pendle pts have $5.8b deployed as collateral on morpho and aave. borrow rates at 6%, fixed pt yields at 12-16%. that's guaranteed 6-10% spread with 5x leverage available through gearbox. $4.6b already looping on morpho alone. the protocol hit $4.5m monthly revenue in october from traders arbing this exact setup. ...

aave keeping 5% borrow rates while others push 14% and still adding half a bil tvl in 3 daysnot about highest yield anymore. big money wants predictable rates. advanced game.• $32b locked• $7.5b milestone hit• hayes bought $1m at 330 ...