Total Value Locked$1.023b
TVL by Chain
Ethereum$786.47m
Monad$146.38m
Arbitrum$39.62m
X Layer$27.87m
Hyperliquid L1$9.57m
BSC$6.71m
Plasma$3.06m
Base$2.45m
Sonic$482,050
Robinhood Chain$189,992
Mantle$105,545
Avalanche$45,417
Berachain$1,154
OP Mainnet$0
Key Metrics
Fees 30d$440,236
Fees 30d by chain
Ethereum$328,742
Arbitrum$71,902
Monad$23,490
Hyperliquid L1$5,943
Plasma$5,521
Sonic$2,291
Base$1,194
X Layer$415.34
BSC$344.97
Robinhood Chain$329.33
Mantle$59.77
Berachain$0.37
OP Mainnet$0
Fees 7d$77,756
Ethereum$70,644
Monad$5,250
Arbitrum$1,629
Plasma$59.33
Base$58.44
X Layer$40.62
Hyperliquid L1$26.21
BSC$24.92
Robinhood Chain$23.09
Sonic$0.47
Mantle$0.07
Berachain$0
OP Mainnet$0
Fees 24h$105,212
Ethereum$75,831
Arbitrum$23,110
Monad$2,928
Plasma$2,688
Hyperliquid L1$351
Robinhood Chain$216
BSC$52
Base$17
Mantle$15
X Layer$3.98
Berachain$0
OP Mainnet$0
Sonic$0
Cumulative Fees$67.28m
Ethereum$54.73m
Arbitrum$5.75m
Plasma$1.9m
Berachain$1.49m
BSC$1.41m
Mantle$844,280
Base$516,843
Hyperliquid L1$331,125
Sonic$149,385
Monad$132,143
OP Mainnet$24,365
X Layer$643.07
Robinhood Chain$608.49
Revenue 30d$434,211
Revenue 30d by chain
Ethereum$324,387
Arbitrum$71,147
Monad$22,746
Hyperliquid L1$5,911
Plasma$5,518
Sonic$2,291
Base$1,104
X Layer$380.33
BSC$338.70
Robinhood Chain$326.40
Mantle$59.77
Berachain$0.37
OP Mainnet$0
Revenue 7d$76,486
Ethereum$69,726
Monad$5,079
Arbitrum$1,464
Plasma$59.27
Base$49.56
X Layer$37.61
BSC$23.38
Hyperliquid L1$23.05
Robinhood Chain$22.88
Sonic$0.47
Mantle$0.07
Berachain$0
OP Mainnet$0
Revenue 24h$105,028
Ethereum$75,679
Arbitrum$23,104
Monad$2,903
Plasma$2,688
Hyperliquid L1$351
Robinhood Chain$216
BSC$51
Base$17
Mantle$15
X Layer$3.63
Berachain$0
OP Mainnet$0
Sonic$0
Cumulative Revenue$64.61m
Ethereum$52.61m
Arbitrum$5.53m
Plasma$1.83m
Berachain$1.48m
BSC$1.36m
Mantle$841,623
Base$446,208
Hyperliquid L1$218,825
Sonic$135,934
Monad$128,528
OP Mainnet$24,240
Robinhood Chain$601.44
X Layer$590.27
Holders Revenue 30d$347,365
Holders Revenue 30d by chain
Ethereum$259,509
Arbitrum$56,916
Monad$18,199
Hyperliquid L1$4,731
Plasma$4,413
Sonic$1,832
Base$883.59
X Layer$303.98
BSC$270.56
Robinhood Chain$260.33
Mantle$47.81
Berachain$0.29
OP Mainnet$0
Holders Revenue 7d$61,188
Ethereum$55,781
Monad$4,065
Arbitrum$1,170
Plasma$47.01
Base$39.77
X Layer$29.81
BSC$18.71
Hyperliquid L1$18.43
Robinhood Chain$17.71
Sonic$0.37
Mantle$0.05
Berachain$0
OP Mainnet$0
Holders Revenue 24h$84,021
Ethereum$60,543
Arbitrum$18,483
Monad$2,322
Plasma$2,151
Hyperliquid L1$281
Robinhood Chain$172
BSC$41
Base$13
Mantle$12
X Layer$2.91
Berachain$0
OP Mainnet$0
Sonic$0
Cumulative Holders Revenue$56.9m
Ethereum$46.65m
Arbitrum$4.65m
Berachain$1.47m
Plasma$1.46m
BSC$1.12m
Mantle$702,676
Base$415,124
Hyperliquid L1$175,060
Sonic$130,972
Monad$102,821
OP Mainnet$19,975
Robinhood Chain$480.20
X Layer$472.12
DEX Volume 30d$1.094b
DEX Volume 30d by chain
Ethereum$847.78m
Monad$139.51m
Arbitrum$86.77m
Plasma$13.32m
X Layer$3.76m
Hyperliquid L1$1.97m
Base$383,110
BSC$325,104
Robinhood Chain$229,237
Berachain$0
Mantle$0
OP Mainnet$0
Sonic$0
DEX Volume 7d$301.52m
Ethereum$286.72m
Monad$12.08m
Arbitrum$2.14m
X Layer$241,235
Hyperliquid L1$135,130
BSC$118,954
Base$51,681
Plasma$29,213
Robinhood Chain$4,776
Berachain$0
Mantle$0
OP Mainnet$0
Sonic$0
DEX Volume 24h$57.65m
Ethereum$56.95m
Monad$416,924
Arbitrum$178,009
BSC$57,758
X Layer$23,160
Base$7,527
Hyperliquid L1$6,980
Plasma$1,331
Robinhood Chain$16
Berachain$0
Mantle$0
OP Mainnet$0
Sonic$0
Cumulative DEX Volume$58.65b
Ethereum$52.781b
Arbitrum$3.278b
BSC$1.581b
Monad$411.25m
Mantle$303.09m
Plasma$221.15m
Hyperliquid L1$46.1m
Base$17.55m
X Layer$6.72m
Robinhood Chain$4.21m
OP Mainnet$158,370
Berachain$0
Sonic$0
Staked$163.62m
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 Tracked156
Average Supply APY11.96%
User Activity
Active Addresses (24h)540
New Addresses (24h)41
Transactions (24h)862
Gas Used (24h)0.19 ETH
Gas Cost (24h)$441
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 Nov 3, 2026.
All-time high TVL: $13.386b on Sep 19, 2025. All-time low TVL: $899,394 on Jun 16, 2021.
Daily TVL, Oct 5, 2026 to Nov 3, 2026
| Date | TVL |
|---|---|
| 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 |
| Oct 29, 2026 | $1.063b |
| Oct 30, 2026 | $1.035b |
| Oct 31, 2026 | $1.01b |
| Nov 1, 2026 | $1.01b |
| Nov 2, 2026 | $1.022b |
| Nov 3, 2026 | $1.025b |
TVL at each month end, Dec 2024 to Nov 2026
| Date | TVL |
|---|---|
| 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 31, 2026 | $1.01b |
| Nov 3, 2026 (latest) | $1.025b |
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, Dec 2024 to Nov 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| 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 | $445,427 | $438,934 | $351,146 |
| Nov 2026 (to date) | $122,980 | $122,541 | $98,030 |
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 Nov 3, 2026, Pendle V2 has $1.023b in total value locked. TVL has decreased 18.5% over the past 30 days.
What chains does Pendle V2 operate on?
Pendle V2 operates on 14 chains: Ethereum, Monad, Arbitrum, X Layer, and Hyperliquid L1 and 9 others. Ethereum holds the largest share at 76.9%.
How much has Pendle V2 generated in fees and revenue?
Over the past 30 days, Pendle V2 generated $440,236 in fees. Of that, $434,211 was protocol revenue. Based on the trailing year, the annualized rate is $13.05m in fees and $12.84m 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 $4.18b across 573 protocols, and Pendle V2 accounts for 24.5% 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 $1.094b in DEX volume over the past 30 days.