Market Factory

Contract: PendleMarketFactoryV7Upg

The factory is the canonical registry for Pendle markets. It deploys new markets and manages protocol-wide fee configuration.

createNewMarket

/**
 * @notice Create a market between PT and its corresponding SY with scalar & anchor config.
 * Anyone is allowed to create a market on their own.
 */
function createNewMarket(
    address PT,
    int256 scalarRoot,
    int256 initialAnchor,
    uint80 lnFeeRateRoot
) external returns (address market);

Parameters:

• PT — Address of the Principal Token. Must be a valid PT registered by the yield contract factory and not yet expired.
• scalarRoot — Capital efficiency vs. rate range trade-off. Higher values concentrate liquidity more tightly around the anchor rate, providing greater efficiency but a narrower tradeable range. Must be positive.
• initialAnchor — The implied rate at which the market is most capital-efficient at launch. Should be set close to the expected current implied APY of the underlying asset. Must be ≥ 1 (expressed as a fixed-point number).
• lnFeeRateRoot — Fee rate as a natural log value. Maximum is ln(1.05) ≈ 0.0488. Fee per swap scales with the interest rate impact of the trade.

Notes:

• Anyone can call this — market creation is permissionless.
• Multiple markets for the same PT (with different scalarRoot, initialAnchor, or lnFeeRateRoot) are valid and can coexist.
• Reverts if the exact combination of (PT, scalarRoot, initialAnchor, lnFeeRateRoot) already exists.

VERSION

function VERSION() external view returns (uint256);

Returns the version number of the factory contract.

isValidMarket

/// @dev for gas-efficient verification of market
function isValidMarket(address market) external view returns (bool);

Returns true if the address was deployed by this factory. This is a low-level on-chain check — it confirms the contract was deployed by Pendle's factory, but says nothing about whether the market is active, whitelisted, or supported by the protocol.

tip

To get the list of whitelisted and verified markets tracked by Pendle (with TVL, APY, and other metadata), use the Pendle API instead:

GET https://api-v2.pendle.finance/core/v1/markets/all

getMarketConfig

function getMarketConfig(address market, address router)
    external
    view
    returns (
        address treasury,
        uint80 overriddenFee,
        uint8 reserveFeePercent
    );

Returns the protocol fee configuration for a given market and router combination. overriddenFee == 0 means no override is active for that router (the market's base fee applies). This is called internally by readState(router) on every market interaction.