Liquidity (LP)

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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 "Liquidity" tab

When you click the Liquidity 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.

Deposit (Mint & LP)

Deposit (Mint & LP)

Provide liquidity without IL by holding a YT component alongside your LP tokens.

1. Your deposit is converted into the required assets

2. A portion of the underlying is minted into PT and YT

3. LP: PTs are paired with the underlying to supply liquidity

4. You retain the LP tokens and the YT in your hand

Tips: When the pool is small, this path helps avoid the price impact you might see with Deposit (Swap & LP).

Deposit (Swap & LP)

Deposit (Swap & LP)

To hold LP tokens only, sell the YT component on the market.

1. Your deposit is converted into the required assets.

2. A portion of the underlying is minted into PT and YT.

3. Sell YT → PT: The minted YTs are sold for PT in the market.

4. LP: PTs are paired with the underlying to supply liquidity.

Tips: This approach lets you keep only LP by accepting the price impact from selling YT.

Transfer

Transfer (Withdraw + LP)— Coming Soon

1. Select Market A (source).

2. Select Market B (destination).

3. Exit from A:

   1. Before maturity: your LP will be XXX

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

4. Re-enter in B: Use the proceeds from Step 3 to LP into 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 (Withdraw + LP) — 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 LP is XXX

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

     Recommendation: Redeem after maturity when possible.

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

Withdraw (Exit)

Withdraw (Exit)

Withdraw (Exit) lets you reclaim the underlying asset and PTs from your LP tokens.

1. Redeem LP tokens at the pool’s current ratio.

2. Receive PTs and underlying assets

Withdraw (Swap & Exit)

Withdraw (Swap & Exit)

Withdraw (Swap & Exit) lets you reclaim the only underlying asset from your LP tokens.

• Before maturity: Redeem LP tokens at the pool’s current ratio → receive PTs and underlying assets (→ sell PTs for underlying assets in the market)

• After maturity: Redeem LP tokens at the pool’s current ratio.s → receive PTs and underlying assets → reclaim the underlying asset from PTs

Tips: If you perform this action before maturity, it means accepting the price impact that occurs when selling PT.

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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.

• Pool Share: Your share of the pool’s liquidity

• 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.