pendle-plugin

For Everyone

Split yield-bearing tokens into their principal and yield components so you can trade future yield like it's a token — lock in fixed rates or bet on rates going up.

• Fixed yield by buying discounted principal tokens that redeem at full value on maturity
• Yield trading by buying or selling yield tokens to speculate on whether rates will rise or fall
• Points and airdrop exposure on tokens from protocols like EigenLayer, Ethena, and others that distribute rewards through Pendle
• Works across 5 chains including Ethereum, Arbitrum, BSC, Optimism, and Mantle

Pendle

Split yield-bearing tokens into their principal and yield components so you can trade future yield like it's a token — lock in fixed rates or bet on rates going up.

Prerequisites

• Works with OKX Onchain OS and OKX Agentic Wallet. Supported chains: Ethereum, Arbitrum, BSC, Optimism, and Mantle.
• Hold yield-bearing tokens (stETH, GLP, sDAI, eETH, etc.) that you want to split into PT and YT, or hold stablecoins/ETH if you prefer to buy PT or YT directly on the market.
• Reserve native gas tokens for transaction fees on whichever chain you choose.
• Important: Pendle positions have maturity dates. After maturity, YT stops generating yield and PT becomes redeemable 1:1 for the underlying asset. Plan your entry accordingly.

When to Use This Skill

• You want to lock in a guaranteed fixed yield instead of dealing with variable rates that change daily.
• You think staking or lending rates are going to increase and want to profit from that view.
• You want exposure to points or airdrops from protocols like EigenLayer, Ethena, or Ether.fi without committing long-term capital.
• You hold yield-bearing tokens and want to take some profits on future yield upfront.

How It Works

You start with a yield-bearing token — say stETH, which earns Ethereum staking yield. When you deposit it into Pendle, it gets split into two tokens: PT (Principal Token) and YT (Yield Token). PT represents the principal — it trades at a discount and is redeemable for the underlying asset at maturity. YT represents the yield — it collects all the staking rewards generated by the underlying asset until maturity.

If you want fixed yield, you buy PT. It's priced below the underlying asset's value, and on maturity day, it's redeemable at full value. The difference between your purchase price and the redemption value is your fixed return. No guessing, no variable rates.

If you think yields are going up, you buy YT. You're essentially buying the right to collect all future yield from the underlying asset until maturity. If rates go higher than what the market priced in, your YT earns more than you paid for it. If rates drop, you earn less.

Pendle also supports protocols that give out points (like EigenLayer's restaking points). When you hold YT of those assets, you receive the points accumulation, which can convert to airdrops later. This has become one of the most popular uses of Pendle.