Interest Rate Derivatives · Alternatives
The best Pendle alternatives in 2026
Pendle is a DeFi yield-trading protocol that splits yield-bearing assets into principal and yield tokens for fixed-rate or speculative yield strategies. If Pendle is not the right fit, these 12 reviewed Interest Rate Derivatives options are the closest matches, ranked by DappsAtlas score. Read our full Pendle review
At a glance
Pendle vs the alternatives
| dApp | Score | TVL | Chains |
|---|---|---|---|
| Score 7.4 out of 10 | — | 1 | |
| Score 6.5 out of 10 | $10.7M | 13 | |
| Score 6.0 out of 10 | $584K | 2 | |
| Score 5.4 out of 10 | $223K | 3 | |
| Score 5.5 out of 10 | $66.0K | 4 | |
| Score 5.8 out of 10 | $172K | 2 | |
| Score 6.0 out of 10 | $7.59M | 1 | |
| Score 7.0 out of 10 | — | 1 | |
| Score 6.3 out of 10 | $57.7K | 1 | |
| Score 6.0 out of 10 | $2.10M | 2 | |
 IPOR Derivatives | Score 6.0 out of 10 | $484K | 3 |
| Score 3.8 out of 10 | $21.3K | 2 | |
| Not rated yet | $30.4K | 1 |
Ranked
Top Pendle alternatives
- 1
Spectra V2
Interest Rate Derivatives · Flare, Stellar, Ethereum +10
Spectra V2 is a DeFi protocol for fixing yield rates or trading future yield, now also offering curated MetaVaults. It has about $10.4M in TVL across 13 chains, but DefiLlama lists no audits.
ScoreScore 6.5 out of 10TVL $10.7M+7.3% - 2
Rho X
Interest Rate Derivatives · Ethereum, Arbitrum
Rho X is a crypto-native interest rate market where users can trade staking, lending and perpetual funding rates, or deposit into yield vaults. It is a niche derivatives venue with small TVL and no audits listed.
ScoreScore 6.0 out of 10TVL $584K+0.4% - 3
Voltz
Interest Rate Derivatives · Ethereum, Arbitrum, Avalanche
Voltz is a non-custodial automated market maker for interest-rate swaps, letting users take positions on fixed or variable returns. Its core product is clear, but current markets, fees and audit details are not established.
ScoreScore 5.4 out of 10TVL $223K−0.4% - 4
Hyperdrive
Interest Rate Derivatives · Ethereum, Linea, xDai +1
Hyperdrive is an automated market maker for trading fixed-rate yield and variable yield exposure. Its core idea is useful for rate-focused DeFi users, but key details on fees, markets, and audits are not published.
ScoreScore 5.5 out of 10TVL $66.0K−1.0% - 5
Spectra V1
Interest Rate Derivatives · Polygon, Ethereum
Spectra V1 is the earlier version of Spectra, previously known as APWine, which splits yield-bearing assets into fixed-rate principal tokens and variable-rate yield tokens. It is a niche tool with a small TVL and no audits listed on DefiLlama.
ScoreScore 5.8 out of 10TVL $172K−3.3% - 6
Boros
Interest Rate Derivatives · Arbitrum
Boros is a Pendle-built platform for trading perpetual funding rates with leverage, either to speculate on rate moves or to hedge funding costs. It holds about $8.1M TVL on Arbitrum, but no audits are listed and details are thin.
ScoreScore 6.0 out of 10TVL $7.59M+4.8% - 7
Exponent
Interest Rate Derivatives · Solana
Exponent is a Solana protocol for fixed rates, yield trading and interest-rate derivatives, with one-click Strategy Vaults on top. It suits users comfortable with onchain yield markets, but fees and audit details are not on its landing page.
ScoreScore 7.0 out of 10TVL — - 8
Rho Protocol
Interest Rate Derivatives · Arbitrum
Rho Protocol is an on-chain rates and perpetuals venue on Arbitrum that is now pitched at institutions. Its audits and off-exchange collateral model stand out, but on-chain deposits are small and fees are not published.
ScoreScore 6.3 out of 10TVL $57.7K+0.1% - 9
RateX DEX
Interest Rate Derivatives · Solana, BNB Chain
RateX DEX is a leveraged yield exchange that runs on Solana and BNB Chain and has its own RTX token. It is a niche product for experienced traders, and its fees and team details are not published in the sources reviewed.
ScoreScore 6.0 out of 10TVL $2.10M−7.5% - 10
IPOR Derivatives
Interest Rate Derivatives · Arbitrum, Ethereum, Base
IPOR Derivatives is an on-chain interest rate swap protocol built around the IPOR rate index, and its app now leads with Fusion vault infrastructure. It is a specialist DeFi product with small TVL and few published details.
ScoreScore 6.0 out of 10TVL $484K−0.1% - 11
Splice Finance
Interest Rate Derivatives · Mode, Blast
Splice Finance is a small yield-trading protocol on Mode and Blast that lets users choose a fixed APR or boosted points. Its TVL has collapsed to roughly $23,000, so treat it as a high-risk, low-liquidity project.
ScoreScore 3.8 out of 10TVL $21.3K - 12
FIVA
Interest Rate Derivatives · TON
FIVA is a yield protocol on TON that offers fixed yields, leveraged airdrop farming and low-impermanent-loss liquidity provision.
ScoreNot rated yetTVL $30.4K−0.0%