morpho-blue lends the same underlying at 2.05%. You collect an extra 544 bps over the alternative for the same duration.

Buy PT-apxUSD on Ethereum and hold to maturity (2026-11-05). $10k locks in ~$239 by then.

The market prices a 18.97% premium above the 0.00% native yield. That gap is what the market is paying for the points or airdrop value.

Buy YT-jrRoyAPYUSD on Ethereum. Bet: actual points value exceeds 18.97% over 116 days. If it doesn't, you lose the YT cost.

0.79% from swap fees and 12.67% from the underlying. Pendle incentives add 6.03%.

Provide PT+SY liquidity on Ethereum. Small TVL ($992.4k) means new entrants dilute the yield fast.

Annualized 27.75% 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-jrUSDat on Ethereum. Maturity 2026-08-27. Pays 3.54% absolute over the period.