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Dashboards / Pendle / wstETH
wstETH
EthereumMatures 30 Dec 2027, 427 daysUnderlying wstETH at $2,942.8018
Implied APY
2.20%
fixed rate to maturity
Underlying APY
2.35%
-0.16 pts implied minus underlying
Max APY (LP)
2.61%
Liquidity
$4.96M
TVL
$5.44M
24h volume
$3.3K
Implied 2.20% against 2.35% underlying
Implied and underlying APY, daily
ImpliedUnderlying
Data as of 28 Oct 2026 00:00 UTC/Source Pendle
$5.44M locked in this market
Market TVL, USD, daily
Data as of 28 Oct 2026 00:00 UTC/Source Pendle
The collateral
The underlying asset is the risk in a Pendle position. What backs wstETH, in Pendle's words and ours.
Protocol LidoClass Liquid staking (ETH)ethlido
What it is
wstETH is a Liquid staking token allows you to earn staking rewards by delegating your ETH to a staking service provider.
Quirks
NA
Risk involved
This pool has minimal risk of generating negative yield
Background: wstETH / stETH (Lido DAO)
stETH represents ETH staked through Lido, the largest liquid-staking protocol; wstETH is its non-rebasing wrapped form. Among the most battle-tested yield-bearing ETH assets.
Backing. 1:1 claim on ETH staked across Lido's validator set, redeemable since withdrawals went live in 2023.
Peg history. Traded ~0.93 ETH during the June 2022 liquidity crunch (before withdrawals); tight peg since 2023.
Audits. Repeatedly audited (Sigma Prime, Quantstamp, MixBytes) with an active bug bounty.
Key risks
- Validator slashing or exit-queue delays can briefly widen the stETH/ETH spread.
- Smart-contract risk in Lido's staking router and withdrawal contracts.
- Lido's large share of staked ETH is a long-debated centralization concern.
Sources: Pendle V2 API (market data and notes). Nothing here is investment advice.