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Interest Rate Derivatives · Alternatives

The best Pendle alternatives in 2026

Pendle lets experienced DeFi users trade tokenized yield, but market, contract and fee risks need checking before you deposit. If Pendle is not the right fit, these 5 reviewed Interest Rate Derivatives options are the closest matches, ranked by SkyBitcoins score. Read our full Pendle review

At a glance

Pendle vs the alternatives

Pendle compared with its alternatives
dAppScoreTVLChains
Pendle logoPendle(this one)Score 6.2 out of 10—1
Exponent logoExponentScore 5.8 out of 10—1
Rho Protocol logoRho ProtocolScore 5.6 out of 10$57.7K1
Hyperdrive logoHyperdriveScore 5.2 out of 10$66.4K4
Spectra V2 logoSpectra V2Score 4.3 out of 10$10.6M13
Boros logoBorosScore 4.2 out of 10$7.61M1

Ranked

Top Pendle alternatives

  1. 1
    Exponent logo

    Exponent

    Interest Rate Derivatives · Solana

    Exponent is a Solana yield-trading protocol for fixed-rate positions, yield exposure and liquidity provision. Check market costs, access requirements and smart-contract risks before committing funds.

    Read the Exponent reviewVisit Exponent(opens in a new tab)
    ScoreScore 5.8 out of 10
    TVL —
  2. 2
    Rho Protocol logo

    Rho Protocol

    Interest Rate Derivatives · Arbitrum

    Rho is an Arbitrum trading venue for crypto interest-rate products, with additional perps, tokenized-asset trading and yield vaults. Fee details and important custody and audit terms need checking before you commit funds.

    Read the Rho Protocol reviewVisit Rho Protocol(opens in a new tab)
    ScoreScore 5.6 out of 10
    TVL $57.7K−0.1%
  3. 3
    Hyperdrive logo

    Hyperdrive

    Interest Rate Derivatives · Ethereum, Linea, xDai +1

    Hyperdrive lets you trade fixed-rate positions against variable-yield assets and provide liquidity. The contract mechanics are described, but fees, audit details and pool-by-pool liquidity need checking before you deposit.

    Read the Hyperdrive review
    ScoreScore 5.2 out of 10
    TVL $66.4K−0.7%
  4. 4
    Spectra V2 logo

    Spectra V2

    Interest Rate Derivatives · Flare, Stellar, Ethereum +10

    Spectra V2 offers fixed-rate yield products, yield exposure and curated vaults across multiple chains. Its fee schedule and security assurances are unclear, so inspect each product and its risks before depositing.

    Read the Spectra V2 reviewVisit Spectra V2(opens in a new tab)
    ScoreScore 4.3 out of 10
    TVL $10.6M+6.5%
  5. 5
    Boros logo

    Boros

    Interest Rate Derivatives · Arbitrum

    Boros is Pendle’s Arbitrum platform for trading funding rates on margin. It may suit experienced traders hedging perpetuals exposure, but fees, custody details and listed audits are key gaps to check before putting funds at risk.

    Read the Boros reviewVisit Boros(opens in a new tab)
    ScoreScore 4.2 out of 10
    TVL $7.61M−2.2%