Fixed Yield (PT)

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Step 1: Select a Market

Make sure you’re on the page of the market where you want to execute your trade.

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Step 2: Open a "Fixed Yield" Tab

When you click the Fixed Yield button, available actions will appear.

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Step 3: Select an Action

Select the action you wish to perform and follow the corresponding guide below.

Buy

Flow (Buying PT)

Buying PT through AMM

• PTs are traded through the Napier AMM.

• The exchange rate between the PT and the underlying asset is determined by the AMM and displayed on the UI. (e.g., 1 PT-wstETH = 0.97 wstETH).

Holding PT

• You can sell your PT anytime before maturity through the AMM.

• If you hold until maturity, each PT can be redeemed 1:1 for the corresponding underlying asset (e.g., 1 PT-wstETH → 1 ETH).

• PTs can also be used in DeFi protocols (e.g., as collateral in lending markets).

Sell

Flow (Selling PT)

Selling PT through AMM

• PTs are traded through the Napier AMM.

• The exchange rate between the PT and the underlying asset is determined by the AMM and displayed on the UI. (e.g., 1 PT-wstETH = 0.97 wstETH).

Before selling PT

• PT can be redeemed 1:1 for the corresponding underlying asset if you hold until maturity (e.g., 1 PT-wstETH → 1 ETH).

• PTs can also be used in DeFi protocols (e.g., as collateral in lending markets).

Mint

Flow (Minting PT and YT)

1. Start with an underlying assets.

2. Deposit → receive PT + YT in equal notional amounts. E.g. ETH → stETH → PT-stETH + YT-stETH

3. PT tracks principal; YT tracks the accrued yield.

Redeem

Flow (Redeeming PT and YT)

Redemption lets you reclaim the underlying asset from your PT and/or YT.

• Before maturity: Redeem with equal amounts of PT and YT → receive the underlying asset. (e.g., 1 PT-wstETH + 1 YT-wstETH → 1 ETH)

• After maturity: Redeem with PT only → receive the underlying asset. (e.g., 1 PT-wstETH → 1 ETH)

Transfer

Transfer — Coming Soon

1. Select Market A (source).

2. Select Market B (destination).

3. Exit from A:

   1. Before maturity: your PT will be sold via the AMM.

   2. After maturity: your PT will be redeemed for the accounting asset.

4. Re-enter in B: Use the proceeds from Step 3 to buy PT in Market B.

The transfer is executed as a batch transaction (a combination of existing actions). Execute carefully and monitor the rate to maximize returns and minimize price impact.

Migrate

Migrate (Redeem + Buy) — Coming Soon

Migrate lets you move A (your existing Pendle position) to B (a Napier market).

1. Select Market A (source).

2. Select Market B (destination).

3. Exit from A:

   • Before maturity: your PT is sold via the AMM.

   • After maturity: your PT is redeemed for the accounting asset.

     Recommendation: Redeem after maturity when possible.

4. Re-enter in B: Use the proceeds from Step 3 to buy PT in Market B.

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Step 4: Review and Execute

Before executing a transaction, review your rate and costs carefully.

Estimate

• Network cost: Blockchain network fee.

• Fee: Percentage-based protocol charge.

• Effective fixed APY: The actual fixed APY you earn from this trade after accounting for price impact and fees. Equivalent to the final execution price or average acquisition price of PT.

• Earned at maturity: Profit at maturity, expressed in the underlying token.

• Implied APY change: Variation in implied APY compared to before the trade.

• Min. Received: The minimum expected amount you’ll receive after a swap or transaction, factoring in slippage.

For more on APY and return calculations, see Calculation.

Setting

Customize the transaction settings to your preferences.

• Max. Slippage: The maximum percentage deviation allowed between the expected and actual execution price during a swap.

  • Auto: Automatically sets slippage tolerance based on market conditions.

  • Custom: Allows you to manually define your preferred slippage tolerance.

• Transaction deadline: The time limit within which the transaction must be completed to avoid failure.

• Aggregators: Currently, Napier supports 1inch as an external swap aggregator. Support for additional aggregators will be expanded in the future.

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Step 5: Check in your portfolio

Where can I view my portfolio?

Check your active positions and rewards in the app’s Portfolio section. It provides a complete view of your balances, accrued yield, and strategy exposure across all Napier markets and integrations.

Further yield opportunities?

Dive deeper into structured plays, including:

• Advanced: PT/LPTs as collateral (lending integrations), and etc