About this Chart

Net contribution = protocol fees earned minus the LP incentive accrued to earn them — market-level unit economics, i.e. what Pendle keeps after paying for the TVL that generated the fees. It is deliberately not called "net fees": nothing is netted against the fee, a separate cost is subtracted.

Market and asset series are the top 3 and bottom 3 per quarter, unioned across all 16 quarters (67 markets, 45 assets; a slot must clear $1,000 of net to qualify). Both tails are named because the protocol is net negative all-time at −$32.34M — a top-only view showed sUSDe carrying +$8.86M and left the deficit unexplained.

The deficit is BTC wrappers and ETH LSTs that bought TVL with emissions and never earned it back: mPendle −$4.53M on essentially zero fees, wstETH −$3.48M, SolvBTC.BBN −$2.43M, uniBTC −$2.17M, scrvUSD-CRV −$1.26M, rswETH −$1.25M, sUSDa −$1.03M, pumpBTC −$0.93M. Against that, sUSDe is +$8.86M and USDe +$1.54M.

Emissions are drawn below the axis so the two bars stack to the net line, and are the day-integrated accrual from the gauge rate schedule (both gauge generations, to the present) rather than claims — an LP can claim months after accrual, which would misdate the spend.

All-time: fees $45.08M, emissions $77.41M, net −$32.34M. The ratio has climbed every year — 0.42× in 2024, 0.87× in 2025, 2.63× in 2026 — but that crossover is an emissions cut, not rising monetisation: the margin itself held in a 0.47–0.71% band throughout.

Unlike Pendle: Market Fee Margin, this includes post-expiry activity (the post-maturity sweep is real revenue) and uses a net-ranked series set rather than a fee-ranked one — a fee ranking cannot see the zero-fee drags above.