Redeem Position

When a cycle reaches its maturity date, PT becomes redeemable for the underlying assets. This is how you close your position and get your capital back.

Redeeming PT (After Maturity)

1. Go to the Pool page with your matured position
2. In the Your Positions section, find your PT balance
3. Click Redeem and enter the amount
4. The interface shows what you'll receive (e.g., WBTC + USDT)
5. Confirm in your wallet

Your PT is burned, and the underlying tokens are sent to your wallet.

!NOTE There's no deadline to redeem. PT stays redeemable forever after maturity. Your funds don't expire.

Early Exit (Before Maturity)

If you need to exit before maturity, you can't redeem PT at face value — the cycle hasn't ended yet. Instead, sell PT on the secondary market:

1. Go to Markets and find your market
2. Sell your PT for quote tokens

You'll get slightly less than face value (the remaining discount), but you get immediate liquidity.

See the Trade PT guide for details.

What About YT?

YT has no redemption value at maturity — it only earns yield. Before discarding expired YT:

1. Make sure you've claimed all pending yield
2. Once claimed, expired YT has zero value

!TIP It's good practice to claim yield before or right after maturity, and then redeem your PT in a separate transaction.