You put money into PT-fxSAVE through Pendle It gives you a fixed return of 8.93%. You then use that PT-fxSAVE as collateral to borrow USDC at only 0.95%. The difference is roughly 8% What does “3x” or “5x” mean? They’re talking about repeating the borrowing process to increase the size of the position. For example, if you start with $1,000: 1x: You earn roughly 8% on $1,000 → about $80/year before other costs. 3x: You use borrowing to make the position roughly 3 times larger. The post estimates this could produce around 25% APY. 5x: You increase the exposure further. The post estimates around 41% APY. They’re saying: “Earn about 8.93% on one DeFi asset, borrow money against it for only 0.95%, and repeatedly leverage the difference to potentially increase the return.