Pendle review
Updated September 28, 2026 · HodlCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Pendle is a non-custodial, decentralised exchange for trading yield-bearing tokens, so it suits crypto buyers who want to lock in tokenised yield without giving up control of their assets. Maker fees are free and taker fees run 0.05%, with no lock-up period on Pendle markets.
Key facts
Crypto tools
- Free plan
- Yes↗
Facts checked September 26, 2026, 6 sources
Pros and cons
Pros
- Non-custodial, so your tokens stay under your own control
- Maker fees of 0% on Boros markets
- No lock-up period, so positions can be closed when you choose
- Support runs on help centre and community
Cons
- Support relies on help centre and community, so there is no direct agent channel listed
- As a dex with non custodial custody, the protocol and your own wallet hold the balance rather than a company account
- Taker fees of 0.05% are higher than the site median of 0.15% for earn products
Who it suits
- Crypto buyers already holding a self-custody wallet and comfortable with on-chain trades
- Yield seekers who want the yield split into a tradeable token rather than a fixed-rate account
- Traders who value free maker fees over spot platforms
Who should look elsewhere
- Bit2Me, if you want a licensed platform with a custodial account and customer money protection
- bunq Crypto Spain, if you want staking alongside a full retail bank rather than a decentralised market
- VaultLeap, if you prefer a simple earn vault over trading yield-bearing markets yourself
The company behind it
Pendle runs on legal entity Univerum Innovations Inc, registered in Panama, and was founded in 2020. It operates as a decentralised exchange, which means trades settle on chain and the protocol rather than a company account holds your balance. Support comes through help centre and community. Anyone new to on-chain markets should read the documentation carefully before depositing.
How Pendle compares
- 8.7 vs 9.3
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8.7 vs 9.0
8.7 vs 9.0
8.7 vs 9.0
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8.7 vs 8.2
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8.7 vs 9.0
8.7 vs 8.7
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8.7 vs 8.5
8.7 vs 8.5
Frequently asked questions
What are Pendle's trading fees?+
Maker fees are 0% on Boros markets, while taker fees are 0.05%. For comparison, the median taker fee across earn products on the site is 0.15%. Pendle is a decentralised exchange, so fees are set by the protocol rather than an account tier.
Do I keep custody of my assets on Pendle?+
Yes, Pendle is non custodial, and self-custody is listed as a feature. Your assets stay under your own wallet control, which means a failure at the protocol level would not give a company access to your funds. You are still responsible for your own keys.
Is there a lock-up period on Pendle?+
Pendle markets have No lock-up period. You can close a position and withdraw without waiting out a fixed term, although market depth affects how easily a large position is exited. That flexibility suits traders who want to react to rate changes.
Does Pendle offer derivatives?+
Yes, derivatives are supported, which opens up leveraged and structured products on top of yield-bearing tokens. This is a larger risk surface than holding assets, and the decentralised design means no client money protection sits behind a loss.
What are Pendle's support options?+
Support is offered through help centre and community. There is no phone or live chat channel listed, so most questions are answered through the documentation and the wider community. Readers who need a named agent should look elsewhere.
Is there a free plan or paid tier?+
Pendle has a free plan, and maker fees are 0%. Access to the protocol is not subscription-based, so charges come from trading activity rather than an account fee. Network costs for on-chain settlement also apply.
Who runs Pendle and where?+
The project is operated by Univerum Innovations Inc, registered in Panama, and was founded in 2020. Pendle is not listed among licensed providers, so it does not carry the deposit protections a licensed exchange offers.
Sources
- docs.pendle.finance/boros-docs/boros-systems/fees checked September 26, 2026
Backs: Maker fee, Taker fee
“Maker orders (limit orders that rest on the book) are never charged a fee, the fee falls entirely on the taker at the point of fill.”
- docs.pendle.finance/pendle-v2/Introduction checked September 26, 2026
Backs: Derivatives, Exchange type, Support channels
“As a yield derivative protocol, we are bringing the TradFi interest derivative market [...] into DeFi, making it accessible to all.”
- docs.pendle.finance/pendle-v2/TermsOfUse checked September 26, 2026
Backs: Features, Headquarters, Legal entity
“Pendle Protocol is a collection of open-source protocols that enables a User to, on a self-directed and non-custodial basis [...] in respect of such User's yield or reward bearing asset”
- cbinsights.com/company/pendle-finance checked September 26, 2026
Backs: Founded
“Pendle Finance was founded in 2020”
- pendle.finance checked September 26, 2026
Backs: Free plan
“Trading Hedging Liberating Yield - V2 App”
- pendle.finance/pendle checked September 26, 2026
Backs: Custody, Lock-up terms
“Trade spot yield. Earn fixed yield. Or long yield with leverage - no lockups, no liquidation risk.”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Yield, Supported assets.
Pendle
Yield traders who want self-custody and to trade tokenised yield on-chain.