# Pendle Developer Documentation

> Pendle Finance is a DeFi yield infrastructure protocol. This index covers two products:
> - **Pendle V2**: Yield tokenization — split any yield-bearing asset into PT (fixed yield) and YT (variable yield) for trading
> - **Boros**: Interest rate swap DEX — trade funding rates with leverage on Arbitrum

---

## Pendle V2

### Getting Started
- [Introduction](https://docs.pendle.finance/pendle-v2/Introduction): What is Pendle, yield tokenization overview
- [Developer Overview](https://docs.pendle.finance/pendle-v2/Developers/Overview): Support channels, Telegram, Discord, and AI knowledge base
- [Quickstart](https://docs.pendle.finance/pendle-v2/Developers/Quickstart): Make your first Backend API call in under 5 minutes — no wallet required
- [High Level Architecture](https://docs.pendle.finance/pendle-v2/Developers/HighLevelArchitecture): SY, PT, YT, Market, and Router contract roles

### Protocol Concepts
- [Glossary](https://docs.pendle.finance/pendle-v2/ProtocolMechanics/Glossary): Key terms (SY, PT, YT, Implied APY, Accounting Asset)
- [SY — Standardized Yield](https://docs.pendle.finance/pendle-v2/ProtocolMechanics/YieldTokenization/SY): Wrapper standard for yield-bearing tokens
- [PT — Principal Token](https://docs.pendle.finance/pendle-v2/ProtocolMechanics/YieldTokenization/PT): Fixed yield, zero-coupon bond mechanics
- [YT — Yield Token](https://docs.pendle.finance/pendle-v2/ProtocolMechanics/YieldTokenization/YT): Leveraged yield exposure
- [Minting](https://docs.pendle.finance/pendle-v2/ProtocolMechanics/YieldTokenization/Minting): How PT and YT are minted from SY
- [AMM](https://docs.pendle.finance/pendle-v2/ProtocolMechanics/LiquidityEngines/AMM): Pendle's custom AMM for yield trading
- [Fees](https://docs.pendle.finance/pendle-v2/ProtocolMechanics/Mechanisms/Fees): Protocol fee structure

### API Integration (recommended for most users)
- [API Overview](https://docs.pendle.finance/pendle-v2-dev/Backend/ApiOverview): Hosted SDK vs data APIs, rate limits, authentication, and API entry points
- [Hosted SDK](https://docs.pendle.finance/pendle-v2-dev/Backend/HostedSdk): The Convert API — unified endpoint for all Pendle transactions (swap, mint, redeem, liquidity)
- [RouterStatic](https://docs.pendle.finance/pendle-v2-dev/Backend/RouterStatic): Read-only view functions for pricing and simulation
- [sPENDLE API](https://docs.pendle.finance/pendle-v2-dev/Backend/ApiOverview#spendle-api-endpoints): Staking stats and per-user reward data (`GET /v1/spendle/data`, `GET /v1/spendle/:address`)

### Limit Orders
- [Overview](https://docs.pendle.finance/pendle-v2-dev/LimitOrder/Overview): Gasless off-chain order creation with on-chain settlement
- [Create a Limit Order](https://docs.pendle.finance/pendle-v2-dev/LimitOrder/CreateALimitOrder): Order struct, EIP-712 signing, and submission
- [Fill a Limit Order](https://docs.pendle.finance/pendle-v2-dev/LimitOrder/FillALimitOrder): Querying and filling orders on-chain
- [Cancel Orders](https://docs.pendle.finance/pendle-v2-dev/LimitOrder/CancelOrders): Order cancellation mechanisms
- [Limit Order Contract](https://docs.pendle.finance/pendle-v2-dev/LimitOrder/LimitOrderContract): Contract reference and ABI

### Smart Contracts (direct integration)
- [Yield Tokenization Contracts](https://docs.pendle.finance/pendle-v2-dev/Contracts/YieldTokenization): SY/PT/YT minting, redemption, and yield accounting internals
- [Standardized Yield](https://docs.pendle.finance/pendle-v2-dev/Contracts/StandardizedYield): SY interface specification for integrators
- [PendleMarket](https://docs.pendle.finance/pendle-v2-dev/Contracts/PendleMarket): LP token, AMM state, and reward distribution
- [PendleRouter Overview](https://docs.pendle.finance/pendle-v2-dev/Contracts/PendleRouter/PendleRouterOverview): Entry point for all on-chain trading operations
- [Contract Integration Guide](https://docs.pendle.finance/pendle-v2-dev/Contracts/PendleRouter/ContractIntegrationGuide): Step-by-step on-chain integration
- [sPENDLE](https://docs.pendle.finance/pendle-v2-dev/Contracts/sPENDLE): Staked PENDLE — voting power and protocol rewards
- [Units and Decimals](https://docs.pendle.finance/pendle-v2-dev/Contracts/UnitAndDecimals): Decimal conventions across Pendle contracts

### Oracles
- [Oracle Overview](https://docs.pendle.finance/pendle-v2-dev/Oracles/OracleOverview): Oracle type comparison — Linear Discount Oracle (recommended) vs TWAP Oracle, with reading paths for each
- [Linear Discount Oracle](https://docs.pendle.finance/pendle-v2-dev/Oracles/DeterministicOracles/LinearDiscountOracle): **Recommended.** Deterministic, manipulation-resistant PT pricing — adopted by Aave/Morpho curators Gauntlet and Steakhouse
- [LP Linear Discount Oracle](https://docs.pendle.finance/pendle-v2-dev/Oracles/DeterministicOracles/LPLinearDiscountOracle): Deterministic pricing for Pendle LP tokens
- [Choosing Linear Discount Parameters](https://docs.pendle.finance/pendle-v2-dev/Oracles/DeterministicOracles/ChoosingLinearDiscountParams): How to select the right discount rate using Desmos tooling
- [How to Integrate PT and LP Oracle](https://docs.pendle.finance/pendle-v2-dev/Oracles/HowToIntegratePtAndLpOracle): Step-by-step TWAP oracle integration guide (alternative to Linear Discount)
- [PT as Collateral](https://docs.pendle.finance/pendle-v2-dev/Oracles/PTAsCollateral): Security considerations for money market integrations
- [LP as Collateral](https://docs.pendle.finance/pendle-v2-dev/Oracles/LPAsCollateral): Security considerations for LP collateral

### Reference
- [Deployments](https://docs.pendle.finance/pendle-v2-dev/Deployments): Contract addresses by chain
- [Developer FAQ](https://docs.pendle.finance/pendle-v2-dev/FAQ): Common contract and integration questions
- [Troubleshooting](https://docs.pendle.finance/pendle-v2-dev/Troubleshooting): Common errors and debugging guidance
- [Points & Rewards Tracking](https://docs.pendle.finance/pendle-v2-dev/Integration/PointsTracking): Partner integration for points and rewards distribution

### Machine-Readable Specs
- [Full Documentation (Markdown)](https://docs.pendle.finance/llms-full.txt): All Pendle V2 + Boros docs concatenated for AI ingestion
- [V2 API Spec (JSON)](https://docs.pendle.finance/pendle-v2/openapi/open-api.json): OpenAPI spec for the Pendle V2 backend (non-deprecated endpoints only)

---

## Boros

### Getting Started (User Docs)
- [Introduction](https://docs.pendle.finance/boros-docs/Introduction): What is Boros, yield-trading platform on margin by Pendle
- [Glossary](https://docs.pendle.finance/boros-docs/about-boros/glossary): Key terms — YU (Yield Units), collateral, implied APR, fixed APR, Net Balance

### Interest Rate Trading
- [Interest Rate Trading (YU Trading)](https://docs.pendle.finance/boros-docs/interest-rate-trading/interest-rate-trading-yu-trading): Implied APR vs Fixed APR, how YU positions work, long/short mechanics
- [Order Book](https://docs.pendle.finance/boros-docs/interest-rate-trading/order-book): Order types, tick system, and order placement on Implied APR
- [Vaults](https://docs.pendle.finance/boros-docs/interest-rate-trading/vaults): Vault as AMM counterparty — liquidity provision, fees, and PENDLE incentives
- [Fees](https://docs.pendle.finance/boros-docs/interest-rate-trading/fees): Swap fees and funding fees

### Interest Rate Accounting
- [Interest Rate Accounting and Settlement](https://docs.pendle.finance/boros-docs/interest-rate-accounting/interest-rate-accounting-and-settlement): How YU settlement mirrors underlying market schedules (e.g. 8-hour Binance funding cycles)

### Risk Parameters
- [Margin and Liquidations](https://docs.pendle.finance/boros-docs/risk-parameters/margin-and-liquidations/README): Cross margin, health ratio, and liquidation mechanics
- [Detailed Margin Calculations](https://docs.pendle.finance/boros-docs/risk-parameters/margin-and-liquidations/detailed-calculations-on-margin-and-liquidations): Initial margin, maintenance margin, and liquidation price formulas
- [Protective Mechanisms](https://docs.pendle.finance/boros-docs/risk-parameters/margin-and-liquidations/protective-mechanisms): OI cap and other system safeguards

### Others
- [Boros Referral Program](https://docs.pendle.finance/boros-docs/others/boros-referral-program): Referral structure and rewards

---

## Boros (Developer Docs)

### Getting Started
- [Introduction](https://docs.pendle.finance/boros-dev/Introduction): What is Boros and how it works
- [Lite Paper](https://docs.pendle.finance/boros-dev/LitePaper): Protocol design overview
- [High Level Architecture](https://docs.pendle.finance/boros-dev/HighLevelArchitecture): Core contracts (Router → MarketHub → Market)

### API Integration (recommended for most users)
- [Backend Overview](https://docs.pendle.finance/boros-dev/Backend/overview): SDK setup and quickstart
- [Glossary](https://docs.pendle.finance/boros-dev/Backend/glossary): Key terms and enum values
- [Agent Trading](https://docs.pendle.finance/boros-dev/Backend/agent): Delegated trading with agent wallets
- [API Reference](https://docs.pendle.finance/boros-dev/Backend/api): REST endpoints and integration workflows
- [WebSocket](https://docs.pendle.finance/boros-dev/Backend/websocket): Real-time streaming
- [Stop Orders](https://docs.pendle.finance/boros-dev/Backend/stop-orders): Take-profit and stop-loss orders
- [Best Practices](https://docs.pendle.finance/boros-dev/Backend/best-practices): Performance and reliability tips
- [Historical Data](https://docs.pendle.finance/boros-dev/Backend/historical-data): Monthly NDJSON exports — trades, OHLCV, order book snapshots, settlement rates

### Trading Mechanics
- [Order Book](https://docs.pendle.finance/boros-dev/Mechanics/OrderBook): CLOB structure, tick system, matching rules
- [Margin](https://docs.pendle.finance/boros-dev/Mechanics/Margin): Cross/isolated margin, health ratio, liquidation
- [Settlement](https://docs.pendle.finance/boros-dev/Mechanics/Settlement): Lazy settlement and floating rate payments
- [Fees](https://docs.pendle.finance/boros-dev/Mechanics/Fees): Taker, OTC, settlement, entrance, liquidation fees

### Smart Contracts (reference only — use the API)
- [Custom Types](https://docs.pendle.finance/boros-dev/Contracts/CustomTypes): Solidity type definitions and bit-packing
- [Router](https://docs.pendle.finance/boros-dev/Contracts/Router): Entry point, order placement, AMM operations
- [Market](https://docs.pendle.finance/boros-dev/Contracts/Market): View functions for positions, orders, rates
- [MarketHub](https://docs.pendle.finance/boros-dev/Contracts/MarketHub): Balances, withdrawals, settlement

### Machine-Readable Specs
- [Full Documentation (Markdown)](https://docs.pendle.finance/llms-full.txt): All Pendle V2 + Boros docs concatenated for AI ingestion
- Boros OpenAPI Spec (JSON): Static copies hosted at `/boros-dev/openapi/open-api.json`, `/boros-dev/openapi/send-txs-bot.json`, `/boros-dev/openapi/stop-order.json`

### FAQ
- [FAQ](https://docs.pendle.finance/boros-dev/FAQ): Common questions about trading, margins, fees, and troubleshooting