How scoring works
Every asset goes through two stages: a hard gate check, then a scored evaluation. An asset must pass all 9 gates before any score is assigned. The score determines which tier it belongs to and whether it is eligible for looping or Royco tranching.
Overview
Binary pass/fail. Any single failure rejects the asset immediately — no score is given.
Each passing asset scored 0–5 per dimension. Max total is 25.
Score maps to Tier 1, 2, 3, or Rejected. Tier determines loop and Royco eligibility.
| Score | Tier | Loop eligible | Royco | Max allocation |
|---|---|---|---|---|
| 20–25 | Tier 1 — Core stable | Yes (verify oracle) | Senior tranche | 50% of index |
| 14–19 | Tier 2 — Growth stable | No | Junior tranche | 30% of index |
| 8–13 | Tier 3 — High yield | No | None | 15% of index |
| <8 | Rejected | — | — | 0% |
Gate checks
Gates are binary — pass or fail. All 9 must pass. A single failure means the asset is rejected and no score is computed. Gates marked "hard reject" reflect structural risks that no score can compensate for.
This screener is delta-neutral only. Any crypto-correlated asset (ETH, BTC, LSTs, LRTs) is disqualified regardless of yield. Full stop.
Below $3M, entry and exit slippage becomes significant relative to PT yield. The gate ensures minimum tradeable liquidity exists.
A protocol with under $20M TVL has insufficient market validation. Small protocols carry disproportionate smart contract and liquidity risk.
New protocols haven't been battle-tested through market stress events. 9 months is the minimum to observe one full rate cycle.
Unaudited protocols are non-negotiable rejections. Audit quality matters too — the oracle check (D5) rewards higher-quality oracle setups separately.
A 2% depeg on a stablecoin is a structural signal, not noise. Any such event in the last year means the peg mechanism has already shown weakness.
An exploit or emergency pause in the last year disqualifies the asset permanently for this index cycle. Also cross-check rekt.news manually.
Pharos aggregates on-chain safety signals (liquidity, resilience, decentralisation, dependency risk) into a single grade. F or D means too many red flags.
You cannot enter a PT position while the underlying is actively depegged. This is a live check run at time of screening.
Dimension scores
Five dimensions scored 0–5 each. Maximum total is 25. Scores are additive — no single dimension can override another. Oracle reliability (D5) is shown in the report but must be verified manually on app.euler.finance — it does not contribute to the automated score.
Measured against the deepest active Pendle pool across Ethereum, Arbitrum, and Base.
Both TVL and age must meet the threshold. A large but new protocol scores lower than an established one.
Average of mechanism score and Pharos resilience score (0–100 scaled to 0–5). Blended to avoid over-relying on either signal alone.
Powered by Pharos peg score — a continuous 0–100 signal based on historical deviation, active monitoring, and peg defence mechanisms.
Based on the best active pool with at least 21 days remaining. Under 21 days = not scored (approaching expiry). Over 365 days = thin liquidity on long-dated pools.
Oracle quality determines whether a PT can be safely looped on a lending protocol. This cannot be automated reliably — it requires checking each lending platform directly.
What this screener does not cover
Yield tokens have a separate evaluation framework (time decay, implied vs realised yield edge, catalyst clarity). Not included here.
Loop spread, Euler utilisation ratio, LTV guardrails, and unwind schedules are position-level decisions made after tier assignment — not part of this screener.
Whether to use Senior or Junior and at what allocation requires checking live Royco pool TVL and Junior buffer ratios at time of entry.
ETH, BTC, LSD, and LRT-based PTs are excluded by the delta-neutral mandate. This screener is stablecoins only.
Results are cached for 60 minutes. For live position management, always verify current data directly on Pharos, Pendle, and DefiLlama.
Data sources & freshness
| Source | What we use | Update frequency | Cache |
|---|---|---|---|
| Pharos Watch | Safety grade, peg score, depeg events, supply | Every 10–15 min | 60 min |
| DefiLlama | Protocol TVL (time-series), age, audit count | Daily | 60 min |
| Pendle API | Pool liquidity, PT APY, maturity date | Real-time | 60 min |
All data is fetched fresh on first request and cached for 60 minutes server-side. Cached results show a timestamp at the bottom of each report. For time-sensitive decisions, verify directly on the source platforms.
PT Screener is a research tool built for informational purposes only. It is not financial advice, investment advice, or a recommendation to buy, sell, or hold any asset. DeFi protocols carry smart contract risk, liquidity risk, oracle risk, and governance risk that no automated screener can fully capture. Always do your own research. Never invest more than you can afford to lose.