Pendle (pendle)

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When to use it

• Splits a yield-bearing asset into PT (the principal, redeemable for the underlying at the market’s expiry: a fixed yield) and YT (the yield until then), each traded in a market per expiry.
• Choose PT to lock a fixed yield to a date, YT to speculate on the yield.

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Pitfalls for a program

• Each market has an expiry: PT trades below the underlying before it, and redeems at it.
• Router calls take approximation and routing structs that Pendle’s own API usually builds: take that calldata as main’s input, approve the input, forward it, and check the PT you got as a delta.
• PT and YT are separate tokens per market: name the right one.

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In a Sauce program

function main(tokenIn: Address, amountIn: Uint256, pt: Address, minPtOut: Uint256, call: bytes) {
  const before = Token(pt).balanceOf(pot);
  Token(tokenIn).approve(Pendle.Router, amountIn);
  evm.call(Pendle.Router, 0, call);
  const out = Token(pt).balanceOf(pot) - before;
  require(out >= minPtOut, "below minPtOut");
}

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What it offers

• swapExactTokenForPt: Buy PT (principal token) - lock in fixed yield
• swapExactTokenForYt: Buy YT (yield token) - speculate on variable yield
• addLiquiditySingleToken: Add single-sided liquidity to a Pendle market
• removeLiquiditySingleToken: Remove liquidity and receive single token

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Notes

• Markets have expiry dates - PT redeems at face value at maturity
• All router methods use complex tuple params - see struct definitions above
• For simple swaps without external routing: set pendleSwap to zero address, swapType to 0
• For limit orders: set limitRouter to zero address, empty arrays for fills
• ApproxParams eps is typically 1e15 (0.1%), maxIteration typically 256
• tokenMintSy = the token that the SY (standardized yield) wrapper accepts
• ApproxParams: { guessMin, guessMax, guessOffchain, maxIteration, eps } - Binary search params for PT/YT amount
• TokenInput: { tokenIn, netTokenIn, tokenMintSy, pendleSwap, swapData } - Input token config
• TokenOutput: { tokenOut, minTokenOut, tokenRedeemSy, pendleSwap, swapData } - Output token config
• SwapData: { swapType, extRouter, extCalldata, needScale } - External swap config (use zeros for direct)
• LimitOrderData: { limitRouter, epsSkipMarket, normalFills, flashFills, optData } - Limit orders (use zeros/empty)

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Its names in a program

function main() {
  // Ethereum's router, `0x888888888889758F76e7103c6CbF23ABbF58F946`.
  require(Pendle.Router != 0);
}

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Deployments

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ABI

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PendleRouterABI

• addLiquiditySingleToken(address receiver, address market, uint256 minLpOut, (uint256 guessMin, uint256 guessMax, uint256 guessOffchain, uint256 maxIteration, uint256 eps) guessPtReceivedFromSy, (address tokenIn, uint256 netTokenIn, address tokenMintSy, address pendleSwap, (uint8 swapType, address extRouter, bytes extCalldata, bool needScale) swapData) input, (address limitRouter, uint256 epsSkipMarket, ((uint256 salt, uint256 expiry, uint256 nonce, uint8 orderType, address token, address YT, address maker, address receiver, uint256 makingAmount, uint256 lnImpliedRate, uint256 failSafeRate, bytes permit) order, bytes signature, uint256 makingAmount)[] normalFills, ((uint256 salt, uint256 expiry, uint256 nonce, uint8 orderType, address token, address YT, address maker, address receiver, uint256 makingAmount, uint256 lnImpliedRate, uint256 failSafeRate, bytes permit) order, bytes signature, uint256 makingAmount)[] flashFills, bytes optData) limit) payable returns (uint256 netLpOut, uint256 netSyFee, uint256 netSyInterm)
• removeLiquiditySingleToken(address receiver, address market, uint256 netLpToRemove, (address tokenOut, uint256 minTokenOut, address tokenRedeemSy, address pendleSwap, (uint8 swapType, address extRouter, bytes extCalldata, bool needScale) swapData) output, (address limitRouter, uint256 epsSkipMarket, ((uint256 salt, uint256 expiry, uint256 nonce, uint8 orderType, address token, address YT, address maker, address receiver, uint256 makingAmount, uint256 lnImpliedRate, uint256 failSafeRate, bytes permit) order, bytes signature, uint256 makingAmount)[] normalFills, ((uint256 salt, uint256 expiry, uint256 nonce, uint8 orderType, address token, address YT, address maker, address receiver, uint256 makingAmount, uint256 lnImpliedRate, uint256 failSafeRate, bytes permit) order, bytes signature, uint256 makingAmount)[] flashFills, bytes optData) limit) returns (uint256 netTokenOut, uint256 netSyFee, uint256 netSyInterm)
• swapExactTokenForPt(address receiver, address market, uint256 minPtOut, (uint256 guessMin, uint256 guessMax, uint256 guessOffchain, uint256 maxIteration, uint256 eps) guessPtOut, (address tokenIn, uint256 netTokenIn, address tokenMintSy, address pendleSwap, (uint8 swapType, address extRouter, bytes extCalldata, bool needScale) swapData) input, (address limitRouter, uint256 epsSkipMarket, ((uint256 salt, uint256 expiry, uint256 nonce, uint8 orderType, address token, address YT, address maker, address receiver, uint256 makingAmount, uint256 lnImpliedRate, uint256 failSafeRate, bytes permit) order, bytes signature, uint256 makingAmount)[] normalFills, ((uint256 salt, uint256 expiry, uint256 nonce, uint8 orderType, address token, address YT, address maker, address receiver, uint256 makingAmount, uint256 lnImpliedRate, uint256 failSafeRate, bytes permit) order, bytes signature, uint256 makingAmount)[] flashFills, bytes optData) limit) payable returns (uint256 netPtOut, uint256 netSyFee, uint256 netSyInterm)
• swapExactTokenForYt(address receiver, address market, uint256 minYtOut, (uint256 guessMin, uint256 guessMax, uint256 guessOffchain, uint256 maxIteration, uint256 eps) guessYtOut, (address tokenIn, uint256 netTokenIn, address tokenMintSy, address pendleSwap, (uint8 swapType, address extRouter, bytes extCalldata, bool needScale) swapData) input, (address limitRouter, uint256 epsSkipMarket, ((uint256 salt, uint256 expiry, uint256 nonce, uint8 orderType, address token, address YT, address maker, address receiver, uint256 makingAmount, uint256 lnImpliedRate, uint256 failSafeRate, bytes permit) order, bytes signature, uint256 makingAmount)[] normalFills, ((uint256 salt, uint256 expiry, uint256 nonce, uint8 orderType, address token, address YT, address maker, address receiver, uint256 makingAmount, uint256 lnImpliedRate, uint256 failSafeRate, bytes permit) order, bytes signature, uint256 makingAmount)[] flashFills, bytes optData) limit) payable returns (uint256 netYtOut, uint256 netSyFee, uint256 netSyInterm)

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Next steps

• Protocols: the other protocols, by what they do.
• Protocols and tokens: calling a contract by its namespace, or through its ABI.
• Glossary: the words these pages use, in plain terms.