morpho-blue lends the same underlying at 6.80%. You collect an extra 804 bps over the alternative for the same duration.

Buy PT-apxUSD on Ethereum and hold to maturity (2027-02-11). $10k locks in ~$390 by then.

The market prices a 14.84% premium above the 0.00% native yield. That gap is what the market is paying for the points or airdrop value.

Buy YT-apxUSD on Ethereum. Bet: actual points value exceeds 14.84% over 96 days. If it doesn't, you lose the YT cost.

0.09% from swap fees and 32.09% from the underlying. Pendle incentives add 0.35%.

Provide PT+SY liquidity on Ethereum. With vePENDLE the max APY climbs to 27.33%.

Annualized 26.48% but the holding period is short, so rate risk is limited. You just need PT to redeem 1-for-1 against the underlying at maturity.

Buy PT-sUSD3 on Ethereum. Maturity 2026-12-17. Pays 2.90% absolute over the period.