Pendle Volume Hits $221.5 Million, a 30-Day High

Pendle's daily trading volume reached $221.5 million on Nov. 4 UTC, its highest total in 30 days, according to DefiLlama's daily series. Ethereum accounted for $218.9 million of the activity on the yield-trading protocol.

The total was about 4.1 times the $54.07 million median for the seven preceding UTC days, Oct. 28–Nov. 3, according to The Defiant's calculation. It also surpassed the previous high in the 30-day window, $146.8 million on Oct. 20.

The jump in trading did not coincide with a comparable increase in reported capital locked in Pendle. DefiLlama's total value locked series showed $1.032 billion both at the start of Nov. 4 UTC and in its latest snapshot at 6:15 p.m. ET, about 45 minutes before the UTC day ended. That points to higher turnover without a corresponding expansion in reported locked value; it does not establish net deposits or withdrawals.

Pendle separates yield-bearing assets into principal tokens, or PT, and yield tokens, or YT, which can be traded separately. That lets investors buy principal exposure or trade the future earnings of an asset.

Ethereum dominated the day's trading. X Layer followed with $1.58 million, while Monad recorded $552,484 and Arbitrum $425,097, according to DefiLlama's chain breakdown. The Defiant also reported an Ethereum-led volume surge on Oct. 20.

The dollar trading total is not cash deposited. Under DefiLlama's methodology, a YT trade counts the size of the underlying position rather than the smaller amount paid for that exposure. The series counts pool trades and filled limit orders once on the yield-bearing-token side, excluding minting and redemption of PT and YT.