These are the only 4 Pendle YTs I am sized into rn

2 ecosystems (USDai, Saturn), 2 flavors each (yield+points, or points-only).
→ YT sUSDai (oct 15) : 9.36% IY
→ YT USDai (jun 18) : 6.63% IY
→ YT srUSDat (aug 27) : 10.39% IY
→ YT USDat (aug 27) : 8.56% IY
quick take on each:
1) YT sUSDai (USDai), matures oct 15
155 days. implied 9.36%, underlying 7.63%, $16.6M liquidity. The full-cycle Flatiron S2 play. Yield + allo points for the entire remaining season, maturity lands right after S2 wraps oct 14. Still free money imo until like 10,5-11%. More loans should go live in like 30-60 days, could very likely be literally free ride from then since the underlying should be higher than the current YT pricing. So technically, you might get paid to get more leveraged s2 allo points.
2) YT USDai (USDai), matures jun 18
36 days. implied 6.63%, points-only, $37M liquidity.
Short-duration concentrated point exposure. You're not paying for yield, you're paying purely for the max allo 25x multiplier. Biggest edge for S2 $CHIP. Free until like 8-9% imo.
3) YT srUSDat (Saturn), matures aug 27
106 days. implied 10.39%, underlying 7.87% (Strata yield), $9M liquidity. Senior trench of USDat, technically safest and actually "cheapest" since it has an underlying and 15x gravity points + 60x strata points on top of it. Quite small, but it's still technically almost guaranteed free ride imo until like 12%.
4) YT USDat (Saturn), matures aug 27
106 days. implied 8.56%, points-only, $29.5M liquidity.
Max ape Saturn points exposure without the Strata layer. Probably the best pool for simply Saturn points if ur bullish on it.
Overall, think literally everyone who bought into any of these at any price as of now will end up in profits. Let's not forget our exit liquidity is on CEXes, not on Pendle.
Pendleliquid
max available points boost for USDAI:
(q717q)
max available points boost for Saturn:
(SAT-HYPE)