Core concepts
Maturities
Every verified token lists several dates, roughly two to sixteen months out. Each is a separate market with its own prices, book and depth.
A longer maturity means a deeper PT discount, a more valuable YT, and more time for either side to be wrong. The date is displayed on every chart as a marked line, and the trade ticket, the pools and the split flow all key off the same one.
Isolation is deliberate#
Positions in different maturities of the same token never interact until they are merged or settled. That means a dislocation in one date — a crowded trade into the nearest maturity, say — cannot contaminate the pricing of the others. A position can always be rolled by closing in one market and opening in the next.
The same token, across every date it lists#
Pfizer at $25.40, paying $1.72 a year:
| 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 |
How the horizons behave#
| Horizon | PT behaviour | YT behaviour |
|---|---|---|
| Near — under 6 months | Small discount, fast convergence, least exposure to rate demand. | Cheap, few distributions left, the highest leverage available. |
| Middle — 6 to 18 months | The liquid core. Discount and duration in balance, and where most depth sits. | Several distributions priced in, leverage still substantial. |
| Far — beyond 18 months | Deepest discount, and the most sensitive to a shift in demand for fixed return. | The most valuable stream, and the most exposed to a change in dividend policy. |