I ran the numbers on the @infiniFi YT on @pendle_fi, and it comes out roughly breakeven before points. Data as of 14 Oct, 21:19 Athens. Quick jargon first. A YT (yield token) collects only the yield of an asset until maturity. At maturity it goes to zero, so whatever you earn comes from the yield along the way. Merkl is a platform that pays extra rewards to people in specific pools. TGE (token generation event) is the day a project's token launches. The setup. Asset: siUSD, maturing 7 Jan 2027, with 84 days left. siUSD's real yield is about 6.13%. The YT's implied yield is about 11.07%, so the market prices it about 5% above the real yield. The YT costs about 2.44 cents. The numbers on $100. $100.69 buys about 4,123.54 YT. Those earn about $58 of yield to maturity. Merkl pays iUSD at about 187% APR on the $100 you put in, not on the YT face value. That's about $43 on the money you put in. Pendle shows this same iUSD reward as a 'campaign boost' (7.93% total yield), so don't count it twice. Total ≈ $101 back on $100.69, roughly breakeven before points. Without Merkl you get about $58 back, about -$42. What that means. You're basically getting InfiniFi points for close to free. I found no public points rate, so I can't say how many points $100 earns. Their value is unknown, with the TGE planned for Q4 2026. The nice part about Pendle is that it lets you put a price on points before the token exists, with deep liquidity of about $12M. The fine print. Yields and the Merkl APR change daily. The Merkl budget is fixed at about $509 a day, so the more people join, the smaller your share gets. The YT goes to zero at maturity, so anything you haven't collected by then is gone. InfiniFi runs a fractional reserve, meaning it doesn't keep all funds liquid, so there's depeg and redemption risk.