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Market Rates & State Functions

These functions come from the IPActionMarketAuxStatic facet. They cover spot prices, market state, price impact calculations, and ApproxParams generation helpers.

Spot Rates​

All spot rates are returned as 18-decimal fixed-point numbers.

getLpToSyRate​

Returns the spot price of 1 LP token denominated in the market's SY token.

function getLpToSyRate(address market) external view returns (uint256)

Parameters

NameTypeDescription
marketaddressPendle market address

Return Values

TypeDescription
uint256Spot LP price in SY units (18 decimals)

getLpToAssetRate​

Returns the spot price of 1 LP token denominated in the SY's underlying asset.

function getLpToAssetRate(address market) external view returns (uint256)

Parameters

NameTypeDescription
marketaddressPendle market address

Return Values

TypeDescription
uint256Spot LP price in underlying asset units (18 decimals)

getPtToSyRate​

Returns the spot price of 1 PT token denominated in SY.

function getPtToSyRate(address market) external view returns (uint256)

Parameters

NameTypeDescription
marketaddressPendle market address

Return Values

TypeDescription
uint256Spot PT price in SY units (18 decimals)

getPtToAssetRate​

Returns the spot price of 1 PT token denominated in the SY's underlying asset.

function getPtToAssetRate(address market) external view returns (uint256)

getYtToSyRate​

Returns the spot price of 1 YT token denominated in SY.

function getYtToSyRate(address market) external view returns (uint256)

getYtToAssetRate​

Returns the spot price of 1 YT token denominated in the SY's underlying asset.

function getYtToAssetRate(address market) external view returns (uint256)

Market State​

getMarketState​

Returns the full market state along with derived metrics.

function getMarketState(address market)
    external
    view
    returns (
        address pt,
        address yt,
        address sy,
        int256 impliedYield,
        uint256 marketExchangeRateExcludeFee,
        MarketState memory state
    )

Parameters

NameTypeDescription
marketaddressPendle market address

Return Values

NameTypeDescription
ptaddressPrincipal Token address
ytaddressYield Token address
syaddressSY token address
impliedYieldint256Current implied yield rate (18 decimals)
marketExchangeRateExcludeFeeuint256Current PT/SY exchange rate (fees excluded)
stateMarketStateFull low-level AMM state struct

getTradeExchangeRateExcludeFee​

Returns the current trade exchange rate from a given market state, excluding fees.

function getTradeExchangeRateExcludeFee(address market, MarketState memory state)
    external
    view
    returns (uint256)

Parameters

NameTypeDescription
marketaddressPendle market address
stateMarketStateMarket state (e.g. from getMarketState)

Return Values

TypeDescription
uint256Exchange rate excluding fees (18 decimals)

getTradeExchangeRateIncludeFee​

Returns the effective exchange rate for a specific trade size, including fees.

function getTradeExchangeRateIncludeFee(address market, int256 netPtOut)
    external
    view
    returns (uint256)

Parameters

NameTypeDescription
marketaddressPendle market address
netPtOutint256Signed PT delta for the trade (positive = PT leaving pool, negative = PT entering pool)

Return Values

TypeDescription
uint256Effective exchange rate including fees (18 decimals)

Price Impact​

All price impact values are returned as 18-decimal fixed-point numbers (e.g. 1e16 = 1%).

calcPriceImpactPt​

Calculates the price impact of a PT trade.

function calcPriceImpactPt(address market, int256 netPtOut)
    external
    view
    returns (uint256)

Parameters

NameTypeDescription
marketaddressPendle market address
netPtOutint256Signed PT amount (positive = buy PT, negative = sell PT)

Return Values

TypeDescription
uint256Price impact as a fraction (18 decimals)

calcPriceImpactYt​

Calculates the price impact of a YT trade, expressed in PT terms.

function calcPriceImpactYt(address market, int256 netPtOut)
    external
    view
    returns (uint256)

calcPriceImpactPY​

Calculates the combined price impact of a simultaneous PT+YT trade.

function calcPriceImpactPY(address market, int256 netPtOut)
    external
    view
    returns (uint256)

Yield Token / PT / YT Conversion Rates​

getYieldTokenAndPtRate​

Returns how many yield tokens are equivalent to 1 PT at current rates.

function getYieldTokenAndPtRate(address market)
    external
    view
    returns (address yieldToken, uint256 netPtOut, uint256 netYieldTokenOut)

Parameters

NameTypeDescription
marketaddressPendle market address

Return Values

NameTypeDescription
yieldTokenaddressThe market's underlying yield-bearing token
netPtOutuint256Normalised PT amount used as the basis (typically 1e18)
netYieldTokenOutuint256Equivalent yield token amount

getYieldTokenAndYtRate​

Returns how many yield tokens are equivalent to 1 YT at current rates.

function getYieldTokenAndYtRate(address market)
    external
    view
    returns (address yieldToken, uint256 netYtOut, uint256 netYieldTokenOut)

Return Values

NameTypeDescription
yieldTokenaddressThe market's underlying yield-bearing token
netYtOutuint256Normalised YT amount used as the basis (typically 1e18)
netYieldTokenOutuint256Equivalent yield token amount

ApproxParams Helpers​

These functions combine a swap simulation with automatic ApproxParams generation. Pass the returned approxParams directly to the corresponding Router function.

swapExactSyForPtStaticAndGenerateApproxParams​

Simulates swapping exact SY for PT and returns a ready-to-use ApproxParams.

function swapExactSyForPtStaticAndGenerateApproxParams(
    address market,
    uint256 exactSyIn,
    uint256 slippage
)
    external
    view
    returns (
        uint256 netPtOut,
        uint256 netSyFee,
        uint256 priceImpact,
        uint256 exchangeRateAfter,
        ApproxParams memory approxParams
    )

Parameters

NameTypeDescription
marketaddressPendle market address
exactSyInuint256Exact SY amount to swap in
slippageuint256Maximum acceptable slippage (18-decimal fraction, e.g. 5e15 = 0.5%)

Return Values

NameTypeDescription
netPtOutuint256Expected PT output
netSyFeeuint256Fee paid in SY
priceImpactuint256Price impact of the trade (18 decimals)
exchangeRateAfteruint256Exchange rate after the trade (18 decimals)
approxParamsApproxParamsPre-filled approximation parameters for the Router call

swapExactTokenForPtStaticAndGenerateApproxParams​

Simulates swapping exact tokens for PT and returns a ready-to-use ApproxParams.

function swapExactTokenForPtStaticAndGenerateApproxParams(
    address market,
    address tokenIn,
    uint256 amountTokenIn,
    uint256 slippage
)
    external
    view
    returns (
        uint256 netPtOut,
        uint256 netSyMinted,
        uint256 netSyFee,
        uint256 priceImpact,
        uint256 exchangeRateAfter,
        ApproxParams memory approxParams
    )

Parameters

NameTypeDescription
marketaddressPendle market address
tokenInaddressInput token address
amountTokenInuint256Exact token amount to swap in
slippageuint256Maximum acceptable slippage (18-decimal fraction)

Return Values

NameTypeDescription
netPtOutuint256Expected PT output
netSyMinteduint256SY minted from the input token
netSyFeeuint256Fee paid in SY
priceImpactuint256Price impact of the trade (18 decimals)
exchangeRateAfteruint256Exchange rate after the trade (18 decimals)
approxParamsApproxParamsPre-filled approximation parameters for the Router call

Use Case This is the recommended way to populate ApproxParams for swapExactTokenForPt. It avoids the need to tune approximation parameters manually.

Examples​

Recommended: Use the Pendle API

The examples below show direct RouterStatic usage. For most integrations, the Pendle Hosted SDK / API is the better choice — it handles approximation, limit-order filling, and zap routing automatically.

Display LP / PT / YT spot prices​

const [lpToAsset, ptToAsset, ytToAsset] = await Promise.all([
    routerStatic.getLpToAssetRate(MARKET_ADDRESS),
    routerStatic.getPtToAssetRate(MARKET_ADDRESS),
    routerStatic.getYtToAssetRate(MARKET_ADDRESS),
]);

// All values are 18-decimal fractions of the underlying asset
console.log(`1 LP  = ${ethers.formatEther(lpToAsset)} underlying`);
console.log(`1 PT  = ${ethers.formatEther(ptToAsset)} underlying`);
console.log(`1 YT  = ${ethers.formatEther(ytToAsset)} underlying`);

Read market state and implied yield​

const [pt, yt, sy, impliedYield, exchangeRateExcludeFee, state] =
    await routerStatic.getMarketState(MARKET_ADDRESS);

// impliedYield is a signed 18-decimal annualised rate
const impliedYieldPct = Number(ethers.formatEther(impliedYield)) * 100;
console.log(`Implied yield: ${impliedYieldPct.toFixed(2)}%`);
console.log(`PT: ${pt}, YT: ${yt}, SY: ${sy}`);

Gate a trade on price impact​

const netPtOut_amount = ethers.parseEther("500");

const priceImpact = await routerStatic.calcPriceImpactPt(MARKET_ADDRESS, netPtOut_amount);
const impactPct = Number(ethers.formatEther(priceImpact)) * 100;

if (impactPct > 1.0) {
    throw new Error(`Price impact ${impactPct.toFixed(2)}% exceeds 1% threshold — reduce size`);
}

Buy PT with token using generated ApproxParams​

const tokenIn  = WSTETH_ADDRESS;
const amountIn = ethers.parseEther("1");
const SLIPPAGE = ethers.parseEther("0.005"); // 0.5%

// 1. Get simulation + ready-to-use ApproxParams in a single call
const [netPtOut, netSyMinted, netSyFee, priceImpact, exchangeRateAfter, approxParams] =
    await routerStatic.swapExactTokenForPtStaticAndGenerateApproxParams(
        MARKET_ADDRESS,
        tokenIn,
        amountIn,
        SLIPPAGE
    );

console.log(`PT out: ${ethers.formatEther(netPtOut)}`);
console.log(`Fee:    ${ethers.formatEther(netSyFee)} SY`);
console.log(`Impact: ${ethers.formatEther(priceImpact * 100n)}%`);

// 2. Execute — pass approxParams directly, no manual tuning needed
await IERC20(tokenIn).approve(ROUTER_ADDRESS, amountIn);
await router.swapExactTokenForPt(
    signer.address,
    MARKET_ADDRESS,
    (netPtOut * 995n) / 1000n,  // minPtOut
    approxParams,               // generated by RouterStatic
    createTokenInputStruct(tokenIn, amountIn),
    emptyLimitOrderData
);
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