It's strange that USX IY hasn't moved much despite SLX dropping something like 67% in the past week.
Initially, I assumed it was because concentrated liquidity mixed with low volume might make for a sticky IY, but the volume is actually comparable to the top Pendle markets if you trust the front end (~$2M/day).
Granted, the IY is still valuing the eventual FDV somewhere around $20M which is a farcry from the current $180M
Maybe the limit orders? There's 24M YT USX from 5.4% to 5.6%, which is about $255K padding.
