Pendle Alternatives on Sui: Fixed Yield and Yield Trading
Sui has no live Pendle-scale fixed-yield market. What happened to Nemo, and how LSTs, lending, Typus options vaults and RWAs compare with Pendle PT and YT.
Sui has no working Pendle-scale alternative on 31 October 2026: its one yield-tokenization protocol, Nemo, was exploited in September 2025 and held about $30,000 on DefiLlama, so fixed yield on Sui today means substitutes such as liquid staking, lending supply and options vaults. Pendle itself held about $1.02 billion across its chains the same day, per DefiLlama, and it has no Sui deployment.
Below we explain what Pendle does, what happened to Nemo, and which Sui products cover part of the same ground. None of them gives you a true fixed rate.
How Pendle works
Pendle splits a yield-bearing token into two parts. The principal token (PT) can be redeemed 1:1 for the underlying accounting asset at a set maturity date. The yield token (YT) receives all the variable yield and any points the underlying earns until that date. Our Pendle explainer covers it in more depth.
PT trades at a discount before maturity. If you buy PT for 0.95 and redeem it for 1.00 at maturity, the gap is your fixed return, which Pendle's PT docs call the fixed yield APY. YT buyers make the opposite bet: they pay a small price for the right to all future yield and profit if yields come in higher than the market priced.
Pendle runs its own AMM for these trades. It takes 5% of all yield accrued by YT, and its swap fee shrinks as maturity gets closer.
Two 2026 changes matter if you last looked at Pendle a while ago. On 20 January 2026 Pendle launched sPENDLE, a liquid staking token with a 14-day withdrawal period, and paused new vePENDLE locks on 29 January, as The Block reported. Pendle said up to 80% of protocol revenue would fund PENDLE buybacks. Its docs also describe Boros, a separate exchange on Arbitrum for trading funding rates with leverage.
Pendle's TVL has fallen hard. DefiLlama puts the peak at about $13.4 billion on 19 September 2025. Even at about $1.02 billion, it is more than twice the size of all DeFi on Sui, which DefiLlama put at about $462 million on 31 October 2026.
Nemo: Sui's yield-trading protocol
Nemo brought the Pendle model to Sui. DefiLlama describes it as splitting yield-bearing assets into principal and yield components, so users can lock in fixed yields, speculate on future rates or provide liquidity. DefiLlama's data for Nemo starts in June 2025, and its TVL peaked at about $22.8 million on 31 August 2025.
On 7 September 2025 an attacker drained about $2.6 million from Nemo's SY/PT liquidity pool. According to The Block, a developer had added two features after the initial MoveBit audit and deployed them unaudited. One was an internal flash loan function accidentally made public. The other was a query function that allowed unauthorized changes to contract state. Nemo said its upgrades were controlled by a single-signature address, and that it had not acted on an August warning from the security firm Asymptotic.
Nemo paused its core functions. On 14 September 2025 it announced NEOM debt tokens, issued against each user's USD loss from an on-chain snapshot, with recovered funds going into a redemption pool. Users were asked to migrate remaining funds to new audited contracts managed by several parties.
On 31 October 2026 DefiLlama showed Nemo at about $0.03 million. We could not confirm from Nemo's own channels whether yield trading has fully resumed, so we don't treat it as an active alternative.
What Sui offers instead
Without a PT market, you can't lock a fixed rate on Sui the way Pendle lets you. You can still pick products whose returns are steadier or more predictable than others. Each covers one slice of what Pendle does.
Liquid staking tokens
Staking yield is the closest thing Sui has to a base rate. It moves slowly, because it comes from validator rewards rather than borrowing demand. It is still variable and changes every epoch. sSUI, haSUI and vSUI are the largest tokens, at about $57.5 million, $35.5 million and $22.9 million on DefiLlama. See Sui liquid staking compared, our SpringSui explainer and Lido alternatives on Sui.
On Sui, nobody currently lets you split an LST into a fixed and a variable part, so you take the floating staking rate.
Lending supply
Supplying stablecoins to a Sui lender earns interest paid by borrowers. Rates float with utilization: Suilend's docs say the interest borrowers pay becomes depositors' yield minus a protocol fee, and Scallop's sCoin exchange rate rises as interest accrues. Neither offers fixed-term, fixed-rate deposits. Our Sui lending comparison covers the main markets, and Suilend vs Scallop compares two of them.
Options vaults (Typus)
Typus runs DeFi options vaults where depositors sell options and collect the premium. In a covered call vault you lock an asset such as SUI and sell calls on it; in a put-selling vault you lock USDC and sell puts. The Typus docs say the options are European-style and cash-settled, and depositors can harvest the premium after each auction. The premium is known when you enter, which feels like a fixed coupon. You can lose part of your collateral if the option ends in the money. Typus DOV held about $0.92 million on 31 October 2026. Read more in our Typus guide.
Stablecoin liquidity pools
Providing liquidity to a stable pair, such as USDC against another dollar stablecoin, earns a share of swap fees. Price moves between two stablecoins are usually small, so impermanent loss stays low until one of them depegs. Fee income rises and falls with trading volume, which makes it the least fixed of these options. Cetus CLMM was the largest Sui DEX on DefiLlama at about $24.9 million. Our guide on earning yield on stablecoins compares the approaches.
Tokenized funds and RWAs
DefiLlama lists Ember at about $36.0 million on Sui and R25 at about $8.3 million, both in its RWA category. Ember issues tokenized investment products, and R25 builds RWA vaults with curated yield strategies, according to their DefiLlama descriptions. Their returns depend on the underlying strategy or asset and are not locked in the way a PT's is. See what is Ember and tokenized treasuries explained.
Pendle tools vs the nearest Sui option
| What you want | Pendle tool | Nearest on Sui (31 Oct 2026) | How close |
|---|---|---|---|
| Lock a fixed rate to a date | Buy PT, hold to maturity | None live at scale; Nemo held about $0.03M | Not available |
| Bet on yields rising | Buy YT | Hold an LST or supply to a lender | Floating exposure, no leverage on the rate |
| Earn a known premium up front | PT discount | Typus options vaults | Premium is known; collateral is at risk |
| Steady base yield | PT on an LST | sSUI, haSUI, vSUI | Variable staking yield |
| Trade funding rates | Boros | None found | Not available |
| Fee income from rate trading | Pendle LP | DEX LP on Cetus or others | Swap fees on spot pairs, impermanent loss |
What is missing on Sui
Sui has no live market that prices a forward yield curve for SUI staking or stablecoin lending, so nobody can see what the market expects rates to do. It has no fixed-rate borrowing, so a looped position on Sui always carries floating-rate risk. Sui lenders also have no PTs to accept as collateral. On Ethereum, Pendle's docs say its PT pricing oracle has been adopted by Aave and Morpho curators such as Gauntlet and Steakhouse.
Scale explains part of this. Yield trading needs deep pools of yield-bearing assets to split, and Sui's lending and staking markets are much smaller than in 2025. The Nemo exploit also left a trust problem for anyone building the next attempt.
For a sense of where Sui's capital sits now, see our Sui TVL breakdown. For how to judge whether a yield comes from real revenue, read real yield in crypto.
Risks with the substitutes
Each substitute carries its own risk. LSTs add smart contract and depeg risk on top of staking. Lending supply can get stuck at 100% utilization, when you can't withdraw until borrowers repay. Options vaults can lose collateral in a sharp move. RWA products add issuer, custody and redemption risk outside the chain.
Pendle has its own risks too. PT holds a fixed rate only if you keep it to maturity; sell early and you take the market price. If the underlying token depegs or its protocol fails, PT can redeem for less than you paid.
JewelSwap's Sui products (auto-compounded Scallop farms and the JWLSUI liquid staking design) pay variable returns and do not offer fixed yield, so they are not a Pendle substitute.
Frequently asked questions
Is Pendle on Sui?
No. On 31 October 2026 DefiLlama listed Pendle on Ethereum, Arbitrum, Monad, BSC, Base and several other EVM chains, but not on Sui.
What is the Pendle equivalent on Sui?
Nemo Protocol was built as Sui's yield-trading protocol. It was exploited for about $2.6 million on 7 September 2025, paused its core functions, and held about $0.03 million on DefiLlama on 31 October 2026.
Can I get a fixed yield on Sui?
Not in the Pendle sense. Staking, lending and LP yields on Sui all float. Typus options vaults pay a premium known at entry, but your collateral is exposed if the option ends in the money.
What happened to Nemo Protocol?
An attacker used two unaudited features to drain Nemo's SY/PT pool on 7 September 2025. Nemo paused, then announced NEOM debt tokens for affected users and a redemption pool for recovered funds.
How big is Pendle compared with Sui DeFi?
DefiLlama put Pendle at about $1.02 billion on 31 October 2026, down from about $13.4 billion in September 2025. All DeFi on Sui was about $462 million the same day.
Educational only, not financial advice. Figures from DefiLlama and protocol docs, checked 31 October 2026. DeFi carries smart-contract and market risk.
