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Dashboards / Pendle / apxUSD
apxUSD
EthereumMatures 11 Feb 2027, 105 daysUnderlying apxUSD at $0.9968
Implied APY
16.18%
fixed rate to maturity
Underlying APY
0.00%
+16.18 pts implied minus underlying
Max APY (LP)
908.77%
Liquidity
$75.0K
TVL
$3.13M
24h volume
$1.48M
Implied 16.18% against 0.00% underlying
Implied and underlying APY, daily
ImpliedUnderlying
Data as of 28 Oct 2026 00:00 UTC/Source Pendle
$3.13M 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 apxUSD, in Pendle's words and ours.
Class Exotic synthetic (DAT / variable-rate preferred backing)pointsrwastrcapyx
What it is
apxUSD is a synthetic dollar issued by Apyx and backed by preferred shares of Digital Asset Treasuries (DATs), which generate off-chain dividend income to support the broader Apyx ecosystem. apxUSD itself does not accrue yield; instead, it functions as the protocol’s primary liquidity layer, designed to provide deep secondary market liquidity and broad integration across DeFi and CeFi venues.
The protocol also utilizes Protocol-Owned Liquidity (POL) as a liquidity buffer to help support apxUSD stability, particularly during periods of market stress. Dividend income from the underlying DAT preferred shares is not distributed to apxUSD holders, but is instead directed toward apyUSD, Apyx’s yield-bearing savings asset.
Quirks
This market has no special quirks
Risk involved
This pool has minimal risk of generating negative yield
Sources: Pendle V2 API (market data and notes). Nothing here is investment advice.