Pendle Chainlink-Compatible Oracle Wrappers

Overview

Pendle provides a set of Chainlink-compatible oracle contracts that wrap PendlePYLpOracle rate functions behind the standard AggregatorV3Interface. This allows money markets, lending protocols, and any system that already consumes Chainlink feeds to price Pendle PT and LP tokens without any custom integration.

Contracts covered here:

PendleChainlinkOracle — Immutable per-market wrapper; returns PT or LP price in SY or asset
PendleChainlinkOracleWithQuote — Extends the base wrapper; multiplies the Pendle rate by an external quote feed
PendleChainlinkOracleFactory — Permissionless factory; deploys and registers both oracle variants

Sources:

Prerequisite: The underlying PendlePYLpOracle TWAP must be initialized before any Chainlink oracle can be deployed for a market. See PendlePYLpOracle — Oracle Initialization.

`PendleOracleType` Enum

All oracle types are selected at deployment time and fixed immutably:

enum PendleOracleType {
    PT_TO_SY,     // 1 PT expressed in SY units
    PT_TO_ASSET,  // 1 PT expressed in underlying asset units
    LP_TO_SY,     // 1 LP expressed in SY units
    LP_TO_ASSET   // 1 LP expressed in underlying asset units
}

YT pricing is not available through the Chainlink wrapper. Use PendlePYLpOracle directly for getYtToSyRate / getYtToAssetRate.

For guidance on choosing ToSy vs ToAsset, see PendlePYLpOracle — SY Solvency Adjustment.

`PendleChainlinkOracle`

Wraps one of the four PendleOracleType rate functions and exposes it via AggregatorV3Interface. Every parameter (market, TWAP duration, oracle type) is set in the constructor and cannot be changed.

Constructor (called by the factory — not deployed directly):

constructor(
    address          _market,          // PendleMarket address
    uint32           _twapDuration,    // TWAP window in seconds
    PendleOracleType _baseOracleType   // PT_TO_SY | PT_TO_ASSET | LP_TO_SY | LP_TO_ASSET
)

Immutable Public Variables

Variable	Type	Description
`factory`	`address`	Factory that deployed this oracle
`market`	`address`	`PendleMarket` this oracle prices
`twapDuration`	`uint32`	TWAP window in seconds
`baseOracleType`	`PendleOracleType`	The rate type returned

`latestRoundData`

function latestRoundData()
    external
    view
    returns (
        uint80  roundId,
        int256  answer,
        uint256 startedAt,
        uint256 updatedAt,
        uint80  answeredInRound
    );

Field	Value
`roundId`	Always `0`
`answer`	Price in 18 decimals (see semantics below)
`startedAt`	Always `0`
`updatedAt`	Always `block.timestamp`
`answeredInRound`	Always `0`

answer semantics:

1 natural unit of the Pendle token = answer / 1e18 natural units of the output token.

In other words, 10^(PendleToken.decimals) raw units of the input token is worth (answer / 1e18) × 10^(outputToken.decimals) raw units of the output token. See Unit and Decimals for full decimal and scaling conventions.

Examples:

baseOracleType = PT_TO_SY, answer = 0.95e18 → 1 PT = 0.95 SY (in human/natural units)
baseOracleType = LP_TO_ASSET, answer = 1.12e18 → 1 LP = 1.12 units of the underlying asset

The contract internally rescales from the raw 1e18-scaled PendlePYLpOracle output to account for any token decimal differences between input and output.

`getRoundData`

function getRoundData(uint80 roundId)
    external
    view
    returns (uint80, int256, uint256, uint256, uint80);

Only accepts roundId = 0. Reverts with InvalidRoundId() for any other value. Returns the same data as latestRoundData.

`decimals`

function decimals() external pure returns (uint8);

Always returns 18.

`description`

function description() external pure returns (string memory);

Returns "Pendle Chainlink-compatible Oracle".

`PendleChainlinkOracleWithQuote`

Extends PendleChainlinkOracle by multiplying the Pendle rate against an external Chainlink price feed, denominating the output in an arbitrary quote token (e.g., USD via ETH/USD, BTC/USD).

Use case: A lending protocol that wants to price PT-weETH in USD can deploy PendleChainlinkOracleWithQuote with:

baseOracleType = PT_TO_SY (prices PT in weETH, the SY)
quoteOracle = weETH/USD Chainlink feed

The resulting answer gives the USD value of 1 PT, updated whenever the quote oracle updates.

Constructor (called by the factory):

constructor(
    address          _market,
    uint32           _twapDuration,
    PendleOracleType _baseOracleType,
    address          _quoteOracle      // must implement AggregatorV3Interface
)

Additional Immutable Variables

Variable	Type	Description
`quoteOracle`	`address`	External Chainlink feed used for the quote
`quoteScale`	`int256`	`10^quoteOracle.decimals()`, cached at construction

`latestRoundData`

function latestRoundData()
    external
    view
    returns (
        uint80  roundId,        // 0
        int256  answer,         // pendleRate × quoteAnswer / quoteScale
        uint256 startedAt,      // 0
        uint256 updatedAt,      // quoteOracle.updatedAt (NOT block.timestamp)
        uint80  answeredInRound // 0
    );

Key differences from the base PendleChainlinkOracle:

updatedAt reflects the quote feed's last update timestamp, not block.timestamp. If the quote oracle is stale, updatedAt will be old — your protocol's staleness check will catch this correctly.
answer is the product: pendleRate × quoteAnswer / 10^quoteOracle.decimals(). Both inputs are in 18 decimals on the Pendle side; the formula rescales correctly regardless of the quote feed's decimals.

Check quote feed staleness

Always validate updatedAt against a maximum staleness threshold before consuming the answer. Pendle's TWAP rate is always fresh (recomputed on each call), but the quote feed is an external dependency. A stale quote will produce a stale answer.

`PendleChainlinkOracleFactory`

Permissionless factory that deploys oracle instances and stores them in a registry keyed by keccak256(market, twapDuration, baseOracleType[, quoteOracle]). Duplicate deployments are rejected.

Lookup the factory address for each chain in the Deployments on GitHub.

`createOracle`

function createOracle(
    address          market,
    uint32           twapDuration,
    PendleOracleType baseOracleType
) external returns (address oracle);

Deploys a new PendleChainlinkOracle. Emits OracleCreated.

Reverts:

Error	Condition
`OracleAlreadyExists()`	An oracle with these exact parameters already exists in the registry
`OracleIncreaseCardinalityRequired(uint32 cardinalityRequired)`	The market's observation ring buffer is too small for the requested `twapDuration`; call `IPMarket(market).increaseObservationsCardinalityNext(cardinalityRequired)` first
`OracleOldestObservationNotSatisfied()`	Cardinality is sufficient, but not enough time has elapsed since initialization; wait at least `twapDuration` seconds

`createOracleWithQuote`

function createOracleWithQuote(
    address          market,
    uint32           twapDuration,
    PendleOracleType baseOracleType,
    address          quoteOracle
) external returns (address oracle);

Deploys a new PendleChainlinkOracleWithQuote. Same revert conditions as createOracle. Emits OracleWithQuoteCreated.

quoteOracle must implement AggregatorV3Interface (specifically latestRoundData() and decimals()).

`getOracle`

function getOracle(
    address          market,
    uint32           twapDuration,
    PendleOracleType baseOracleType
) external view returns (address);

Returns the deployed oracle address, or address(0) if not yet deployed.

`getOracleWithQuote`

function getOracleWithQuote(
    address          market,
    uint32           twapDuration,
    PendleOracleType baseOracleType,
    address          quoteOracle
) external view returns (address);

Returns the deployed oracle-with-quote address, or address(0) if not yet deployed.

`checkMarketOracleState`

function checkMarketOracleState(address market, uint32 twapDuration) external view;

Reverts with the appropriate error if the market oracle is not ready. Useful as a pre-flight check before calling createOracle. Internally delegates to PendlePYLpOracle.getOracleState.

Deployment Workflow

1. Call PendlePYLpOracle.getOracleState(market, twapDuration)
       → if increaseCardinalityRequired:
           IPMarket(market).increaseObservationsCardinalityNext(cardinalityRequired)
           wait twapDuration seconds
       → if !oldestObservationSatisfied:
           wait twapDuration seconds

2. Call factory.createOracle(market, twapDuration, baseOracleType)
   OR factory.createOracleWithQuote(market, twapDuration, baseOracleType, quoteOracle)
       → returns deployed oracle address

3. Use oracle.latestRoundData() in your protocol

Code Example

// Deploy a PT/SY oracle for a given market
address oracle = factory.createOracle(
    market,
    900,                        // 15-minute TWAP
    PendleOracleType.PT_TO_SY
);

// Deploy a PT/USD oracle using an external ETH/USD feed
address oracleUsd = factory.createOracleWithQuote(
    market,
    900,
    PendleOracleType.PT_TO_SY,
    address(ETH_USD_CHAINLINK_FEED)
);

// Consume PT/SY price
(, int256 answer, , uint256 updatedAt, ) = IAggregatorV3(oracle).latestRoundData();
// answer is 1e18-scaled: 1 PT = (answer / 1e18) SY (in natural units)

// Consume PT/USD price
(, int256 answerUsd, , uint256 updatedAtUsd, ) = IAggregatorV3(oracleUsd).latestRoundData();
// answer is 1e18-scaled: 1 PT = (answerUsd / 1e18) USD (in natural units)

Overview​

PendleOracleType Enum​

PendleChainlinkOracle​

Immutable Public Variables​

latestRoundData​

getRoundData​

decimals​

description​

PendleChainlinkOracleWithQuote​

Additional Immutable Variables​

latestRoundData​

PendleChainlinkOracleFactory​

createOracle​

createOracleWithQuote​

getOracle​

getOracleWithQuote​

checkMarketOracleState​

Deployment Workflow​

Code Example​

Further Reading​

Overview

`PendleOracleType` Enum

`PendleChainlinkOracle`

Immutable Public Variables

`latestRoundData`

`getRoundData`

`decimals`

`description`

`PendleChainlinkOracleWithQuote`

Additional Immutable Variables

`latestRoundData`

`PendleChainlinkOracleFactory`

`createOracle`

`createOracleWithQuote`

`getOracle`

`getOracleWithQuote`

`checkMarketOracleState`

Deployment Workflow

Code Example

Further Reading