Vault Synopsis

The Perpetual sUSDe PT vault provides leveraged exposure to Pendle PT-sUSDe on Ethereum with automated rollover to the next maturity at expiry.

Strategy Overview

The vault holds PT-sUSDe tokens as collateral on Aave V3 (Core) and borrows USDC to achieve leveraged exposure to the fixed yield embedded in the PT discount. At maturity, the PT position is rolled to the next available sUSDe PT market through an atomic managed rebalance. The depositor's vault share remains valid across maturities.

The yield source is the difference between the PT discount rate (the fixed yield earned by holding PT to maturity) and the USDC borrow cost on the lending market. As long as the PT discount rate exceeds the borrow rate, the vault generates a positive yield spread.

$$\text{Yield Spread} = \text{PT Discount Rate} \times \text{Leverage} - \text{Borrow Rate} \times (\text{Leverage} - 1)$$

Current Position

Parameter	Value
Chain	Ethereum
Underlying	sUSDe (Ethena)
Current PT Market	PT-sUSDe (May 2026 expiry)
Lending Market(s)	Aave V3 (Core)
Debt Token	USDC
Deposit Token	sUSDe or Any (Zap-enabled)
Share Token	opal-PT-sUSDe-a (ERC-20)
Target Leverage	9x (may vary)
Current LTV	89%
Liquidation LTV	92%

The "Current PT Market" will be updated when the position is rolled to the next maturity.

Vault Actions

Action	User Provides	User Receives
Deposit	sUSDe or Any (Zap-enabled)	opal-PT-sUSDe-a shares
Withdraw	opal-PT-sUSDe-a shares	sUSDe or Any (Zap-enabled)

How Rollover Works

1

Unwinds the expiring PT position: redeem PT at maturity and repay debt.

2

Acquires the next PT-sUSDe token: swap into the new PT market.

3

Constructs the new leveraged position: supply new PT as collateral and borrow USDC.

4

Asserts the post-rollover balance sheet against expected ranges.

All four steps execute in a single transaction. If any step fails, the entire rollover reverts and the vault is unchanged.

During the brief window between PT maturity and rollover execution, the vault may hold spot sUSDe or USDC in a SpotAsset adapter rather than a leveraged PT position. The share price reflects the actual portfolio state at all times. See PT Maturity and Rollover Risk for details.

Adapters in This Vault

Adapter	Type	Purpose
PT-sUSDe Collateral	Aave V3	Holds PT-sUSDe as collateral, borrows USDC
Spot Buffer	SpotAsset	Holds USDC or sUSDe during rollover transitions

Additional adapters (e.g., Morpho, Euler) may be added in the future to access alternative borrow liquidity. See The Adapter Layer for details on how new adapters are deployed and migrated.