Trade
Getting Fixed Yield with PT
If you believe that the yield of the asset will fall, you would want to hedge your yield. You can achieve this by buying PT. Since you are guaranteed the underlying asset after maturity, you are effectively locking your APY at the current Implied Yield when you buy PT. Another way to look at it is that you are fixing your yield at the current Implied Yield.
For example, if you buy PT-aUSDC with a maturity period of 1 year at 5% implied yield, it means that for every USDC you spend on PT, you will get back 1.05 USDC upon maturity and redemption.
Go to Trade page
Select your desired asset by clicking on the PT bar, then choose your input asset.
Enter the transaction volume.
You can control your slippage tolerance with the gear icon in the top right corner.
Review the output information.
Fixed (Yield) APY is the guaranteed yield you will receive by holding PT. This value is numerically equivalent to the Implied APY.
Effective Fixed APY is the Fixed APY based on the actual rate that the user used to swap.
Fixed Maturity Profit is the profit at maturity, expressed in the underlying token.
Min. Received is the minimum expected amount a user receives after a swapor any other transactions, factoring in slippage.
Max. Slippage is the maximum percentage deviation allowed between the expected price and the actual price during a swap.
Auto is a feature that automatically sets the slippage tolerance based on market conditions.
Custom allows users to manually specify their preferred slippage tolerance level.
Transaction deadline is the time limit within which a transaction must be completed to avoid failure.
Fees
Issuance fee is a fixed fee applied when minting a new PT and YT.
Redemption fee is a fixed fee charged when converting or redeeming a PT and YT back into their underlying assets.
Performance fee (before marurity) is a dynamic fee from all yield accrued (including points) by all YT in existence.
Performance fee (after marurity) is a dynamic fee from all yield accrued (including points) by all yields from the YBTs of matured unredeemed PTs.
Swap fee is the fee imposed on users when swapping tokens within the internal or external protocols.
Once you’re ready, approve the transaction and Swap!
Leveraging your yield exposure with YT
On the other hand, if you believe that the yield of the asset will rise, you would want to bet on your yield. By buying YT, you are increasing your exposure to the yield of an asset by only buying the yield component, and your returns will be determined by the fluctuations in the underlying APY.
Furthermore, buying YT is much more capital efficient than buying the underlying asset, meaning that for the same amount of capital, you can purchase a much larger quantity of YT, therefore leveraging your exposure to yield.
For example, if the price of YT is 5% the price of the underlying asset, any increase in underlying yield will result in a 20x increase in your returns, since you are able to purchase 20x units of YT.
Go to Trade page
Select your desired asset by clicking on the YT bar, then choose your input asset.
Enter the transaction volume.
You can control your slippage tolerance with the gear icon in the top right corner.
Review the output information.
Implied APY is the market consensus of the future APY of an asset.
Effective Implied APY is the APY based on the actual rate that the user used to swap.
Min. Received is the minimum expected amount a user receives after a swapor any other transactions, factoring in slippage.
Max. Slippage is the maximum percentage deviation allowed between the expected price and the actual price during a swap.
Auto is a feature that automatically sets the slippage tolerance based on market conditions.
Custom allows users to manually specify their preferred slippage tolerance level.
Transaction deadline is the time limit within which a transaction must be completed to avoid failure.
Fees
Issuance fee is a fixed fee applied when minting a new PT and YT.
Redemption fee is a fixed fee charged when converting or redeeming a PT and YT back into their underlying assets.
Performance fee (before marurity) is a dynamic fee from all yield accrued (including points) by all YT in existence.
Performance fee (after marurity) is a dynamic fee from all yield accrued (including points) by all yields from the YBTs of matured unredeemed PTs.
Swap fee is the fee imposed on users when swapping tokens within the internal or external protocols.
Once you’re ready, approve the transaction and Trade!
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