Executive summary

Pendle, launched in 2021, is the world's largest crypto yield-trading platform. The project enables the tokenization and trading of onchain yield via principal (PTs) and yield (YTs) tokens, and offchain interest-rate exposure through its recently launched Boros product. Token Terminal tracks Pendle across 8 chains and 5 products. Pendle saw growth across key metrics in Q3.

🔑 Key metrics (Q3 2025)

  • Total value locked: $8.75B (+118.8% QoQ)

  • Notional trading volume: $23.39B (+236.1% QoQ)

  • Fees: $9.53M (+58.0% QoQ)

  • Revenue: $9.14M (+54.1% QoQ)

  • Monthly active users: 29.2K (+13.6% QoQ)

Total value locked

Total value locked (TVL) measures the total USD value deposited in Pendle across 8 chains. Q3 TVL averaged $8.75B, up from $3.99B in Q2. Ethereum hosts the majority of TVL, while Arbitrum One, HyperEVM, and BNB Chain saw growth over the quarter.

👥 Pendle team commentary

"TVL has grown in 2025, averaging well above the $3.24B seen in 2024. Stablecoins now make up roughly 80% of TVL, as we've embraced the yield-bearing stablecoin narrative. Major protocols like USDai, Capmoney, Kinetiq, Falcon, and Almanak are using Pendle to bootstrap liquidity.

Our product-market fit is evident: $75B in fixed yield settled and over 45% of PTs were deployed as collateral on money markets. We're now the #2 protocol on Plasma with close to $1B in TVL (~30% of the chain). Q4 priorities include cross-chain expansion to non-EVMs like Solana, Pendle Permissioned for regulated access, and moving toward full permissionlessness for listings."

Notional trading volume

Notional trading volume tracks the total USD value of all trading activity across Pendle and its associated trading products. This includes Pendle’s purpose-built AMM for trading PT and YT tokens, its order-book-based Limit Order product, and Boros, which enables trading of offchain funding rates. Q3 notional trading volume totaled $23.39B, up from $6.96B in Q2. Pendle’s AMM and Limit Orders captured the majority of activity, while Boros (launched in Q3) added volume.

👥 Pendle team commentary

"Volume averaged $148M daily in 2025 versus $95M in 2024, with an all-time high of $11B in September. Boros reached $1B in volume in just 1.5 months - 10x faster than V2. Limit Orders remain a major driver, enabling advanced grid strategies that capitalize on the PT/YT buyer dynamics.

Q4 developments: expanding Boros beyond BTC/ETH to assets like HYPE, and adding perp markets beyond Binance and Hyperliquid for arbitrage opportunities. We're also adding Adaptive Orders, Gasless Cancel, PT/YT TWAP, and built-in Grid Trading to Limit Orders. Cross-chain PT expansion will bring Pendle to new ecosystems."

Fees

Fees measure the total fees paid by users across Pendle's products. Q3 fees totaled $9.53M, increasing from $6.03M in Q2. This includes AMM and Limit Order swap fees plus a 5% fee on all YT yield, including points, which are recorded as vePendle fees. Boros fees include swap fees, open-interest fees, and operational fees.

Revenue

Revenue measures the total fees retained by Pendle after distributing 20% of AMM fees to liquidity providers. Q3 revenue totaled $9.14M, up from $5.93M in Q2. Pendle distributes 80% of all revenue to vePendle holders, retaining 10% for its treasury and 10% for operations.

👥 Pendle team commentary

“We achieved an all-time high in organic fees and revenue in October 2025, excluding the Q1 MegaDrop distribution. Top vePENDLE voters are averaging 35–40% APR. Looking ahead, we're reviewing the PENDLE token mechanism to better align the long-term interests of the community and the protocol.”

Monthly active users

Monthly active users (MAU) tracks the number of unique users who traded on any Pendle product within a 30-day rolling window. Q3 MAU averaged 29.2K, up from 25.7K in Q2. These users were distributed across Ethereum, Arbitrum One, HyperEVM, Plasma, Base, BNB Chain, Berachain, and Sonic. Ethereum led with 18K MAU in Q3, while HyperEVM (launched in Q3) and Arbitrum One followed as the next largest chains by MAU.

Outlook

Pendle exits Q3 with growth across all key metrics, with trends extending into Q4. The Boros product continues to gain traction alongside Pendle’s core yield-tokenization platform and its associated products. Planned Q4 initiatives, including cross-chain expansion to non-EVM ecosystems, Boros expansion beyond BTC/ETH, and refinements to the PENDLE token mechanism, position the project for continued growth.

Definitions

Products:

  • Yield Tokenization: Pendle’s core mechanism that splits yield-bearing assets into Principal Tokens (PTs) and Yield Tokens (YTs) for trading.

  • AMM: Automated market maker specifically designed for time-decaying yield assets with optimized pricing curves.

  • Limit Order: Order-book system for PT and YT trading that executes when specified levels are reached.

  • Boros: Margin-enabled yield-trading platform extending to offchain yields like perpetual funding rates.

  • vePendle: Vote-escrowed $PENDLE tokens that provide governance rights, boosted yields, and protocol revenue sharing.

Metrics:

  • Total value locked: measures the dollar value of yield-bearing assets deposited into Pendle’s markets across eight chains.

  • Notional trading volume: measures the total dollar value traded across Pendle’s AMM, Limit Order, and Boros products.

  • Fees: measures fees paid by users across Pendle's products, including swap fees and a 5% cut of all yield generated by YTs.

  • Revenue: measures Pendle’s share of the fees generated across all products.

  • Monthly active users: measures unique users that traded on Pendle within a 30-day rolling window across eight chains.

About this report

This report is published quarterly and produced leveraging Token Terminal’s end-to-end onchain data infrastructure. All metrics are sourced directly from blockchain data. Charts and datasets referenced in this report can be viewed on the corresponding Pendle dashboard on Token Terminal.