Lock in fixed yields with Pendle Principal Tokens. Separate yield from principal for strategic positioning.
yieldIntermediate25-35 minutes7 stepsPrerequisites: Yield-bearing assets (stETH, GLP, etc.), ETH for gas, Understanding of yield concepts
On this page
Quick Overview
1Go to Pendle
2Browse Markets
3Select PT Market
4Enter Amount
5Approve and Swap
6Hold Until Maturity
7Redeem at Maturity
Pendle splits yield-bearing assets into Principal Tokens (PT) and Yield Tokens (YT). PT lets you lock in a fixed yield, while YT gives you variable yield exposure.
Understanding PT and YT
Principal Token (PT):
Redeemable for underlying at maturity
Trades at discount (the discount = your yield)
Fixed yield, no surprises
Yield Token (YT):
Receives all yield until maturity
Speculate on yield going up
Worth $0 at maturity
Example: stETH PT
Buy PT at
Maturity
Fixed APY
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0.95 ETH
6 months
~10%
0.92 ETH
1 year
~8%
At maturity, your 0.95 PT becomes 1.0 stETH worth of value.
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Track your Pendle positions with Fensory. Monitor PT and YT values.
Start Tracking →
Step-by-Step Instructions
1
Go to Pendle
Visit app.pendle.finance and connect your wallet.
Tips
✓Available on Ethereum, Arbitrum, and more
✓Arbitrum has lower fees
2
Browse Markets
View available markets. Each shows underlying asset, maturity, and implied APY.
Tips
✓Longer maturity = usually higher APY
✓Check TVL for liquidity
3
Select PT Market
Choose a PT market. The implied APY is your fixed yield if held to maturity.
Tips
✓stETH PT is popular for fixed ETH yield
✓Compare to variable yields
4
Enter Amount
Enter how much underlying you want to convert. Review the PT amount you receive.
Tips
✓Discount to face value = your yield
✓Larger trades may have slippage
5
Approve and Swap
Approve tokens if needed, then confirm the swap to PT.
Tips
✓You can also provide LP to PT/SY pools
✓Gas varies by chain
6
Hold Until Maturity
PT reaches full value at maturity. You can sell early but may not get full yield.
Tips
✓Calendar the maturity date
✓Early exit depends on market conditions
7
Redeem at Maturity
After maturity, redeem PT for the underlying asset at full value.