pendle-pt-research
Research Pendle PT (principal token) markets, including unlevered hold-to-par ideas, near-expiry rotations, and looped PT strategies across money markets like Morpho and Euler. Use when evaluating Pendle PT opportunities, comparing natural PT APY versus practical loopability, ranking PTs by time to par / implied APY / liquidity / underlying risk, assessing PT collateral support, or comparing manual-only loops against easier execution paths such as Contango.
Install via CLI (Recommended)
clawhub install openclaw/skills/skills/agnostic98/pendle-pt-researchPendle PT Research
Research Pendle PT markets with a decision-first lens.
Author credit: @Moshu
This skill covers:
- unlevered PT research — buy PT, hold to par, or rotate near expiry
- looped PT research — deposit PT into a money market, borrow against it, buy more PT, and recurse when the spread and risk budget justify it
- practical execution comparison — compare raw PT APY against easier execution paths such as manually confirmed Contango-supported routes
Do not optimize only for the highest displayed APY. The job is to sort PT markets into investable buckets that answer questions like:
- which PTs are attractive to buy and hold until par
- which near-expiry PTs may be good for fast rotations
- which PTs are attractive to loop for leveraged fixed yield
- which PTs are best on paper but still manual-only
- which slightly lower-yielding PTs may still be better because execution is easier
- which markets have enough liquidity to enter and exit cleanly
- which underlying assets introduce too much risk even if APY looks good
When Peter asks specifically about manual Contango-supported PT routes, read references/manual-contango-comparison.md before answering.
Core framework
Always evaluate Pendle PT markets across these dimensions first:
- Time to par
- APY / implied yield
- Underlying risk
- Liquidity / market quality
- Loopability / money-market support when leverage is relevant
Do not rank purely by APY.
A PT with lower APY but cleaner underlying risk and better liquidity can be a better trade than a high-APY PT with ugly exit conditions or fragile collateral.
For looped PT strategies, a market with slightly lower raw PT APY can still be superior if it has:
- strong money-market support
- a borrowable major stable like USDC
- favorable max LTV
- healthy borrow liquidity
- materially lower borrow cost than PT APY
Three strategy buckets
1. Hold-to-par bucket
Use for markets with roughly 1-4 months to expiry when the yield is attractive and the underlying risk is acceptable.
Focus on:
- annualized PT discount / implied APY
- confidence in the underlying asset / yield source
- enough liquidity for exit if needed
- whether holding to maturity is simpler than actively managing in and out
This bucket is usually best when:
- maturity is not too far away
- the underlying is understandable and reasonably trusted
- liquidity is healthy enough
- the yield is good without needing heroic timing
2. Near-par rotation bucket
Use for PTs that will reach par soon but still show unusually attractive APY.
Focus on:
- very short time to maturity
- whether the annualized yield is still meaningfully elevated
- ability to enter and exit repeatedly without getting chewed up by slippage / fees
- whether market depth is good enough for repeated rotations
Metadata
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{
"plugins": {
"official-agnostic98-pendle-pt-research": {
"enabled": true,
"auto_update": true
}
}
}