Dashboards / Pendle / apyUSD

apyUSD

EthereumMatures 5 Nov 2026, 7 daysUnderlying apyUSD at $1.4118

Open on Pendle ↗

Implied APY

16.77%

fixed rate to maturity

Underlying APY

13.85%

+2.92 pts implied minus underlying

Max APY (LP)

15.13%

Liquidity

$18.09M

TVL

$53.81M

24h volume

$278.9K

Implied 16.77% against 13.85% underlying

Implied and underlying APY, daily

ImpliedUnderlying

Data as of 28 Oct 2026 00:00 UTC/Source Pendle

$53.81M locked in this market

Market TVL, USD, daily

Data as of 28 Oct 2026 00:00 UTC/Source Pendle

Risk read

High 79

79/100High

Collateral class: Exotic synthetic (DAT / variable-rate preferred backing). Structural risk sits in the asset itself — pool depth cannot offset it. Understand the backing before allocating.
Deep liquidity. Over $5M — low slippage and easy exit.
Near maturity. ~7d left — APY converges, little yield runway.
Can produce negative yield. Pendle flags conditions where this position loses value — not a guaranteed positive return.
Self-reported safety. The 'low risk' claim is the issuer's own, not independently verified — treat with caution.

A heuristic weighted toward the collateral type, then liquidity, maturity, yield level and Pendle's risk notes. Not a peg monitor, not advice. Verify the asset yourself.

Contracts

Underlying0x38ee…8a6a
PT (principal)0xb5be…f150
YT (yield)0x85cc…8ed4
SY (wrapper)0x04f8…bcb6
Market (LP)0xc5f9…27d3

The collateral

The underlying asset is the risk in a Pendle position. What backs apyUSD, in Pendle's words and ours.

Class Exotic synthetic (DAT / variable-rate preferred backing)pointsrwastrcapyx

What it is

apyUSD is Apyx’s yield bearing stablecoin, designed to accrue yield sourced from dividends paid by the DAT preferred shares backing apxUSD. Dividend proceeds are converted and streamed into the vault, resulting in a gradual increase in the exchange rate of apyUSD over time.

apyUSD is non-rebasing and yield accrues through exchange rate appreciation. Dividend income is routed on-chain and distributed via a linear vesting mechanism, allowing yield to vest progressively. The vault does not employ native leverage or rehypothecation of deposited assets, and yield is reflected continuously through exchange rate growth.

Quirks

This market has no special quirks

Risk involved

This pool has minimal risk of generating negative yield. (From Underlying Protocol)

Sources: Pendle V2 API (market data and notes). Nothing here is investment advice.

MNKN