Total Value Locked$1.051b
TVL by Chain
Ethereum$772.93m
Monad$165.09m
X Layer$45.45m
Arbitrum$45.23m
Hyperliquid L1$9.6m
BSC$6.12m
Plasma$3.24m
Base$2.51m
Sonic$485,826
Robinhood Chain$315,457
Mantle$108,117
Avalanche$45,665
Berachain$1,335
OP Mainnet$0
Key Metrics
Fees 30d$424,280
Fees 30d by chain
Ethereum$308,551
Arbitrum$74,582
Monad$23,512
Plasma$6,596
Hyperliquid L1$6,361
Sonic$2,299
Base$1,262
X Layer$400.49
BSC$340.20
Robinhood Chain$313.24
Mantle$60.18
Berachain$0.37
OP Mainnet$0
Fees 7d$78,374
Ethereum$57,318
Arbitrum$14,321
Monad$4,136
Plasma$2,190
Hyperliquid L1$249.80
Base$100.14
BSC$29.33
X Layer$23.28
Robinhood Chain$5.59
Mantle$0.60
Sonic$0.04
Berachain$0
OP Mainnet$0
Fees 24h$4,436
Ethereum$3,855
Arbitrum$388
Monad$175
Base$12
X Layer$3.42
Hyperliquid L1$1.19
BSC$1.16
Robinhood Chain$0.56
Berachain$0
Mantle$0
OP Mainnet$0
Sonic$0
Cumulative Fees$67.21m
Ethereum$54.66m
Arbitrum$5.75m
Plasma$1.9m
Berachain$1.49m
BSC$1.41m
Mantle$844,280
Base$516,797
Hyperliquid L1$331,100
Sonic$149,385
Monad$127,068
OP Mainnet$24,365
X Layer$605.87
Robinhood Chain$585.96
Revenue 30d$417,977
Revenue 30d by chain
Ethereum$303,960
Arbitrum$73,776
Monad$22,816
Plasma$6,589
Hyperliquid L1$6,306
Sonic$2,299
Base$1,160
X Layer$366.88
BSC$333.33
Robinhood Chain$310.09
Mantle$60.18
Berachain$0.37
OP Mainnet$0
Revenue 7d$77,167
Ethereum$56,539
Arbitrum$14,156
Monad$3,900
Plasma$2,190
Hyperliquid L1$245.92
Base$82.41
BSC$27.08
X Layer$20.03
Robinhood Chain$4.69
Mantle$0.60
Sonic$0.04
Berachain$0
OP Mainnet$0
Revenue 24h$4,320
Ethereum$3,787
Arbitrum$349
Monad$168
Base$10
X Layer$3.01
Hyperliquid L1$1.16
BSC$0.93
Robinhood Chain$0.45
Berachain$0
Mantle$0
OP Mainnet$0
Sonic$0
Cumulative Revenue$64.54m
Ethereum$52.55m
Arbitrum$5.53m
Plasma$1.83m
Berachain$1.48m
BSC$1.36m
Mantle$841,622
Base$446,168
Hyperliquid L1$218,803
Sonic$135,933
Monad$123,617
OP Mainnet$24,240
Robinhood Chain$579.01
X Layer$555.67
Holders Revenue 30d$334,380
Holders Revenue 30d by chain
Ethereum$243,169
Arbitrum$59,021
Monad$18,252
Plasma$5,271
Hyperliquid L1$5,046
Sonic$1,838
Base$928
X Layer$293.49
BSC$266.24
Robinhood Chain$247.87
Mantle$48.14
Berachain$0.29
OP Mainnet$0
Holders Revenue 7d$61,736
Ethereum$45,232
Arbitrum$11,325
Monad$3,121
Plasma$1,752
Hyperliquid L1$197.55
Base$66.92
BSC$21.66
X Layer$16.03
Robinhood Chain$3.76
Mantle$0.48
Sonic$0.03
Berachain$0
OP Mainnet$0
Holders Revenue 24h$3,457
Ethereum$3,030
Arbitrum$279
Monad$135
Base$8.32
X Layer$2.41
Hyperliquid L1$0.93
BSC$0.74
Robinhood Chain$0.36
Berachain$0
Mantle$0
OP Mainnet$0
Sonic$0
Cumulative Holders Revenue$56.84m
Ethereum$46.6m
Arbitrum$4.64m
Berachain$1.47m
Plasma$1.46m
BSC$1.12m
Mantle$702,676
Base$415,093
Hyperliquid L1$175,043
Sonic$130,972
Monad$98,891
OP Mainnet$19,975
Robinhood Chain$462.85
X Layer$444.72
DEX Volume 30d$903.69m
DEX Volume 30d by chain
Ethereum$641.63m
Monad$141.58m
Arbitrum$95.48m
Plasma$15.98m
X Layer$4.02m
Hyperliquid L1$3.15m
Robinhood Chain$1.17m
Base$387,167
BSC$287,152
Berachain$0
Mantle$0
OP Mainnet$0
Sonic$0
DEX Volume 7d$247.45m
Ethereum$207.55m
Monad$27.54m
Plasma$7.91m
Arbitrum$3.97m
X Layer$133,901
Hyperliquid L1$116,643
BSC$108,126
Base$92,523
Robinhood Chain$26,465
Berachain$0
Mantle$0
OP Mainnet$0
Sonic$0
DEX Volume 24h$10.02m
Ethereum$9.01m
Arbitrum$644,433
Monad$268,142
BSC$42,429
X Layer$33,108
Base$12,742
Plasma$6,524
Robinhood Chain$1,208
Hyperliquid L1$867
Berachain$0
Mantle$0
OP Mainnet$0
Sonic$0
Cumulative DEX Volume$58.369b
Ethereum$52.514b
Arbitrum$3.276b
BSC$1.581b
Monad$399.46m
Mantle$303.09m
Plasma$221.13m
Hyperliquid L1$45.97m
Base$17.51m
X Layer$6.51m
Robinhood Chain$4.21m
OP Mainnet$158,370
Berachain$0
Sonic$0
Staked$187.21m
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 APY63.29%
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 28, 2026.
All-time high TVL: $13.386b on Sep 19, 2025. All-time low TVL: $899,394 on Jun 16, 2021.
Daily TVL, Sep 29, 2026 to Oct 28, 2026
| Date | TVL |
|---|---|
| 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 |
| Oct 28, 2026 | $1.051b |
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 28, 2026 (latest) | $1.051b |
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) | $389,875 | $384,281 | $307,424 |
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 28, 2026, Pendle V2 has $1.051b in total value locked. TVL has decreased 16.4% 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 $424,280 in fees. Of that, $417,977 was protocol revenue. Based on the trailing year, the annualized rate is $14.1m in fees and $13.88m 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 $4.615b across 571 protocols, and Pendle V2 accounts for 22.8% 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 $903.69m in DEX volume over the past 30 days.