pTokens are variable rate loans that are part of a borrowing pool. The interest rate of pTokens varies dynamically with the supply and demand of loans. pTokens are ERC20s and can be sold on Uniswap, DEXs, and exchanges. They can also be packaged into leveraged and inverse ETF products. Base protocol loans are static rate loans and completely individual. Unlike pTokens, their collateralization level can be managed, allowing traders to manage risk in a more granular manner.
pTokens can be viewed at Etherscan
or at wallets supporting pTokens: