Pendle Finance vs The Graph
Hyperliquid ecosystem comparison · Yield & Vaults
Best for YieldQuick Take
Pendle Finance Yield tokenization protocol enabling fixed-rate strategies on HyperEVM yields on Multi-Layer, while The Graph Decentralized indexing protocol for building GraphQL APIs from HyperEVM smart contracts on Multi-Layer. They serve different niches in the Hyperliquid ecosystem.
Based on public data for Pendle Finance and The Graph. Key differentiators: layer deployment, fee structure, liquidity depth, and community adoption. Last reviewed: Mar 2026.
Pendle Finance
Multi-LayerYield tokenization protocol enabling fixed-rate strategies on HyperEVM yields
pendle.finance
The Graph
Multi-LayerDecentralized indexing protocol for building GraphQL APIs from HyperEVM smart contracts
thegraph.comOverview
Pendle Finance
Pendle Finance is a yield-trading protocol that tokenizes future yield, allowing users to trade, hedge, and speculate on yield movements. By wrapping yield-bearing assets into Principal Tokens (PT) and Yield Tokens (YT), Pendle enables fixed-rate borrowing through PT purchases and leveraged yield exposure through YT. As HyperEVM generates its own yield-bearing primitives—from liquid staking (stHYPE, LHYPE) to lending receipts—Pendle creates a yield marketplace where Hyperliquid users can lock in fixed returns or maximize yield exposure. Pendle's specialized AMM is calibrated for yield curves, minimizing impermanent loss for LPs while offering attractive fee income. The protocol has amassed billions in TVL on Ethereum and Arbitrum, and its expansion to HyperEVM brings sophisticated fixed-income tools to the Hyperliquid DeFi stack. For yield-seeking Hyperliquid participants, Pendle offers the ability to convert uncertain variable yields into predictable fixed returns.
Visit websiteThe Graph
The Graph is the decentralized indexing protocol for blockchain data, enabling HyperEVM developers to build and deploy Subgraphs—open APIs that index, transform, and serve on-chain data via GraphQL. Rather than building custom indexing infrastructure, HyperEVM protocol teams can define their data schema and indexing logic in a Subgraph manifest, and The Graph's decentralized network of Indexers handles the computation and data serving. This dramatically accelerates frontend development for Hyperliquid DeFi dApps that need historical and real-time on-chain data without running centralized backend infrastructure. Subgraph data is trustless and cryptographically verifiable, making it appropriate for decentralized applications that want to maintain censorship-resistance. The Graph's GRT token incentivizes high-quality, reliable data indexing, ensuring HyperEVM Subgraphs remain continuously available and accurate for users and developers building on Hyperliquid's smart contract ecosystem.
Visit websiteFeature Comparison
| Feature | ||
|---|---|---|
| Layer | Multi-Layer | Multi-Layer |
| Category | Yield & Vaults | Data APIs |
| Status | Active | Active |
| Launch Year | — | — |
| Website | pendle.finance | thegraph.com |
| — | — | |
| GitHub | Not public | Not public |
| Verified | Unverified | Unverified |
| Tags | — | — |
Score Comparison
Feature Matrix
| Feature | ||
|---|---|---|
| Open Source | ✗ | ✗ |
| Verified | ✗ | ✗ |
| Has Website | ✓ | ✓ |
| Has Twitter | ✗ | ✗ |
| Has GitHub | ✗ | ✗ |
| Active Status | ✓ | ✓ |
Key Differences
Category Focus
Pendle Finance is focused on yield & vaults, while The Graph targets data apis. They serve different user needs within the Hyperliquid ecosystem.
When to Use Each
Choose Pendle Finance if you...
- ✓Want a yield & vaults solution on Multi-Layer
- ✓Need: Yield tokenization protocol enabling fixed-rate strategies on HyperEVM yields
Choose The Graph if you...
- ✓Want a data apis solution on Multi-Layer
- ✓Need: Decentralized indexing protocol for building GraphQL APIs from HyperEVM smart contracts
Ecosystem Integration
Pendle Finance
Pendle Finance operates on Multi-Layer (spans multiple hyperliquid layers). Spanning multiple layers lets it combine the strengths of each, though integration complexity is higher.
The Graph
The Graph operates on Multi-Layer (spans multiple hyperliquid layers). Spanning multiple layers lets it combine the strengths of each, though integration complexity is higher.
Both protocols share the same layer, maximizing composability potential.
Community Verdict
Which do you prefer?
Share your experience with Pendle Finance or The Graph to help others in the Hyperliquid community make better decisions.
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