Yes, Penofin is good for Ipe, specifically Penofin [Exterior Hardwood Formula](https://www.diyhomecenter.com/penofin-exotic-hardwood-formula-exterior-penetrating-oil-finish-1-gallon). Penofin is good for Ipe and all other hardwoods because it allows the wood to breathe and provides up to 99% UV protection. Plus, it does not leave lap marks, is quick-drying, and will not crack, chip, or peel.