> For the complete documentation index, see [llms.txt](https://docs.spectra.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.spectra.finance/app-help/fixed-rates.md).
# 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.
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.
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The details of the outcome of the PT purchase are displayed at the bottom of the Fixed Rates drawer. \
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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.
Let's break down the details of the output area:
* **Output:** The number of PT units we receive for our input
* **Min. Output:** You will not receive less than the displayed number of PT units for your input. It considers slippage.
* **Fixed APY:** The APY you will earn by holding onto the Principal Tokens until maturity.
* **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.
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#### **Questions?**
[View this FAQ section on Principal Tokens](/the-basics/faq.md#principal-token-pt)