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PendleRouter is a contract that aggregates callers' actions with various different SYs, PTs, YTs, and Markets. It is not owned, immutable, and does not have any special permissions or whitelists on any contracts it interacts with. For this reason, any third-party protocols can freely embed the router's logic into their code for better gas efficiency.

The Router is also a static Diamond-Proxy (ERC2535) contract without any upgrade functions as described in this tweet. A summary for ERC2535 is that there can be multiple implementation contracts for a single proxy, with each function (or set of functions) delegatecall to its own implementation.

To interact easily with the PendleRouter, please refer to:

For a list of all the functions that can be called on the Router, users can use the IPAllAction ABI and call it on the Router address, which will resolve the call accordingly.

Off-chain helpers

PendleRouter heavily relies on off-chain data to address two main issues:

  • Currently, Pendle's AMM only supports the built-in swapExactPtForSy and swapSyForExactPt. To execute a swapExactTokenForPt (which is essentially the same as swapExactSyForPt), the router will conduct a binary search to determine the amount of PT to swap. This number will then be used to perform a swapSyForExactPt instead. While the binary search can be done entirely on-chain, limiting the search range off-chain will result in significantly less gas consumption for this function.
  • Liquidity is currently fragmented across a large number of pools across various DEXes, leading to fragmentation of DEXes. Integrating only Uniswap or Balancer has proven to be insufficient. As a result, PendleRouter has natively integrated KyberSwap to swap from any ERC20 token to another. For Kyberswap to work, the routing algorithm must be called off-chain then pass the routing results to the Router to execute.

Common Functions

Please see IPAllAction for a complete list of features.

Add/Remove Liquidity

addLiquiditySingleToken: Add liquidity to a market with any ERC20 tokens.

removeLiquiditySingleToken: Remove liquidity from a market with ERC20 tokens.

Buy/Sell PT, YT

swapExactTokenForPt: Swap an exact amount of a supported ERC20 token for PT.

swapExactPtForToken: Swap an exact amount of PT for a supported ERC20 token.

swapExactTokenForYt: Swap an exact amount of a supported ERC20 token for TT.

swapExactYtForToken: Swap an exact amount of YT for a supported ERC20 token.

Redeeming PT post-expiry for the underlying

RedeemPyToToken: PY stands for PT and YT. However, you no longer need YT post-expiry to redeem.

Redeeming LP, YT yield

redeemDueInterestAndRewards: Redeem the accrued interest and rewards from both the LP position and YT.


We highly recommend using Pendle's SDK to generate calldata. The guide to use Pendle’s SDK can be found here.

However, if you prefer to generate the data without using the Pendle SDK, the below sections should be relevant.

Important Structures in PendleRouter

While most function arguments should be straightforward, using structs can be less intuitive. PendleRouter is a sophisticated contract that supports various powerful features and relies on off-chain pre-computed data to help save gas. Below are the important structs and instructions on how to fill them:



The easiest way to generate this struct is to use Pendle's SDK. If you want to understand more, keep reading!

struct ApproxParams {
uint256 guessMin;
uint256 guessMax;
uint256 guessOffchain;
uint256 maxIteration;
uint256 eps;

In this structure, the following parameters are defined:

  • guessMin and guessMax: The minimum and maximum values for binary search.
  • maxIteration: The maximum number of times binary search will be performed.
  • eps: The precision of binary search - the maximum proportion of the input that can be unused. eps is 1e18-based, so an eps of 1e14 implies that no more than 0.01% of the input might be unused.
  • guessOffchain: This is the first answer to be checked before performing any binary search. If the answer already satisfies, we skip the search and save significant gas.

In case off-chain data cannot be provided, the parameters can be passed as:

guessMin: 0, // adjust as desired
guessMax: type(uint256).max, // adjust as desired
guessOffchain: 0, // strictly 0
maxIteration: 256, // adjust as desired
eps: 1e15 // max 0.1% unused, adjust as desired

Please note that in this situation, the parameters can be fine-tuned to narrow the search range for optimal gas usage or to reduce the number of unused inputs.


struct TokenInput {
// token/Sy data
address tokenIn;
uint256 netTokenIn;
address tokenMintSy;
address bulk;
// aggregator data
address pendleSwap;
SwapData swapData;

struct SwapData {
SwapType swapType;
address extRouter;
bytes extCalldata;
bool needScale;

enum SwapType {
// ETH_WETH not used in Aggregator

tokenIn and netTokenIn refer to the token used for swapping or adding liquidity.

tokenMintSy is the token that tokenIn will be swapped to in order to mint SY. For example, if tokenIn is USDC but users are adding liquidity to the stETH market, then tokenMintSy must be ETH, and pendleSwap and swapData must be populated.

bulk should be passed as address(0).

For pendleSwap and swapData, by default, all values will be zero unless tokenIn and tokenMintSy are different from each other. In this case, the following should be passed:

  • pendleSwap: Address of the pendleSwap deployment on that chain. This was not hardcoded to allow for easy upgrade of pendleSwap.
  • swapData:
    • swapType: Usually KYBERSWAP, unless it's a simple ETH wrap-unwrap, in which case ETH_WETH should be used.
    • extRouter: If KYBERSWAP is chosen, this will be passed as their router address.
    • extCalldata: If KYBERSWAP is chosen, this will be passed as the calldata returned by their routing API.
    • needScale: If KYBERSWAP is chosen, we will pass false if the amountIn used to generate calldata and netTokenIn are the same. Otherwise, pass true.

Please note that all of KyberSwap's related API can be obtained from Kyberswap's own API.


Same as TokenOutput.