Liquidity
Pools
Every token and maturity has two pools: one making the market between PT and USDG, and a smaller one doing the same for YT.
The pools page lists both for each market, with the pool’s own liquidity — the depth providers have actually supplied, not the market size of the underlying token.
| PT pool | YT pool | |
|---|---|---|
| Pairs | PT / USDG | YT / USDG |
| Earns | Swap fees plus the fixed return on its PT inventory | Swap fees |
| Depth | The deeper of the two | Intentionally smaller |
| Risk shape | Shrinks as PT converges to the token | Follows dividend repricing |
Why the PT pool quotes two yields#
A PT pool position holds PT inventory, and that inventory carries a fixed return whether or not anybody trades against it. The swap fees are earned on top, so the total APY quoted for a PT pool is the sum of the two. YT pools quote a higher fee APR, because the volatile side pays more to be made, but they carry no fixed return of their own.