Fixed Yield & Trading

Buying PT-stETH at 0.97 stETH means at maturity you redeem it for 1 stETH - a guaranteed 3.09% return. This is DeFi's equivalent of a zero-coupon bond. No matter what happens to staking rates, your return is locked in at purchase.

Fixed Yield Calculator

PT Purchase Price (stETH) 0.965 Days to Maturity 120 Amount (stETH to invest) 100

You Pay

96.50 stETH

PT Received

100 PT

At Maturity

100 stETH

Profit

3.50 stETH

Fixed APY

11.03%

PT Price -> Fixed APY Relationship

Lower PT price = higher fixed yield. The discount to par IS your return.

? Fixed vs Variable: When Does Fixed Win?

Your Fixed Rate (locked at purchase) 5.0% Actual Variable Rate Over Period 4.0%

Fixed Return (100 stETH, 180d)

2.47 stETH

Variable Return

1.97 stETH

Winner

Fixed (+0.49 stETH)

Strategy: Buy PT when you think yields will drop. If market yields fall below your locked rate, you outperform. If yields rise above your rate, variable would have been better - but your downside is known.