Quick Mapping
| Pendle | ArcX | Key Difference |
|---|---|---|
| PT (Principal Token) | ST (Strategy Token) | Both represent a claim on principal. ST also includes strategy PnL, so redemption value depends on performance. |
| YT (Yield Token) | EPT (Expected Points Token) | Both accrue value over the epoch and decay to $0 at maturity. YT accrues yield, EPT accrues credits for a points claim. |
| SY (Standardized Yield) | ST (Strategy Token) | Pendle wraps yield-bearing assets into SY. ArcX has no extra wrapper layer: ST is the yield-bearing strategy token used directly. |
| Pendle AMM (PT <> SY) + orderbook | EPT/USDC + ST/USDC Orderbooks | Pendle has one AMM underlying PT <> SY. We have two separate limit order books with cross-matching. |
| Two-way arbitrage (mint + redeem) | One-way arbitrage (mint only) | Pendle has tighter pricing corridors because both directions are enforceable. We have no early redemption yet; it is planned for a later version. |
The Big Difference: Market Structure
Pendle routes everything through a single AMM between PT and SY. ArcX runs two separate orderbooks (EPT/USDC and ST/USDC) connected by a cross-matching engine that mints new tokens when buy-side prices align. Both systems split deposits into a principal claim and a yield/points claim. Both have the same minting parity. Pendle: PT + YT = Underlying. ArcX: (1/R) ST + 1 EPT = $1 deposited. The other key difference: Pendle wraps on-chain yield-bearing assets. We run our own off-chain perp DEX trading strategies. Pendle doesn’t execute strategies — it tokenizes existing yield sources. We execute the strategies ourselves and tokenize the outputs.When to Use Which
| If you want to… | Pendle | ArcX |
|---|---|---|
| Earn fixed yield on a yield-bearing asset | Buy PT at a discount | Buy ST at a discount |
| Get leveraged yield/points exposure | Buy YT | Buy EPT on the orderbook |
| Get leveraged pre-TGE points exposure | Indirect (YT on point-earning assets) | Buy EPT on the orderbook |
| Separate strategy PnL from points | Not possible | Buy ST or EPT independently |