About this Chart

What Pendle pays out in PENDLE to attract liquidity, attributed to the market that received it. Covers the gauge rail (per-market rate set by vePENDLE voting, to 2026-01-29) and AIM (the same rail after the sPENDLE migration, with the rate set algorithmically).

Co-incentive and limit-order rewards are excluded. Roughly $646K a year flows through the External Rewards Merkle Distributor precisely because limit-order makers hold no LP token for the market contract to reach — so those rewards have no market and no asset to attribute to, and they do not belong in a chart answering "which market was paid". They are not lost: in the source table they are carried as a market in their own right so they can never silently disappear from a pivot, and visual 13101 remains the all-programs view, reading that much heavier.

Measured on accrual, not claims: each rate window is charged to the days it actually spans and priced at each day's PENDLE price, because LPs claim months after accrual and claim dates would misdate the spend.

Series are the top 10 markets and assets per quarter, ordered by when each first enters the top 10, so they read as a succession rather than a pile; everything else rolls into Others. Ten rather than the three or five used elsewhere on this dashboard because emissions are structurally more dispersed than fees — gauge voting has spread PENDLE across 827 markets all time, 79 to 147 in any given month. Top 5 would name only 50.7% of market emissions and leave Others dominating the stack; top 10 reaches 65.2% of markets and 83.4% of assets. Note this is also a different set from the Fee Margin and Net Contribution visuals, which rank by fee and by net — ranking by spend surfaces the markets that were paid the most, not the ones that earned the most.

The PENDLE Tokens group shows the same accrual in tokens rather than dollars, which is worth checking alongside the USD view: the fall in 2026 emissions is a rate cut, and USD alone conflates that with the PENDLE price.