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Dashboards / Pendle / sUSDe
sUSDe
EthereumMatures 26 Nov 2026, 28 daysUnderlying sUSDe at $1.2552
Implied APY
4.73%
fixed rate to maturity
Underlying APY
5.05%
-0.32 pts implied minus underlying
Max APY (LP)
5.26%
Liquidity
$5.11M
TVL
$24.97M
24h volume
$52.7K
Implied 4.73% against 5.05% underlying
Implied and underlying APY, daily
ImpliedUnderlying
Data as of 28 Oct 2026 00:00 UTC/Source Pendle
$24.97M 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 sUSDe, in Pendle's words and ours.
Protocol EthenaClass Synthetic dollar (delta-neutral basis)stablesethenapointsrwafixed-ratesblue-chips
What it is
sUSDe is the yield bearing synthetic dollar from Ethena, a protocol that combines yield from staked ETH and basis spread from perps and futures, to create on-chain money solution.
Quirks
This market has no special quirks
Risk involved
This pool has minimal risk of generating negative yield
Background: sUSDe (Ethena Labs)
The staked, yield-bearing form of Ethena's USDe synthetic dollar. Yield comes from perp funding rates plus staked-ETH collateral and is explicitly variable — it can turn negative.
Backing. A delta-neutral basis trade: spot crypto collateral hedged with short perpetual positions.
Peg history. USDe has held ~$1 since 2024 launch but has a short track record.
Audits. Audited (Spearbit, Quantstamp, Pashov); public reserve fund and attestations.
Key risks
- Negative funding rates can erase yield and pressure the reserve fund.
- Custodial / exchange counterparty risk where hedges settle off-chain.
- Peg depends on the hedge holding under stress; unproven across a full bear funding regime.
Sources: Pendle V2 API (market data and notes). Nothing here is investment advice.