# Fixed Rates

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You may encounter various verbs that describe this action, such as *fixing, locking in, or securing APY.*
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Here, you can convert your crypto, such as USDT, into Principal Tokens (PT), which encapsulate a fixed yield until the end of the period, marked as Maturity.

<figure><img src="https://1608032478-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FaSE6NakmHsqUzyells7H%2Fuploads%2FHFFBxdc1lFbzfhrO6AVM%2Fimage.png?alt=media&#x26;token=29a3ed81-283e-4093-9c5b-e3a9ae509ee3" alt=""><figcaption></figcaption></figure>

The upper section displays essential details of the pool used for the exchange, covering the interest-bearing token and its associated Principal Token (PT), the PT's maturity date, and the pool's liquidity

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At maturity, Principal Tokens are redeemable 1:1 with the underlying token.&#x20;
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The details of the outcome of the PT purchase are displayed at the bottom of the Fixed Rates drawer. \
\
In this scenario, for a 100 USDT input, we are presented with a 106.86 PT-sUSDT output, meaning that at maturity, we'll be able to redeem PTs for Underlying in a 1:1 ratio, resulting in a net profit of 6.86 USDT.&#x20;

<figure><img src="https://1608032478-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FaSE6NakmHsqUzyells7H%2Fuploads%2FSiGGJh1riHeNH2CPR8iA%2Fimage.png?alt=media&#x26;token=79bbc22c-1b74-48c2-ba68-23fe17c50f74" alt=""><figcaption></figcaption></figure>

Let's break down the details of the output area:

* **Output:** The number of PT units we receive for our input&#x20;
* **Min. Output:** You will not receive less than the displayed number of PT units for your input. It considers slippage.&#x20;
* **Fixed APY:** The APY you will earn by holding onto the Principal Tokens until maturity.&#x20;
* **Fee:** The swap fee is already reflected in the **`Output`**
* **Fixed Maturity Profit:** Net profit expressed in the underlying token and its current USD value

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The $USD value of the `Fixed Maturity Profit` label is for informative purposes only. When fixing rates on non-stablecoin assets, they are subject to USD market fluctuations.&#x20;
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#### **Questions?**

[View this FAQ section on Principal Tokens](https://docs.spectra.finance/the-basics/faq#principal-token-pt)