Quick Mapping
| Pendle | ArcX | Key Difference |
|---|---|---|
| SY (Standardized Yield) | vToken | Pendle wraps external yield sources. ArcX curates its own vaults (vTokens) today, with plans to expand to external vaults over time. |
| PT (Principal Token) | ST (Strategy Token) | PT is just principal. ST is principal + yield. |
| YT (Yield Token) | EPT (Expected Points Token) | YT is interest + rewards. EPT is the rewards side — the yield has already been given to ST. |
| Pendle AMM + orderbook | ST/vToken + EPT/vToken orderbook | Pendle supports both AMM and orderbook liquidity. ArcX uses an orderbook today and may add an AMM later if demand justifies it. |
The Big Difference
The biggest difference is in what gets separated. Pendle splits a position into:- PT = principal
- YT = interest + rewards
- ST = principal + interest
- EPT = rewards side
Example
Ignoring the time value of capital and the cost of having capital locked until maturity, the comparison looks like this: Assume a strategy generates:- 5% APR
- 1 point for every $100 in the strategy
- 1 year to maturity
- points priced at $0.20 per point
- Yield value: $5.00
- Point value: $0.20
- Total paid = $5.20
- Point value: $0.20
- Total paid = $0.20
When to Use Which
| If you want to… | Pendle | ArcX |
|---|---|---|
| Get principal + yield exposure on a yield-bearing asset | Buy PT at a discount | Buy ST at a discount |
| Get leveraged yield exposure | Buy YT | Not available |
| Get pre-reward rewards-side exposure | Possible, but leverage is lower for the same capital because YT also includes yield | Buy EPT on the orderbook |
| Separate strategy PnL from rewards | Not possible | Buy ST or EPT independently |