PENDLE was trading at $1.95 at 11:32 UTC on 25 October 2026, according to CoinGecko. That is about 12.6% below the $2.23 it reached on 8 September 2026, the end of the week this report covers. In that week the token rose about 27% in seven days and about 59% in thirty. Most of the September rally has since faded: CoinGecko shows PENDLE down 24.7% over the 30 days to 25 October and down 3.6% over the latest seven. The token is still about 74% below its all-time high of $7.50, set on 11 April 2024.
Where PENDLE stands on 25 October 2026
CoinGecko figures, last updated 25 October 2026, 11:32 UTC:
| Metric | Value |
|---|---|
| Price | $1.95 |
| 7-day change | -3.6% |
| 30-day change | -24.7% |
| Market cap | $339.7 million |
| Circulating supply | 173.86 million PENDLE |
| Total supply | 281.53 million PENDLE |
| Maximum supply | None (CoinGecko lists it as uncapped) |
| All-time high | $7.50 (11 April 2024) |
The newest protocol developments
Pendle's own newsletters report the following for October 2026:
- 14 October: Boros, Pendle's funding-rate trading product, listed new BTC, ETH and HYPE maturities for November and December. The team said fixed yields of about 25-35% APR "could be secured until Christmas". These are the team's own figures.
- 15 October: Boros launched Spread Markets. Instead of trading the funding rate at one venue, users trade the gap between funding rates at different venues.
- 1 October: Pendle said its stack of tokenised real-world assets had passed $1 billion in total value locked. The stack includes tokenised Treasuries, T-bill-backed stablecoins and tokenised equities.
- 28 September: Pendle published an investor analytics page for PENDLE. It covers protocol revenue, buybacks, emissions and staking.
The week to 8 September 2026: the numbers
CoinGecko daily snapshots, taken at 00:00 UTC:
| Date | Price | Market cap | 24h volume (all venues) |
|---|---|---|---|
| 9 August 2026 | $1.40 | $241.1 million | $15.0 million |
| 1 September 2026 | $1.76 | $302.7 million | $42.2 million |
| 8 September 2026 | $2.23 | $384.4 million | $68.1 million |
From 1 to 8 September the price rose 27.0%. From 9 August it rose 59.2%. Over the month, daily trading volume roughly quadrupled.
PENDLE price: the rally and since
How does the September rally compare with today's price and with the all-time high?
Data table
| Item | USD | Source |
|---|---|---|
| 9 Aug 2026 | 1.4 | |
| 1 Sep 2026 | 1.76 | |
| 8 Sep 2026 | 2.23 | |
| 25 Oct 2026 | 1.95 | |
| All-time high, 11 Apr 2024 | 7.5 |
These are single CoinGecko snapshots on five dates, not a full price history: the chart leaves out moves between those dates and cannot show where the price goes next.
What Pendle shipped that week
All of these come from Pendle's fortnightly newsletter, Pendle Print. The newsletter does not say any of them caused the price move, and neither does this report. The events and the rally happened in the same week.
- 2 September: LlamaRisk said its risk oracle had gone live on Aave, starting with Aave v3 on Ethereum. The oracle adjusts collateral risk settings for Pendle principal tokens automatically, so borrowing limits against them change with the market rather than through governance votes.
- 3 September: Pendle launched the Pendle Ecosystem USDC vault on Morpho, co-curated with Wintermute. The vault spreads deposits across selected PT markets and showed a 6.11% APY at launch.
- 7 September: Pendle went live on a new chain run by a US retail brokerage.
- 8-9 September: Pendle announced tokenised stock dividend markets on that chain: NVDA, maturing in October 2026, and PFE, maturing in December 2026. Those markets separate a share's dividend stream from its principal in the same way Pendle splits yield from other assets.
Supply: emissions against buybacks
Two figures from the same newsletters bear on supply:
- 20 August: PENDLE emissions reached a new low, down 78% since the start of 2026.
- 14 September: Cumulative PENDLE buybacks passed 2.8 million tokens, about $4 million, over roughly seven months. Pendle put annual inflation at about 0.5% and year-to-date buybacks at more than 1.5% of supply.
Pendle publishes these numbers itself and they were not independently audited for this report. If they hold, buybacks are currently taking more PENDLE out of circulation than emissions add.
How Pendle works, briefly
Pendle calls itself "the world's largest crypto yield trading platform". This is the platform's own description. The core mechanism, as Aave's governance forum describes it, is this: Pendle "allows users to split yield bearing tokens into principal (PT) and yield (YT) components".
- Principal token (PT): PT "can be bought at a discount" and represents "the fixed rate part" of the pair. At maturity, "the value of the PT equals the value of the underlying asset and can be redeemed for the underlying." Buying PT below face value and holding it to maturity locks in a fixed yield, apart from smart-contract and underlying-asset risk.
- Yield token (YT): YT carries the variable yield until maturity. Buying YT is a bet that the realised yield will beat the yield the market has priced in.
- Boros: Boros applies the same approach to perpetual futures funding rates. The newsletter calls it "the first and only funding rate swap market in DeFi". This is Pendle's own claim.
Why this matters for the token: according to Pendle's analytics page, PENDLE's value case rests on protocol revenue, buybacks and staking. If you are tracking PENDLE, these are the indicators to follow:
- Total value locked in PT markets, especially tokenised real-world assets.
- Lending protocols such as Aave and Morpho accepting PT as collateral.
- Activity on Boros.
- Buyback volume compared with emissions.
Limitations
Price data is a single source (CoinGecko snapshots at 00:00 UTC). Every protocol event comes from Pendle's own newsletters and was not independently confirmed.
