Liquidity depth per major asset
Pendle Finance's assessment for RD-F-065 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Liquidity is heterogeneous across markets and maturities. Active short-dated major markets (USDG $57.7M, sNUSD $27.4M, sUSDe $13.4M) are reasonably deep. Long-dated and long-tail markets are thin — documented example: September 2026 pool shows $8M liquidity with 5% slippage on a $100K trade. Maturity cliff effect: liquidity concentrates in PT as expiry approaches, reducing SY-side exit depth. Thin markets create exit risk for large holders and increase oracle manipulation risk in Pendle's own TWAP oracle.
Sources #
- URLChaos Labs — Introducing Pendle PT Risk OracleChaos Labs PT Risk Oracle — documents liquidity concentration behavior near maturityretrieved 2026-04-29
- Pendle Finance Review 2026 — Coin BureauCoin Bureau review: September 2026 pool = $8M liquidity, 5% slippage on $100Kretrieved 2026-04-29
- Pendle V2 API — Top Markets by Liquidity (2026-04-29)Pendle API top markets: USDG $57.7M, sNUSD $27.4M, apxUSD $14.4M, sUSDe $13.4M liquidityretrieved 2026-04-29
Methodology #
Measure on-chain liquidity depth for protocol-held assets at 2% and 5% price impact in USD.
See the full factor methodology and distribution across all protocols →