morpho-blue lends the same underlying at 4.63%. You collect an extra 559 bps over the alternative for the same duration.

Buy PT-apxUSD on Ethereum and hold to maturity (2026-11-05). $10k locks in ~$166 by then.

The market prices a 14.44% premium above the 11.05% native yield. That gap is what the market is paying for the points or airdrop value.

Buy YT-STRCx on Ethereum. Bet: actual points value exceeds 14.44% over 80 days. If it doesn't, you lose the YT cost.

1.61% from swap fees and 12.91% from the underlying. Pendle incentives add 0.00%.

Provide PT+SY liquidity on Base. Small TVL ($143.0k) means new entrants dilute the yield fast.

Annualized 9984.84% 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-sNET on Chain 4663. Maturity 2026-09-17. Pays 283.80% absolute over the period.