Total Value Locked$1.013b
TVL by Chain
Ethereum$762.61m
Monad$149.48m
Arbitrum$43.6m
X Layer$36.38m
Hyperliquid L1$10.49m
BSC$3.74m
Plasma$3.19m
Base$2.37m
Sonic$472,991
Robinhood Chain$309,621
Mantle$105,401
Avalanche$45,474
Berachain$1,210
OP Mainnet$0
Key Metrics
Fees 30d$420,711
Fees 30d by chain
Ethereum$306,154
Arbitrum$73,987
Monad$23,399
Plasma$6,258
Hyperliquid L1$6,209
Sonic$2,298
Base$1,274
X Layer$418.96
BSC$336.38
Robinhood Chain$313.10
Mantle$60.11
Berachain$0.37
OP Mainnet$0
Fees 7d$72,294
Ethereum$53,618
Arbitrum$14,521
Monad$3,218
Plasma$510.06
Hyperliquid L1$249.88
Base$100.51
X Layer$37.27
BSC$33.36
Robinhood Chain$4.74
Mantle$0.51
Sonic$0.51
Berachain$0
OP Mainnet$0
Fees 24h$10,106
Ethereum$8,993
Arbitrum$565
Monad$518
X Layer$7.08
Plasma$6.66
BSC$6.47
Hyperliquid L1$5.33
Base$4.10
Berachain$0
Mantle$0
OP Mainnet$0
Robinhood Chain$0
Sonic$0
Cumulative Fees$67.23m
Ethereum$54.68m
Arbitrum$5.75m
Plasma$1.9m
Berachain$1.49m
BSC$1.41m
Mantle$844,280
Base$516,833
Hyperliquid L1$331,108
Sonic$149,385
Monad$128,176
OP Mainnet$24,365
X Layer$626.85
Robinhood Chain$586.25
Revenue 30d$414,389
Revenue 30d by chain
Ethereum$301,603
Arbitrum$73,163
Monad$22,648
Plasma$6,254
Hyperliquid L1$6,168
Sonic$2,298
Base$1,170
X Layer$384.76
BSC$329.73
Robinhood Chain$309.94
Mantle$60.11
Berachain$0.37
OP Mainnet$0
Revenue 7d$71,069
Ethereum$52,828
Arbitrum$14,311
Monad$3,020
Plasma$510
Hyperliquid L1$245.54
Base$82.68
X Layer$34.50
BSC$31.40
Robinhood Chain$3.88
Mantle$0.51
Sonic$0.51
Berachain$0
OP Mainnet$0
Revenue 24h$9,818
Ethereum$8,821
Arbitrum$487
Monad$482
Plasma$6.66
X Layer$6.54
BSC$6.31
Hyperliquid L1$4.84
Base$3.66
Berachain$0
Mantle$0
OP Mainnet$0
Robinhood Chain$0
Sonic$0
Cumulative Revenue$64.56m
Ethereum$52.56m
Arbitrum$5.53m
Plasma$1.83m
Berachain$1.48m
BSC$1.36m
Mantle$841,622
Base$446,198
Hyperliquid L1$218,810
Sonic$135,934
Monad$124,649
OP Mainnet$24,240
Robinhood Chain$579.25
X Layer$575.72
Holders Revenue 30d$331,510
Holders Revenue 30d by chain
Ethereum$241,282
Arbitrum$58,530
Monad$18,119
Plasma$5,003
Hyperliquid L1$4,936
Sonic$1,838
Base$935.77
X Layer$307.52
BSC$263.37
Robinhood Chain$247.75
Mantle$48.09
Berachain$0.29
OP Mainnet$0
Holders Revenue 7d$56,856
Ethereum$42,262
Arbitrum$11,449
Monad$2,417
Plasma$407.79
Hyperliquid L1$197.24
Base$66.66
X Layer$27.32
BSC$25.11
Robinhood Chain$3.11
Mantle$0.41
Sonic$0.40
Berachain$0
OP Mainnet$0
Holders Revenue 24h$7,855
Ethereum$7,057
Arbitrum$390
Monad$386
Plasma$5.32
X Layer$5.23
BSC$5.05
Hyperliquid L1$3.87
Base$2.93
Berachain$0
Mantle$0
OP Mainnet$0
Robinhood Chain$0
Sonic$0
Cumulative Holders Revenue$56.85m
Ethereum$46.61m
Arbitrum$4.65m
Berachain$1.47m
Plasma$1.46m
BSC$1.12m
Mantle$702,676
Base$415,117
Hyperliquid L1$175,049
Sonic$130,972
Monad$99,717
OP Mainnet$19,975
Robinhood Chain$463.04
X Layer$460.48
DEX Volume 30d$1.058b
DEX Volume 30d by chain
Ethereum$805.9m
Monad$136.69m
Arbitrum$92.6m
Plasma$14.46m
X Layer$4.1m
Hyperliquid L1$2.58m
Robinhood Chain$761,814
Base$404,341
BSC$270,655
Berachain$0
Mantle$0
OP Mainnet$0
Sonic$0
DEX Volume 7d$375.27m
Ethereum$363.08m
Monad$7.21m
Arbitrum$4.36m
X Layer$219,592
Hyperliquid L1$132,183
BSC$99,713
Base$77,186
Plasma$58,827
Robinhood Chain$23,671
Berachain$0
Mantle$0
OP Mainnet$0
Sonic$0
DEX Volume 24h$122.79m
Ethereum$120.2m
Monad$1.53m
Arbitrum$991,844
X Layer$38,942
Hyperliquid L1$16,309
BSC$4,611
Base$2,936
Plasma$1,639
Berachain$0
Mantle$0
OP Mainnet$0
Robinhood Chain$0
Sonic$0
Cumulative DEX Volume$58.558b
Ethereum$52.699b
Arbitrum$3.277b
BSC$1.581b
Monad$401.93m
Mantle$303.09m
Plasma$221.15m
Hyperliquid L1$46.01m
Base$17.53m
X Layer$6.63m
Robinhood Chain$4.21m
OP Mainnet$158,370
Berachain$0
Sonic$0
Staked$159.92m
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 Tracked152
Average Supply APY16.12%
User Activity
Active Addresses (24h)475
New Addresses (24h)48
Transactions (24h)850
Gas Used (24h)0.61 ETH
Gas Cost (24h)$1,434
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 30, 2026.
All-time high TVL: $13.386b on Sep 19, 2025. All-time low TVL: $899,394 on Jun 16, 2021.
Daily TVL, Oct 1, 2026 to Oct 30, 2026
| Date | TVL |
|---|---|
| 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 |
| Oct 29, 2026 | $1.063b |
| Oct 30, 2026 | $1.035b |
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 30, 2026 (latest) | $1.035b |
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) | $420,530 | $414,182 | $331,344 |
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 30, 2026, Pendle V2 has $1.013b in total value locked. TVL has decreased 19.3% 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 75.3%.
How much has Pendle V2 generated in fees and revenue?
Over the past 30 days, Pendle V2 generated $420,711 in fees. Of that, $414,389 was protocol revenue. Based on the trailing year, the annualized rate is $13.15m in fees and $12.93m 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 $4.26b across 572 protocols, and Pendle V2 accounts for 23.8% 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 $1.058b in DEX volume over the past 30 days.