2
Frequently asked questions
What is Pendle V2's TVL?
As of Oct 27, 2026, Pendle V2 has $1.066b in total value locked. TVL has decreased 15.7% over the past 30 days.
What chains does Pendle V2 operate on?
Pendle V2 operates on 14 chains: Ethereum, Monad, X Layer, Arbitrum, and Hyperliquid L1 and 9 others. Ethereum holds the largest share at 73.5%.
How much has Pendle V2 generated in fees and revenue?
Over the past 30 days, Pendle V2 generated $425,889 in fees. Of that, $419,494 was protocol revenue. Based on the trailing year, the annualized rate is $14.15m in fees and $13.92m in revenue.
How does Pendle V2's TVL compare to similar protocols?
Among Yield protocols tracked by DefiLlama, Pendle V2 ranks #2 by TVL. The category holds $4.622b across 569 protocols, and Pendle V2 accounts for 23.1% of that total. Similar protocols include Equilibria, Napier, Spectra V2, Penpie, Saffron Vaults, Spark Savings, Stake DAO Yield, AUTOfinance, WOOFi Earn, and TermFinance Vaults.
How much trading volume does Pendle V2 process?
Pendle V2 processed $900.42m in DEX volume over the past 30 days.