Pendle Volume Hits $221.5 Million, a 30-Day High

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Pendle Finance’s daily trading volume reached a 30-day high of $221.5 million on November 4, 2026 UTC, according to DeFiLlama, following a November 3 announcement that Pendle and Centrifuge plan to launch fixed-rate real-world asset markets on Base.

A direct causal link to the trading surge has not been established.

The latest figure surpassed the previous peak of $146.8 million on October 20, representing approximately 4.1 times the $54.07 million median daily volume recorded from October 28 to November 3.

Pendle Volume Hits $221.5 Million, a 30-Day High.

Ethereum Dominates Pendle Trading Activity

Ethereum accounted for approximately 98.8% of Pendle’s daily protocol trading volume. X Layer, Monad and Arbitrum accounted for much smaller trading volumes.

Total value locked remained near $1.03 billion, suggesting increased trading activity without a comparable rise in assets deposited.

CoinGecko recorded PENDLE token trading volume between $20.11 million and $32.19 million in the referenced period, a separate measure from Pendle’s protocol trading activity.

Planned Expansion Into Real-World Assets

The proposed Centrifuge integration would introduce fixed-rate markets for tokenised real-world assets on Coinbase’s Base Layer-2 network. The partnership announcement describes a planned deployment, not an operational product.

Pendle’s existing smart contracts separate yield-bearing assets into Principal Tokens (PT) and Yield Tokens (YT), enabling trading of principal and future yield exposure.

The proposed expansion would extend that approach to Centrifuge’s institutional RWA pools. Deployment remains subject to pending multisignature execution and external smart-contract security audits.

Unlike insured bank deposits, these DeFi positions carry smart-contract, liquidity and potential capital-loss risks. The planned markets have not yet been launched.