Trade YT

YT trades on a peer-to-peer orderbook — not an AMM. You place orders, and other users fill them.

How the Orderbook Works

Unlike PT (which trades on an AMM with instant swaps), YT uses a limit order system:

• Sell orders — list your YT at a price you choose
• Buy orders — offer to buy YT at a price you choose
• Market orders — fill the best available orders instantly (sweeps up to 50 orders)

Selling YT

If you have YT and want to sell it:

1. Go to the pool's YT trading page
2. In the Place Order panel, select Sell
3. Enter the amount of YT and your asking price
4. Click Place Order and confirm

Your YT stays in your wallet until someone fills the order. The quote tokens from the buyer are escrowed in the contract.

!NOTE Sell orders do not escrow your YT. You need to keep the YT in your wallet until the order is filled. If you transfer your YT elsewhere, the order can't be filled.

Buying YT

Want yield exposure without minting?

1. On the YT trading page, select Buy
2. Enter how much YT you want and the price you're willing to pay
3. Confirm the order — your quote tokens will be escrowed in the smart contract
4. When a seller matches your price, the trade executes automatically

You can also use market buy to instantly fill the best available sell orders.

Cancelling Orders

Changed your mind? You can cancel any unfilled order at any time. Escrowed funds are returned immediately.

Fees

The orderbook charges a 0.30% taker fee (30 bps) on filled orders. Makers pay nothing.

Comparing YT Fair Value

The app shows a YT Fair Price calculated from the pool's historical APY and time to maturity:

$\text{YT Fair Price} = \text{APY} \times \frac{\text{Days Remaining}}{365}$

Compare this with the orderbook prices to spot opportunities. If the market price is below fair value, YT may be undervalued.