PT Multiply (conservative)

Thesis

Holds a fixed-rate Pendle PT to maturity and borrows cheaper USDC on Morpho to buy more of it only when a risk model says the carry pays.

Strategy

• Risk-model leverage: A Monte Carlo risk model sets leverage each run; it loops PT on Morpho only when approved, capped at 3x and a 20% liquidation buffer. • 1x fallback: If the model rejects looping it buys PT with the USDC and holds it in the wallet; it levers from there once two reports approve. • De-lever, exit, roll: It steps down or unwinds as risk rises, repays debt 7 days before expiry, redeems at maturity and rolls if auto_rollover is on.

Exposure

• Holds: Pendle PT, Morpho debt — Your USDC becomes the PT of the market you pick, held in the wallet at 1x or posted on Morpho Blue against a USDC loan. • Venue: Morpho Blue and Pendle — PT is bought, sold and redeemed through the Pendle router; loans and collateral sit in your own Morpho Blue position. • Leverage: 1x to 3x — The risk model picks it each run, never above 3x and never closer than your liquidation buffer (at least 20%) to liquidation. • Costs: Swaps, gas, borrow rate — Pendle swap fees and price impact, Ethereum gas for each step, and Morpho's variable borrow rate on the loan. • Data: Own RPC, Pendle API — Reads Morpho and PT state through your node at eth-mainnet.g.alchemy.com, and PT prices and swap routes from api-v2.pendle.finance. • On unwind: USDC — Repays the loan, sells or redeems the PT and leaves USDC in the wallet; small dust of the PT's underlying may remain.