In LlamaRisk’s October 7, 2026 snapshot for Aave V3 on X Layer, PT-USDG-25FEB2027 had a 2.79% implied yield—below the quoted borrowing APRs for USDT0, USDC, and USDG, but above GHO’s. On those on-chain figures alone, borrowing the first three assets to loop into the PT meant negative carry. LlamaRisk said OKX Exchange Earn incentives supported profitability for participating users at the time, but those external rewards were a dependency, not Aave yield.
What Aave’s rollover proposal would do
TokenLogic’s September 30, 2026 Direct-to-AIP proposal would list Pendle’s PT-USDG-25FEB2027 as collateral on Aave V3 on X Layer. The PT represents a USDG-denominated claim maturing on February 25, 2027. It is intended as a destination for users holding the expiring PT-USDG-29OCT2026, which matures on October 29, 2026.
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The proposed rollover would let a user replace the old PT collateral while retaining a stablecoin borrowing position. TokenLogic says OKX plans to build a separate flash-loan integration to handle the debt repayment, collateral swap, new borrowing, and flash-loan repayment in one transaction. That integration is not part of the Aave listing proposal. The governance post describes feedback, risk-input incorporation, and escalation to AIP voting as next steps; it does not establish that the listing or integration is live.
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LlamaRisk’s October 8 assessment reports the following market observations as of October 7, 2026. The borrowing rates are variable, and PT implied yield can change as pool liquidity develops.
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| Asset borrowed on Aave V3 X Layer | Quoted borrow APR | Comparison with PT’s 2.79% implied yield |
|---|---|---|
| USDT0 | 4.48% | Borrow APR higher by 1.69 percentage points |
| USDC | 4.10% | Borrow APR higher by 1.31 percentage points |
| USDG | 3.67% | Borrow APR higher by 0.88 percentage points |
| GHO | 0.93% | Borrow APR lower by 1.86 percentage points |
The comparison is a simple spread between the cited PT implied yield and each quoted borrow APR, not an all-in or user-specific return calculation. It does not account for every cost, position condition, or external reward. LlamaRisk also reports a 3.3% underlying USDG yield from Pendle; that is a separate figure from the 2.79% implied yield for the February PT and should not be substituted for it.
What the incentive qualification means
LlamaRisk reported that OKX Exchange Earn incentives kept the loop profitable for participating users at the time of its assessment. Those rewards came from a program outside Aave, so the comparison does not establish that a loop would remain profitable if incentives changed or ended. The cited rates and incentive observation are dated, not current-rate guarantees.
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What risk settings were proposed and recommended
The proposal and LlamaRisk’s October 8 review give different risk parameters. The review recommends a separate E-Mode category for the February maturity rather than using the old PT’s category, whose 94.66% liquidation threshold was above LlamaRisk’s recommended threshold for the new PT.
| Setting | TokenLogic proposal | LlamaRisk recommendation, October 8, 2026 |
|---|---|---|
| E-Mode | Both maturities initially described in E-Mode #7 | New E-Mode #9, with both old and new PTs included to support migration without closing existing positions |
| LTV | Not stated in the proposal figures summarized by LlamaRisk | 91.48% |
| Liquidation threshold | Existing E-Mode #7 threshold cited as 94.66% | 93.48% |
| Liquidation bonus | Not stated in the proposal figures summarized by LlamaRisk | 2.62% |
| PT supply cap | 35,000,000 PT | Not stated in the recommendation figures summarized here |
| Dynamic linear discount rate oracle | Initial rate 3.106%; maximum 11.080% | Initial rate 2.953%; maximum 7.910% |
These are proposal and risk-review figures, not confirmation that the recommended settings have been adopted.
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Why the yield spread is not a guaranteed return
The February PT is proposed as collateral-only, not as an asset users can borrow from Aave. LlamaRisk describes its oracle as valuing the PT as a zero-coupon claim that rises toward par as maturity approaches, using a capped USDG/USD Chainlink feed. A collateral position therefore has liquidation and valuation risks in addition to the borrowing cost; the quoted implied yield alone does not describe the outcome of a leveraged position.
LlamaRisk reported about $1.02 million of available liquidity in the February PT pool on October 7, 2026. The pool was deployed on September 25, and liquidity increased substantially on October 6. The assessment cautions that implied yield may move as liquidity accumulates, while borrow rates can also change. The spread in the table is consequently a dated snapshot, not a fixed rate for the life of either the loan or PT.
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