Robinhood Chain · PT / YT markets
Split a tokenized stock for a chosen maturity. PT is the price. YT is every dividend until then. Each side trades on its own market.
What you want
The token's full value, paid back at maturity.
Every dividend PFE pays until maturity.
You receive the stock token's value when the market matures.
Learn how the split works
| User | Action | Fixed return | Value | Time |
|---|---|---|---|---|
| 0x4a91…c2e7 | Buy PT | 7.06% | $8,420.00 | 12s ago |
| 0xbd03…7f10 | Sell YT | — | $1,905.44 | 48s ago |
| 0x91fe…2a55 | Buy YT | — | $612.80 | 2m ago |
| 0x7c28…ba61 | Buy PT | 6.98% | $24,110.00 | 4m ago |
The split
Deposit a verified stock token and split it for a maturity you choose. Nothing is sold. One token becomes one PT and one YT, and merging equal amounts restores it at any time before the date.
The branches are drawn to scale. PT carries almost all of the value; YT carries the dividends, and very little else.
PT
Price exposure
$23.25
The token itself, returned one-for-one at maturity.
YT
Future dividends
$2.15
Every eligible dividend the token receives before maturity.
Two sides
Prices move independently, but their sum tracks the token they came from. If the sum drifts, arbitrage pulls it back: split when the parts are rich, merge when they are cheap.
One PT redeems for one stock token on the maturity date. Because it gives up the dividends in between, it trades below the token, and that discount is the buyer's return. Hold it to maturity and the outcome was fixed the moment you bought.
The natural PT buyer is not making a call on the stock — that exposure is identical to holding the token. They are trading a rate.
One YT collects every eligible cash distribution the token receives until maturity, then settles worthless. Its price is what the market pays today for that stream — a small fraction of the token, which is exactly where the leverage comes from.
YT decays by design. Every distribution it collects is value delivered and value removed from what remains. A quiet YT position is not failing; it is paying out.
PFE · 17 Dec 2027 · $23.25 + $2.15 = $25.40
Maturities
Every verified token lists several maturities. Each one is an isolated market with its own PT price, YT price, book and depth — so a crowded trade in one date cannot contaminate the pricing of the others.
A longer date means a deeper PT discount, a more valuable YT, and more time for either side to be wrong.
| Maturity | PT | YT | Fixed return | YT leverage |
|---|---|---|---|---|
| 19 Mar 2027 | $24.48 | $0.92 | 7.04% | 27.6x |
| 18 Jun 2027 | $24.07 | $1.33 | 7.06% | 19.0x |
| 17 Dec 2027 | $23.25 | $2.15 | 7.10% | 11.8x |
| 16 Jun 2028 | $22.46 | $2.94 | 7.13% | 8.6x |
Priced from the token's expected dividends to each date, discounted for the wait. PT is whatever remains.
Markets
YT is priced first, from the thing it actually is: the dividends expected before maturity, discounted for the wait. PT is simply the remainder — which is why a market's fixed return always sits close to its dividend yield.
High payers price rich fixed returns. A low payer prices a fraction of a percent, and sells enormous leverage on a very small stream.
Dec 2027
Expected dividends
$2.22
per token, to maturity
Trade cash flows
Dividends
Every payout until Dec 2027
$2.15
+2.31%
Price exposure
The token, minus its dividends
$23.25
-0.71%
Popular markets
Verizon dividends
$3.39
6.72% fixed
Coca-Cola dividends
$2.55
2.87% fixed
JPMorgan Chase dividends
$7.00
1.86% fixed
PFE YT · 11.8x leverage · Dec 2027
Worked example
One date — 17 Dec 2027 — and one mechanism. What changes is the dividend policy, and it changes the entire trade.
A high payer. Nearly nine percent of the token's price is dividends it expects to hand over before Dec 2027, so YT carries real weight and PT is left at a genuine discount.
Fixed return
7.10%
a year, if PT is held to maturity
YT leverage
11.8x
dividend exposure per dollar
A token that barely pays. Its YT prices at the floor rather than off its dividends, so PT is almost the whole token — and that floor buys an enormous multiple on a very small stream.
Fixed return
0.31%
a year, if PT is held to maturity
YT leverage
250x
dividend exposure per dollar
Split one PFE and sell the YT and you hold the price with about 7.1% a year locked in.
Sell the PT instead and $2.15 controls a full token's dividend stream — roughly 11.8x on what the company decides to pay.
Hold both and nothing changed. At maturity the PT returns the token and the YT has collected its $2.22. Merging earlier restores it exactly.
Fees
Converting a token into its own components is free by construction. Fees apply where someone else provides the other side of a trade — and they accrue to whoever provided it. Nothing is routed to a treasury.
Fees in fullNo fee
A split you never touch behaves exactly like the token it came from.
| Action | Fee | Goes to |
|---|---|---|
| Trade PT or YT | Pool swap fee | Liquidity providers |
| Swap stock ↔ USDG | Pool swap fee | Liquidity providers |
| Borrow inside a loop | Borrow rate | USDG suppliers |
| Any transaction | Network gas, in ETH | Robinhood Chain |
Risk
The underlying is a tokenized debt security. Splitting it adds market, liquidity, pricing, issuer, chain and corporate-action risk on top of the equity exposure that was already there.
It trades with the stock and with demand for fixed return. An early exit realises the market price, not the settlement value.
A cut or a cancelled dividend reduces YT's only source of value, multiplied by whatever leverage it carries.
Splits, spin-offs and delistings adjust the market, or settle it early, following the issuer's adjustment of the token.
Thin books widen the gap between the price on the screen and the price a large order actually gets.
A loop multiplies a rate spread. YT is leverage by construction. Both of them cut in both directions.
Positions live in contracts on Robinhood Chain and inherit its operational risk.
Split a verified stock token for a date you choose, and keep exactly the half you wanted.