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Dashboards / Pendle / sUSDx
sUSDx
EthereumMatures 3 Dec 2026, 35 daysUnderlying sUSDx at $1.0434
Implied APY
16.49%
fixed rate to maturity
Underlying APY
15.26%
+1.23 pts implied minus underlying
Max APY (LP)
16.24%
Liquidity
$7.13M
TVL
$15.47M
24h volume
$274.2K
Implied 16.49% against 15.26% underlying
Implied and underlying APY, daily
ImpliedUnderlying
Data as of 28 Oct 2026 00:00 UTC/Source Pendle
$15.47M 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 sUSDx, in Pendle's words and ours.
Class RWA-backed (off-chain collateral)stablespointsrwa
What it is
sUSDx is the rewards vault of USDx from Axis Protocol. Deposits are compounded via a market-neutral trading engine spanning cross-venue arbitrage, cross-currency arbitrage, funding rate arbitrage, and OTC/RFQ strategies, plus yield-bearing margin (T-bills and tokenized money-market funds).
Refer to Axis's yield source page for the full strategy breakdown.
Quirks
- There is a 7-day cooldown period for unstaking sUSDx to USDx.
Risk involved
sUSDx holders retain all USDx risks plus additional exposure to vault performance and the redemption process. Negative yield may occur when:
- Market-neutral strategies underperform — funding reverses, spot/perp prices diverge, or margin becomes insufficient
- Counterparty or venue failures cause backing losses
- Slippage, partial fills, or latency eliminate expected spreads
(From Underlying Protocol)
Sources: Pendle V2 API (market data and notes). Nothing here is investment advice.