# Fixed Rates

{% hint style="info" %}
You may encounter various verbs that describe this action, such as *fixing, locking in, or securing APY.*
{% endhint %}

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

{% hint style="info" %}
At maturity, Principal Tokens are redeemable 1:1 with the underlying token.&#x20;
{% endhint %}

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

{% hint style="info" %}
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;
{% endhint %}

#### **Questions?**

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


---

# Agent Instructions: Querying This Documentation

If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://docs.spectra.finance/app-help/fixed-rates.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.