pufETH: redemption value, spread and APY
pufETH is Puffer Finance's liquid restaking token. ArbScreener compares what pufETH costs on a DEX with the ETH it redeems for on-chain, and shows the gap as a spread and an APY — priced in ETH, not USD.
Redemption at a glance
| Chain | Redeems into | Redeem time | Token address |
|---|---|---|---|
| Ethereum | ETH | About 14 days | 0xD9A442856C234a39a81a089C06451EBAa4306a72 |
| Ethereum | ETH 1% fixed redemption fee |
About 1 hour | 0xD9A442856C234a39a81a089C06451EBAa4306a72 |
Verify any address against the protocol's own documentation before using it.
Live status
| Chain | Spread | APY | Redeem time | Enter | Exit |
|---|---|---|---|---|---|
| Ethereum | +0.10% | 2.6% | About 14 days | Buy on a DEX | Redeem via the protocol |
| Ethereum | -0.90% | -7879.7% | About 1 hour | Buy on a DEX | Sell on a DEX |
As of 20:42 UTC (2 min ago); refreshed while the board is in use. A positive spread means redeeming returns more than buying costs. Gross estimates, not advice. The exact size of each verdict, a quote at your own position size and Telegram alerts are on Pro.
How ArbScreener prices pufETH
pufETH is an ERC-4626 vault share. ArbScreener asks the vault contract how much ETH one share redeems for (convertToAssets, with previewRedeem as a fallback), so the redemption value comes from the contract itself and not from a price feed.
The redemption spread is what redeeming returns minus what buying costs on a DEX, as a fraction of the cost, at a standard quote size and net of the protocol's fee. The APY annualizes that spread over the redeem wait (counted as at least one day), so a discount that takes weeks to collect ranks below the same discount collected today. Everything is in ETH, never USD.
The board's full method is in the Ethereum LSTs guide.
Official links
- Mint and redeem: https://app.puffer.fi/stake
Questions
What is pufETH?
pufETH is Puffer Finance's liquid restaking token.
How does ArbScreener value pufETH?
pufETH is an ERC-4626 vault share. ArbScreener asks the vault contract how much ETH one share redeems for (convertToAssets, with previewRedeem as a fallback), so the redemption value comes from the contract itself and not from a price feed.
How long does it take to redeem pufETH?
Ethereum: about 14 days; Ethereum: about 1 hour. The wait is priced into the APY, so a slow redemption needs a bigger discount to rank high.
What does the pufETH redemption spread mean?
The redemption spread is what redeeming returns minus what buying costs on a DEX, as a fraction of the cost, at a standard quote size and net of the protocol's fee. The APY annualizes that spread over the redeem wait (counted as at least one day), so a discount that takes weeks to collect ranks below the same discount collected today. Everything is in ETH, never USD.
Risks
These are gross estimates for research, not financial advice. They do not include gas, bridge fees, slippage beyond the quote, or smart-contract and depeg risk, and a redemption value can move during the wait. ArbScreener is read-only and never signs, routes or custodies anything. See the Terms of Service.
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