Borrow against PENDLE
Teller pools accept PENDLE as collateral on Ethereum at up to 28.6% LTV, lending USDC at 25% APR. Every loan is fixed-term with no margin-call, so a price fall during the loan cannot liquidate your collateral.
| Collateral | Network | LTV | APR |
|---|---|---|---|
| PENDLE | Ethereum | 28.6% | 25% |
Pool data read . Rates and LTVs are set per pool and change when operators change them.
A fixed term, from a protocol built on fixed terms
Pendle splits a yield-bearing asset into principal and yield, each tradeable on its own, each expiring on a date set at issue. Anyone who has used it already thinks in maturities, which makes a fixed-term loan against PENDLE unusually easy to reason about: the loan has a due date, the same way every position on the protocol does.
Teller pools take PENDLE at 28.6% LTV and 25% APR, lending USDC against the ERC-20 at 0x808507121b80c02388fad14726482e061b8da827 on Ethereum.
The token, not the positions
The pool takes PENDLE itself. Principal tokens, yield tokens and LP positions from the protocol are different assets with their own maturities, and none of them backs a loan here. Neither does vePENDLE, which is a lock rather than a balance: the whole point of it is that it cannot move, so it cannot be deposited.
If your PENDLE is locked for voting weight, breaking the lock to raise cash gives up the position and the schedule you chose. A loan against a free balance leaves both intact.
Where the ceiling comes from
28.6% sits in the middle of the range Teller lends to: above the memecoins, below the bitcoin wrappers. Pool operators grade PENDLE as a governance token on a protocol with real usage, and price it between the two ends accordingly.
The loan
Deposit PENDLE, receive USDC, repay or roll on the due date. Rate, LTV and the roll window lock when the loan opens, and the protocol holds the collateral until you close it. Every loan is fixed-term with no margin-call, so a price fall during the loan cannot liquidate your collateral. Miss the due date and the collateral is forfeit, so the date is the thing to diarise.
Other protocol tokens sit on the DeFi collateral page.
Frequently asked questions
No. Principal tokens, yield tokens and LP positions are separate assets with their own maturities. The pool takes the PENDLE ERC-20 itself.
A lock cannot be deposited, because the point of it is that it cannot move. Only a free PENDLE balance can back a loan, which is what lets you keep the lock and raise cash at the same time.
Nothing happens to the loan. There is no liquidation threshold during the term, so your obligation on the due date stays exactly where it started.
Operators grade PENDLE as a governance token on a protocol with real usage, so it earns more than a memecoin and less than a bitcoin wrapper.
USDC on Ethereum, delivered to the wallet that signed the borrow.
Open a loan
Connect a wallet, deposit your collateral, and borrow a stablecoin. No credit check, no application.
Go to the borrow tab →No collateral to pledge? Check whether you pre-qualify for a no-collateral personal loan. Soft check, no hard pull.