MNKN
Dashboards / Pendle / srUSDat
srUSDat
MonadMatures 14 Jan 2027, 77 daysUnderlying srUSDat at $1.0372
Implied APY
11.21%
fixed rate to maturity
Underlying APY
8.17%
+3.04 pts implied minus underlying
Max APY (LP)
10.47%
Liquidity
$328.6K
TVL
$1.04M
24h volume
$458
Implied 11.21% against 8.17% underlying
Implied and underlying APY, daily
ImpliedUnderlying
Data as of 28 Oct 2026 00:00 UTC/Source Pendle
$1.04M 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 srUSDat, in Pendle's words and ours.
Class Exotic synthetic (DAT / variable-rate preferred backing)rwastratasaturnstrcpoints
What it is
srUSDat is a yield-bearing derivative of sUSDat that provides low-risk exposure to STRC. It is designed to offer a fixed yield (65% of STRC dividend rate) with no volatility and protection against underlying strategy and collateral risks.
Quirks
srUSDat charges a dynamic redemption fee shown here.
Risk involved
srUSDat will face negative yield when:
- First-loss buffer from the junior tranche is fully depleted, defined by the Coverage Ratio (CR) dropping below 100%. Coverage Ratio represents the total vault assets (Senior + Junior) relative to the Senior tranche.
Sources: Pendle V2 API (market data and notes). Nothing here is investment advice.