Pendle exchange profile

Pendle is a specialised venue for trading yield. V2 separates the principal and future yield of supported yield-bearing assets and provides markets for those claims. Its market-creation system is permissionless, while the interface presents a selected set of markets. Liquid-staking, restaking, stablecoin and tokenised real-world-asset strategies can therefore carry different underlying issuer and redemption dependencies despite sharing the same trading interface.[1]

For example, a PT whose accounting unit is ETH can redeem at normal maturity for one ETH worth of a supported restaking token, rather than one whole restaking token. Buying PT therefore fixes a relationship to a stated accounting unit; it does not automatically fix a dollar value. Check the market’s unit, expiry, underlying redemption process and negative-yield provisions together.[2]

Boros adds margined interest-rate trading. Funding Markets reference the funding rate of a particular exchange’s perpetual contract. Spread Markets reference the difference between two such rates for the same asset, and that difference can be negative. These are rate exposures with a maturity, distinct from buying the underlying coin or taking a conventional perpetual position on its price.[17]

A Boros long pays a fixed rate and receives the floating rate; a short takes the opposite side. A rise in the traded implied APR benefits an existing long’s mark-to-market value. Size is therefore a rate notional, and time remaining matters. With a 365-day year, a hypothetical 100,000-unit notional with 90 days remaining changes by approximately 246.58 collateral units for a one-percentage-point move in implied APR, before fees and subsequent settlements.[18]

Closing a Boros position means trading in the opposite direction. The documentation says the remaining future fixed-rate difference is settled immediately when closing; a partial exit leaves the residual position at its original fixed rate. Outstanding limit orders are independent. After manually reducing a position, an oversized opposing order can subsequently flip the account into a new position unless it is adjusted or cancelled.[18]

V2 routes through a PT/SY AMM and can combine it with signed limit orders. YT trades use minting or redemption within the route instead of requiring an independent YT pool. Liquidity is concentrated over a yield range and tightens toward maturity. A pool outside its effective range can have limited ability to fill one direction, so a displayed annualised rate is not proof that a large order can execute there.[6]

Annualisation can make a short remaining term look larger than its cash gain. A hypothetical purchase of 10,000 PT for 9,800 accounting units with 90 days remaining has a 2.0408% maturity gain under normal redemption assumptions. Applying the documented compound annualisation gives approximately 8.54% implied APY. Those are two descriptions of the same assumed gain, not two payments. Pendle’s underlying-yield display also combines extrapolated interest APY with reward APR; projections depend on the observation window and continuing yield conditions.[8]

The underlying-yield estimate uses recent observations, with the documented seven-day window extrapolated rather than a guaranteed forward rate. A projected YT return assumes a continuing yield path and can be negative after its purchase cost. Compare annualised rates only after aligning the maturity, accounting unit, reward treatment and fee basis; a high APY on a short-dated claim can correspond to a modest absolute gain.[8]

YT is a wasting claim on future cashflows. Its low purchase price can create a large percentage exposure to changing yield without borrowing on margin. Profit still requires retained yield and rewards to exceed the purchase cost and transaction costs. The token’s eventual expiry at zero future-yield value does not erase a separate accrued claim, but neither does a displayed projected return guarantee that enough yield will accrue.[3]

Yield is claimable in the standardised-yield form described by the market, and rewards or points can depend on the underlying issuer’s rules. Selling YT changes ownership of future yield rights; it should not be confused with claiming yield already accrued to the wallet. Check accrued amounts and their claim transaction separately from the sale or expiry of the token balance.[3]

V2 resting limit-order makers pay no maker fee under the published book rules. Takers pay the applicable AMM fee and gas. Routing seeks execution after gas costs and can bypass a small limit order even when its nominal price appears attractive. For this reason, order placement and market eligibility should be checked separately from whether the router actually chooses that liquidity.[7]

Using hypothetical Boros inputs, 100,000 notional, a 0.05% taker rate and 90/365 years produces a 12.33-unit execution fee. The 0.05% is an illustration, not a universal tariff. Spread, settlement charges, gas and liquidation costs are additional.[22]

Rate settlement is separate from mark-to-market profit. If a hypothetical 100,000-unit long pays 10% fixed and receives 14% annualised floating over an eight-hour interval, its gross net receipt is about 3.65 units using a 365-day year. Floating inputs follow the referenced venue’s cadence; Spread Markets align to the slower leg. The documentation describes verified external rate updates, including manual recovery of missed epochs. An unchanged book mark does not prevent cash settlements from reducing collateral.[19]

The fixed rate is the weighted result of the position’s fills, while the floating reference comes from the rate oracle. The documentation gives hourly Hyperliquid and eight-hour Binance funding as examples. During a missed update, combining epochs changes the timing of recorded cashflows; it does not turn the outstanding exposure into an interest-free position.[19]

V2 uses the wallet and the selected chain’s contracts. The official deployment directory lists separate addresses for networks including Ethereum, Arbitrum, Optimism, Base, BNB Chain, Mantle, Sonic, HyperEVM, Berachain, Monad, Katana and Ink. Presence in the directory does not establish that every market or route is liquid on every network. Match the chain, token contract and maturity before approving or sending assets.[13]

A rollover is a new investment decision. The interface can redeem matured PT or LP positions and enter a later maturity, or offer Redeem All. Rolling early involves selling the existing position at its available market price. The new entry has its own rate, price impact, ordinary entry costs and gas; the guide does not add a separate rollover fee. The original purchase yield does not carry into the replacement position.[11]

Cross-chain PT routes contain distinct swap and bridge steps. A destination-chain PT may need bridging back for maturity redemption. If a route fails after funds move, the interface can offer retry at refreshed conditions or a refund of the token reached at the last successful step on the source chain; that can differ from the token initially supplied. If no valid route or market remains, refund may be the only option. A single interface flow does not make the entire sequence an indivisible transaction.[12]

For Boros, deposits and withdrawals use the root wallet and the selected collateral asset. The router distinguishes external funding of the main account from transfers between cross and isolated balances. Leaving a market requires zero positions, no open orders and completed settlement. An attempted withdrawal should therefore be analysed together with active orders and residual obligations, rather than solely from a headline account balance.[26]

MarketHub withdrawals have a request and a finalisation stage. The request deducts the cash balance immediately, while release to the wallet follows the account’s applicable cooldown and finalisation. The inspected contract documentation does not establish a single duration for every customer and asset. Internal cash can also be negative, and some values settle lazily; a raw contract balance should not be treated as the same measure as the interface’s fully reconciled available amount.[25]

The router also provides cancellation of a pending withdrawal. Cancelling the request, moving cash internally and completing a final external withdrawal are distinct state changes. Account and token identifiers matter because the main account supports multiple collateral and market subaccounts; moving value within those accounts does not send it back to the personal wallet.[26]

SY standardises interaction with an underlying yield-bearing position; it does not remove that position’s issuer, protocol or conversion risk. Its conversion ratio is often one-to-one but is not universally so. The current documentation also describes newer SY implementations using upgradeable proxies. Contract approvals and upgrade authority therefore deserve attention alongside the underlying asset’s redemption terms.[4]

PT is not an unconditional principal guarantee. If the underlying asset’s exchange rate falls below its recorded high-water level, PT redemption can deliver less than its normal accounting-unit amount and YT accrual pauses until recovery. An erroneous upward exchange-rate spike can also set a high watermark that interrupts later yield accounting. Holding to maturity removes the need to sell into the market, but it does not eliminate these underlying and accounting risks.[9]

Pendle’s V2 security page links reviews by Ackee, Dedaub, Dingbats and Code4rena. The directory supports the existence of published review material; this profile does not independently validate each deployed contract against every report. A protocol audit does not insure the underlying yield-bearing asset, a bridge, wallet keys or future upgrades.[14]

Boros expressly states that it has no insurance fund. Its ADL system can force-close opposing positions; ordinary closure may realise profit at the mark, but bad-debt resolution can use a bankruptcy price or allocate losses. The disclosure permits discretion in thresholds and intervention, including action outside a simple published trigger. A profitable hedge can consequently disappear or suffer loss through risk resolution. The interface’s health-factor scale is also not a direct equity-to-maintenance ratio.[24]

The ADL disclosure points customers to trade-history records for closed size, reference price, bad-debt allocation and reason. Use those event records to reconcile a forced exit rather than inferring it from a changed balance alone. A lower-risk-looking health display is not a contractual promise that discretionary risk measures cannot affect the account.[24]

The terms dated 1 October 2026 require adult, lawful access and exclude sanctions, FATF and other prohibited or licensing-restricted connections. Their named geographic exclusions include Russia, Belarus, Iran, North Korea and other specified territories. Boros separately excludes US citizens, residents and people located in the United States or its territories. That Boros provision should not be silently extended into an identical V2 rule; users must assess the general exclusions as well.[32]

The named exclusion list also includes Cuba, Syria, Myanmar, Sudan, Zimbabwe, Venezuela, Crimea, Donetsk and Luhansk. Corporate ownership, control and relevant affiliates can bring an entity within the restrictions even when its immediate address appears eligible.[32]

The privacy policy describes wallet and usage information, analytics and communications data, with retention and rights subject to the applicable legal basis. A public wallet address does not make all associated account information anonymous. Its [email protected] contact is identified for data-protection matters; it should not be presented as a guaranteed trading-support or compensation channel.[33]

Official developer documentation points to the developer Telegram channel, Discord and an information bot. It expresses a response expectation for developer questions, but this profile did not test a live response or establish a contractual customer-service SLA. Technical community help, wallet recovery and adjudication of financial losses are different functions.[34]

The V2 portfolio dashboard displays active balances on the selected chain, claimable LP/YT amounts and transaction links to a block explorer. It offers an underlying-unit view for individual items while aggregated values remain in dollars. Those display conventions matter when reconciling a principal claim against a dollar-valued portfolio total. The inspected dashboard guide does not establish a complete tax-reporting export.[15]

Boros publishes monthly compressed market-data archives containing time series such as snapshots, trades, candles, funding and settlement records. These are market datasets, not an individual customer’s consolidated statement. Personal accounting still requires the wallet’s transfers, fills, settlements, fees and realised events to be reconciled together. Preserve original timestamps, token units and transaction identifiers when reconciling activity across wrappers and bridges.[39]

The reviewed terms describe Univerum Innovations Inc in Panama and do not establish an entity-specific financial-services permission. They choose Singapore law and SIAC arbitration. Those contractual provisions do not establish a Singapore financial licence.[32]

V2’s hosted API supplies market and portfolio information and constructs transaction payloads for swaps, minting, redemption and liquidity operations. Read access and transaction construction are distinct from successful wallet execution. A route response can become stale, and partial price responses require error handling. Preserve the chosen slippage and minimum-output conditions when moving from a quote to a signed transaction.[38]

Boros delegated agents use their own signing keys, approved by the root wallet with an expiry and revocation path. They can trade, while external withdrawals require the root. The backend can broadcast signed actions and deduct actual network gas in account terms. Delegation limits withdrawal authority, but a compromised trading agent can still create losses or alter exposure.[27]

Boros scheduled retirement of its old open-api, send-txs-bot and core endpoints for 20 June 2026, directing integrations to api-boros.pendle.finance/apis and the @pendle/boros-sdk-public package. The migration also changes account scoping and pagination. A functioning older client is not evidence that it uses current, supported interfaces; reconnect and verify account state after updating an integration.[28]

The Pendle AI guide describes a beta V2 plugin with market queries, swaps, liquidity management and limit-order creation, signing, submission and cancellation. Its information functions should be distinguished from tools that change assets or orders. The guide alone does not establish a universal approval policy across every AI client, so assess the actual enabled wallet and transaction permissions before granting authority.[35]

The Boros AI plugin documents a sharper division. Its strategy adviser reads data, while a delegated local agent can autonomously place, cancel and close trades, change liquidity and move internal cash. Main-wallet actions, including deposits, withdrawals and agent setup or revocation, require browser-wallet signatures. The default delegated expiry is 30 days and the key is stored locally in encrypted form. Subsequent trades need no browser prompt. Ending an AI chat therefore does not revoke on-chain authority or close outstanding exposure; perform those actions explicitly.[36]

The local wallet flow verifies the returned receipt against the intended contract, action and signer before reporting success. That is an execution check, not protection against choosing an unsuitable trade. Revoking the delegated key limits subsequent agent actions; existing positions still require monitoring and, if desired, explicit closing instructions.[36]

Univerum Innovations Inc is the named company. The October terms disclose that the venues, pools, AMM and order-book infrastructure within the service are operated by or affiliated with the Pendle group. They also disclose protocol fee income, pool-deployment activity, token-linked fee distributions and operator arbitrage bots. A route combining several Pendle mechanisms therefore does not constitute a comparison across independent external venues.[32][33]

Pendle V2 and Boros are treated here as products within one Pendle profile, with separate trading mechanics and permissions. They should not be mistaken for interchangeable account types: the V2 wallet holds token claims, while Boros maintains margined rate positions and delegated account controls.[5][27]

sPENDLE has replaced the former governance-lock arrangement for current staking mechanics, while the documentation describes transitional virtual balances for legacy vePENDLE positions. A remaining legacy lock does not mean that every current sPENDLE holder has the same exit restriction. The governing position type and unlock terms determine the available action.[16]

Operator

Univerum Innovations Inc

Exchange model

Decentralised

Service scope

V2 principal/yield-token markets and liquidity pools; Boros margined funding-rate and spread markets.

Client types

Not established

Pricing publication

Public pricing

Other names

Pendle V2; Boros

Covered jurisdictions

Panama

Pricing scope

V2 yield and swap fees; Boros market-specific execution and settlement fees; network and route costs can apply.

Funding scope

Supported on-chain assets; V2 token redemption and bridge routes differ from Boros withdrawal queues.

Custody and asset handling

V2 assets and claims use wallet-authorised contracts; Boros collateral is held in protocol accounts with delegated trading controls.

Client eligibility

General territorial and sanctions exclusions apply; Boros has an additional US-person and US-location restriction.

Support

Official documentation and developer community channels; no tested customer response SLA.

Authorisation and registration scope

Reviewed terms do not establish an entity-specific financial-services permission.

Exchange metadata checked 20 Oct 2026Source 1Source 17Source 32Source 33

sPENDLE is issued one-for-one for staked PENDLE. Exit takes 14 days or can be immediate for a 5% charge. Variable rewards are distributed fortnightly. When a protocol proposal is available, failure to vote can make a wallet ineligible for that epoch; when no proposal is available, all sPENDLE qualifies as active. Eligible DeFi integrations also remain active. These participation rules determine rewards, separately from a trading account’s inactivity status.[16]

The Boros referral programme advertises a 10% swap-fee discount for eligible referred users and a 20% fee share for the referrer. Registration must occur before the user exceeds the specified 100,000 notional threshold; the discount ends at the earlier of one year or one billion of notional. Creating a referral code requires one million of notional. These conditional fee benefits are not an unconditional withdrawable joining bonus, and abusive activity can forfeit rewards.[29]

CrossEx is an experimental tool for coordinating Boros rate exposure with perpetual positions at other venues. The documented local setup uses external trading API credentials; a key configured without withdrawal permission can still incur trading losses. One leg may fill without its hedge, market prices can diverge, settlement schedules can differ, and liquidation of either side can break the intended return. The tool’s fixed-return presentation therefore depends on maintaining all required legs and collateral throughout the strategy.[30]

The monitoring guide identifies separate controls for closing the external perpetual pair and the Boros side, with individual-leg adjustments where required. Shared positions need particular care because only part of a venue-level position may belong to one strategy. Rolling to another maturity can leave the perpetual legs open while replacing the Boros leg, which preserves their ongoing margin and venue risks. Closing the application, disconnecting an API or cancelling an order is not equivalent to completing both sets of exit trades.[31]