Pendle PENDLE

Payout off peakRank#29▲16Score38

Paid to holders this week: 27% of the best week in 90 days ($64k against $237k), while revenue +39% over 30 days. Also: holders revenue goes to vote lockers, not a buyback.

Yield, Arbitrum, Ethereum, BSC +10, 192 days of data

Market cap

$260.0M

price $1.47 · 7d −18.1% · 30d −28.0%

FDV $415.9M (1.6× market cap)

source defillama

Counted per year

$2.5M

holders revenue of the last 30 days, $411k, × 365 ÷ 30, × type factor 0.5 (payouts to vote lockers count 50%)

ve / bribesbuyback share 72%

Pays out 1.9% of its market cap a year, using 72¢ of every $1 it earns.

Not a buyback: counts for 50% in the multiple (type factor 0.5), so the denominator is $2.5M instead of $5.0M.

Multiple

104×

median of all tokens 20.2×, against 104× here

Run-rate

156×

last 7 days $64k × 52 × 0.5 (type factor) = $1.7M a year

last week's payout to holders ran at 67% of the 30-day pace: the payout is slowing

What we checked

Valuation
Multiple 104× (type factor 0.5: payouts to vote lockers count 50%), 5.1× more expensive than the median of all tokens (20.2×; its category is too small for a peer group). The group's largest earner Hyperliquid trades at 20.2×: 5.1× dearer per dollar returned to holders. On total revenue: 37.2×, in line with the revenue peer median.
Distribution
ve / bribes: Includes bribes and vote incentives from third parties paid to vote-escrow lockers; no buy pressure on the token. Holders got $411k of $574k revenue in 30 days → buyback share 72%. DefiLlama: “sPENDLE Distributions: Revenue distributed to vePENDLE/sPENDLE holders as yield and reward tokens.”
Sustainability
Holders were paid on 30 of 30 days (100%); largest single day 20% of the month's holders revenue; paid to holders this week: 27% of the best week in 90 days (more than half below peak). Revenue −54% over 7 days and +39% over 30 days, price −28% over 30 days.

What this does not tell you

The figures come from DefiLlama's adapter for each child protocol. Only a few tokens have an on-chain check (see How the buyback really works); for the rest, whether the tokens were really bought, burned or parked in a treasury wallet is not checked here. Unlocks count where DefiLlama or our research has a vesting schedule; team discretion and liquidity depth only once researched.

Flags

Payout >50% below peakthis week's holders revenue is 27% of its best week in the last 90 days ($237k)
Small peer group51 peers in universe; median taken from the universe level

How the buyback really works

Not researched yet. Everything above comes from DefiLlama and market data only.

Holders revenue / revenue (30d): $411k / $574k; last 30 closed days
To holders: Pays out 1.9% of its market cap a year
FDV / dilution: $415.9M / 1.6×; FDV ÷ market cap
Price 7d / 30d: −18.1% / −28.0%
Revenue growth 7d / 30d: −54% / +39%; versus the period before
Divergence: 0.65; revenue growth minus price growth, 30d
DEX liquidity: $4.5M; DexScreener, representative pools
24h volume: $33.5M; all markets, CoinGecko
Unlocks 30d: —; DefiLlama's schedule does not cover the next 30 days while tokens are still locked
Revenue multiple: 37.2×; market cap ÷ revenue per year
Fee multiple: 36.8×; market cap ÷ fees per year
Distance to peak: 27%; this week ÷ best week of 90 days
Data since: May 4; first day with holders revenue

Holders revenue and price

Holders revenue per day7-day averagePrice (right axis)▲ ▼ signal days (history below)

Multiple over time

today 104× (scored) · peer median 20.2×

Market cap at close ÷ (holders revenue of the previous 30 days × 365 ÷ 30), with holders revenue capped at revenue and × the type factor: the same effective multiple as the peer median. Values above 100× are drawn at the top. Bands as on the meter; dashed line = peer median today.

Signal history

Signal history of this token: date, type, price at the signal, price after 7 and 30 days, change since the signal and the outcome
Date	Signal	Price then	After 7d	After 30d	Since	Outcome
November 4, 2026	New in top 20closed Nov 5: now ranked #21	$1.72	−12%	—	−14%	30-day check: day 8
November 4, 2026	Day jumpclosed Nov 5: REV $13.2k on 2026-11-04 below 1.5 × the old average $14.1k	$1.70	−11%	—	−14%	30-day check: day 8

Versus peers

universe (whole universe) · 52 tokens (51 with a multiple) · median multiple 20.2× · Hyperliquid is valued 65.2× higher. Per dollar that counts for holders, Pendle is 5.1× dearer.

Main-ranking peers only. Multiples count holders revenue capped at revenue, × the type factor (buyback 1 · buyback + burn 1 · burn 0.75 · mixed 0.75 · distribution 0.5 · unclear 0.5 · ve-distribution 0.25).

This token against its main-ranking peers: multiple, revenue multiple, buyback share, holders revenue, market cap and revenue growth
Token	Distribution	Multiple	Revenue multiple	Buyback share	To holders 30d	Market cap	Rev. growth 30d
PaperStrategy	Buyback + burn	0.2×	0.1×	42%	$780k	$1.9M	+17%
Pharaoh Exchange	ve / bribes	0.3×	0.2×	100%	$1.3M	$2.6M	−52%
OTC	Buyback + burn	0.5×	0.2×	43%	$292k	$1.9M	+111%
RamsesX	Mixed	0.7×	0.5×	97%	$368k	$2.2M	+8%
nest	Distribution	0.8×	0.4×	100%	$869k	$4.4M	+32%
Sapling	Buyback + burn	0.9×	0.7×	82%	$100k	$1.1M	−30%
ORE Protocol	Buyback + burn	1.0×	1.0×	99%	$4.3M	$51.7M	+37%
StonkFun	Buyback + burn	1.7×	1.0×	60%	$1.7M	$34.5M	−88%
up	ve / bribes	2.0×	1.0×	100%	$313k	$3.9M	−68%
Fake World Assets	Buyback + burn	2.4×	1.7×	80%	$149k	$3.9M	−70%
THORSwap	Mixed	3.7×	2.1×	75%	$312k	$10.4M	+55%
Marinade	Buyback	5.1×	2.5×	50%	$193k	$11.9M	−13%
Chainflip	Buyback + burn	5.4×	5.4×	100%	$520k	$34.4M	+59%
Pons	Buyback + burn	5.7×	5.7×	118%	$1.7M	$99.8M	−84%
Pump	Buyback	5.8×	2.6×	44%	$21.9M	$1.54B	−24%
Usual	Mixed	6.3×	3.3×	70%	$378k	$21.6M	+80%
Aero	ve / bribes	8.7×	4.0×	96%	$7.4M	$372.0M	−6%
Tornado Cash	Mixed	9.6×	7.2×	100%	$278k	$24.4M	−21%
SSV Network	Mixed	12.4×	9.3×	100%	$275k	$31.1M	−10%
Spark	Buyback	13.0×	3.7×	29%	$340k	$53.8M	+133%
Lighter	Buyback	14.6×	11.8×	81%	$4.4M	$775.1M	+14%
edgeX	Buyback	16.0×	7.0×	44%	$622k	$120.8M	−43%
Lido	Buyback	18.6×	6.2×	34%	$0	$255.2M	+6%
Geodnet	Buyback + burn	18.8×	15.1×	80%	$744k	$170.5M	0%
PancakeSwap	Buyback + burn	19.5×	12.8×	65%	$2.4M	$563.6M	−29%
Hyperliquidleader	Buyback + burn	20.2×	20.2×	100%	$68.8M	$16.94B	−3%
Bankr	Distribution	20.3×	8.8×	86%	$237k	$25.1M	−85%
deBridge	Buyback	20.8×	15.6×	75%	$340k	$86.1M	−13%
ApeX Protocol	Mixed	21.2×	15.9×	100%	$145k	$28.2M	−21%
Yield Basis	ve / bribes	22.1×	7.8×	100%	$148k	$14.0M	41.0×
Sky	Mixed	26.7×	8.4×	42%	$5.5M	$1.34B	−3%
Raydium	Buyback	27.1×	16.8×	62%	$1.3M	$425.4M	−65%
Curve Finance	ve / bribes	29.3×	11.1×	94%	$2.6M	$374.4M	+44%
Collector Crypt	Buyback + burn	35.3×	0.9×	3%	$392k	$168.2M	−5%
GMX	Distribution	37.0×	13.5×	73%	$354k	$79.6M	+15%
Maple Finance	Buyback	37.2×	7.4×	20%	$326k	$147.5M	+14%
Uniswap	Buyback + burn	37.3×	37.3×	100%	$8.2M	$3.71B	−20%
Convex Finance	ve / bribes	47.5×	13.8×	95%	$881k	$155.5M	0%
Orca	Buyback	47.8×	7.9×	16%	$130k	$75.6M	−36%
Aster	Buyback + burn	50.2×	∞	—	$2.8M	$1.69B	—
Jupiter	Buyback	50.2×	15.9×	32%	$1.4M	$856.4M	−32%
dYdX	Distribution	51.6×	25.8×	100%	$240k	$75.2M	−15%
Venice	Buyback + burn	68.7×	68.7×	100%	$1.1M	$941.4M	+22%
Kinetiq	Mixed	84.8×	37.3×	59%	$133k	$103.2M	−37%
Railgun	Distribution	86.5×	28.1×	66%	$202k	$116.7M	−9%
Pendlethis token	ve / bribes	104×	37.2×	72%	$411k	$260.0M	+39%
Render Network BME	Burn	122×	86.6×	95%	$751k	$832.8M	+240%
Chainlink	Buyback	152×	147×	100%	$4.3M	$7.66B	−2%
Meteora	Distribution	180×	5.2×	18%	$458k	$161.9M	−60%
NEAR Protocol	Buyback	206×	194×	94%	$1.8M	$4.51B	−18%
Liquity	Distribution	1.2k×	8.2×	80%	$128k	$15.8M	+409%
BONK.fun	Mixed	∞	11.7×	95%	$1.5M	$233.7M	−67%

Score build-up38 of 100

Total score = 35% valuation + 25% momentum + 20% divergence + 20% quality − penalties, clamped to 0–100. Every number here can be recomputed from the figures on this page.

38of 100#29▲16top 56%

Valuation 8.1Momentum 8.3Divergence 8.7Quality 12.7= 37.8

Valuation35%

23Valuation 23.2: HR half 0.0 (multiple 103.89×; 100 at ≤3×, 0 at ≥100×, log scale), revenue half 46.3 (revenue peer value 0.92×; 0 at ≤0.33×, 50 at 1×, 100 at ≥3×, log scale).Average of two halves. HR half: linear in log(multiple), 100 at ≤ 3×, 0 at ≥ 100×, 0 without effective HR. Revenue half: linear in log(revenue peer value), 0 at ≤ 0.33×, 50 at 1×, 100 at ≥ 3×; neutral 50 when the peer group falls back to the universe.

Momentum25%capped

33Momentum 33.1: m = 0.5·g7 −0.766 + 0.3·(ln(day jump 1.31) clamped ±1.5 = 0.270) + 0.2·g30 0.326 = −0.237; 0 at ≤−0.7, 50 at 0, 100 at ≥1.1.m = 0.5·g7 + 0.3·ln(day jump, clamped ±1.5) + 0.2·g30; 0 at m ≤ −0.7, 50 at 0, 100 at ≥ 1.1. Neutral 50 when g7 or g30 is missing; a missing day jump counts as 0.

Divergence20%capped

44Divergence 43.7: d = g30 − p30 = 0.655; 0 at ≤0, 100 at ≥1.5.d = max(0, g30 − p30) when g30 > 0; 0 at d ≤ 0, 100 at d ≥ 1.5, linear.

Quality20%

64Quality 63.7: mean of days HR>0 100% → 100.0 (0 at ≤30%, 100 at ≥90%), largest day 20% of HR30 → 87.8 (0 at ≥60%, 100 at ≤15%), distance to peak 0.27 → 3.2 (0 at ≤0.25, 100 at ≥0.9).Average of: share of days with HR > 0 (0 at ≤ 30%, 100 at ≥ 90%), 1 − largest day ÷ HR30 (0 at ≥ 60%, 100 at ≤ 15%) and distance to peak (0 at ≤ 0.25, 100 at ≥ 0.9).

HR7 is below 50% of its 90-day peak: momentum and divergence are capped at 50. This is not a penalty; the distance already counts in quality.

Penaltiesnone

No penalty applies — 10 rules checked, 3 wait for research data

Where the numbers come from

Revenue source: 2 active children; DefiLlama adapter per child
Price and market cap: defillama / defillama; latest fetch
Scored on: November 11, 2026; as-of date of the last compute run
On-chain verified: not yet; not checked yet

Protocols behind this token2 at DefiLlama

Per protocol: DefiLlama's methodology text, the distribution type we read from it and the sentence that decided it. The token takes the type of the protocol that returns the most to holders.

Boros
Interest Rate Derivatives · Arbitrum
type unclear · source none
No methodology text at DefiLlama.
adapter on GitHub ↗
Pendle V2
Yield · Arbitrum, Ethereum, BSC, OP Mainnet, Mantle, Base, Berachain, Sonic, Hyperliquid L1, Plasma, Monad, X Layer, Robinhood Chain
type ve-distribution · source label
“sPENDLE Distributions: Revenue distributed to vePENDLE/sPENDLE holders as yield and reward tokens.”
80% of yield and swap fee revenue distributed to sPENDLE holders (100% before September 2025). Excludes sPENDLE instant-exit fees and PT Looper receipts, whose destination is not published.
sPENDLE Distributions
Revenue distributed to vePENDLE/sPENDLE holders as yield and reward tokens.
adapter on GitHub ↗