Yield trading without the complexity.
YELTRA turns a yield market into two readable choices: lock a quoted yield with Fixed Yield, or trade exposure to future yield with Trading Yield.
One market. Two ways to trade its yield.
A yield market has a principal side and a yield side. YELTRA separates them into two positions so you can choose a more predictable outcome or exposure to future yield.
Fixed Yield
Lock a quoted yield toward maturity. Early exit is priced by the market.
Trading Yield
Trade exposure to future yield as rates move. Value can rise or fall.
Lock a quoted yield.
Fixed Yield locks a quoted yield toward maturity. You deposit the quote asset, receive Principal Tokens (PT), and target the maturity value implied by the quoted fixed APY.
- 1Open position
- 2Hold or sell early
- 3Redeem at maturity
Selling early returns the position’s current market value. Redeeming is available only once the market reaches maturity.
Trade future yield.
Trading Yield gives you exposure to future yield through Yield Tokens (YT). YT represents the right to claim the underlying yield stream until maturity; it does not redeem the deposited principal.
- 1Open position
- 2Claim yield or sell early
- 3Expires at maturity
If the realized rate is below the break-even rate, the position can lose value. At maturity, YT trends toward zero.
Read the numbers before you choose.
- Underlying APY
- The current annualized rate produced by the underlying yield source.
- Implied APY
- The annualized rate implied by the market price of principal and yield exposure.
- Quoted Fixed APY
- The rate calculated for the exact amount and maturity in your current Fixed quote.
- Break-even APY
- The average realized rate Trading Yield needs for its yield stream to recover the amount paid.
Maturity is where the instruments separate.
For PT, maturity is the point at which the principal claim can be redeemed. For YT, the yield claim ends and the token’s value approaches zero. Always check the maturity date before entering a position.
Trading Yield is a view, not a guarantee.
Fixed Yield: selling before maturity can result in a different realized outcome. Both strategies also carry market, liquidity, protocol, smart-contract, network, and wallet risks.
Wallet state and market data are separate.
You can explore markets and preview quotes without a wallet; connect one only to execute a position or see your portfolio. Robinhood Chain uses ETH for gas. Live market browsing defaults to Mainnet (4663). Testnet (46630) remains available for wallet and explicit mock/development flows; live Pendle markets are not silently substituted there.
Know what the app is showing you.
Normal browsing uses the Pendle live adapter. Market entries, APYs, liquidity, maturity, history, token metadata, and contract addresses come from verified live sources on Mainnet (4663). Explicit mock mode is reserved for development and uses preview values; it never activates merely because a wallet is disconnected or on another chain.
If Pendle or an RPC endpoint fails, the app shows a typed live-source error instead of replacing the response with mock markets or balances.
Verified deployments belong in one place.
YELTRA uses an adapter-first architecture. The application can connect to yield-market sources without claiming that YELTRA owns a live protocol deployment today.
The Contract Registry lists verified YELTRA deployments when live contract integrations are introduced. Preview market addresses are never treated as deployed contracts.
View Contract Registry →Words you will see in the app.
- PT
- Principal Token. The principal side of a yield position.
- YT
- Yield Token. The future yield stream until maturity.
- Maturity
- The date when the position’s rights change.
- Price impact
- The estimated effect of your trade size on its quoted price.
- Liquidity
- The available market depth for entering or exiting.
- Yield source
- The protocol or vault producing the underlying yield.