Trade OTC and Request Quotes

Open OTC in the Spectra app and connect your wallet. For an introduction, see OTC trading and quote requests.

Take an offer

1. Choose PT or YT and the network. Use Offer, Market, With and the minimum size filter to narrow the book.
2. Open an offer. The book's Buy or Sell label describes your action as the taker: Buy PT means the maker is selling PT to you.
3. If the offer allows partial fills, enter how much PT or YT to buy or sell, up to Available: what is left of the offer. It starts at everything that is left. An offer without partial fills is taken whole.
4. Check the market, maturity, rate, asset you pay and asset you receive. Hover You pay (live) to see the maximum payment: the live price plus a small buffer for changes while your transaction is pending. Your approval covers this maximum, and the fill reverts, spending nothing, above it.
5. Approve the payment token if prompted, then confirm the fill in your wallet.
6. Wait for confirmation and check your balances.

Most offers allow partial fills: you can take part of one, and the rest stays available to others. Each part is priced at the offer's fixed rate. Offers marked with the No partial fills icon in the book must be taken whole.

The app refreshes the quote, and what is left of the offer, before sending. If someone takes part of the offer first and less is left than you chose, the app shows how much remains: lower the amount to continue. If the payment exceeds your accepted maximum, or the offer is no longer available, close and reopen it to review before trying again.

Create an offer

1. Select + Create an offer, choose PT or YT, then Create an offer.
2. Select a market, buy or sell, and the settlement token: underlying or IBT.
3. Enter the amount you will send. You sell (fixed) is a PT/YT amount; You spend (fixed) is the underlying or IBT amount for a buy offer. You must hold enough of that token to publish.
4. Set the Fixed rate (implied APY) and the offer's expiry. Check Output now to see the amount you would receive at the current block. PT rates can be 0% or higher; YT rates must be above 0%.
5. Allow partial fills is checked by default: takers can fill part of your offer, and the rest stays open until it is filled, you cancel it or it expires. Uncheck it if a taker must take the whole offer in one fill.
6. Optionally select Restrict to specific counterparties and add the addresses allowed to fill.
7. Approve the outgoing token if needed, then select Sign & publish offer. Successful publication returns you to the OTC book.

Signing and publishing from a regular wallet costs no gas. Token approval is an onchain transaction and may cost gas. Your wallet may call the signature 1inch Limit Order Protocol; check that its network and settlement address match the Spectra OTC offer you reviewed.

Your tokens stay in your wallet until a fill. Keep enough balance and allowance to cover what is left of your live offers. An executable offer can be filled without another confirmation from you, several times over if it allows partial fills, until nothing is left.

If the market does not exist, Deploy a PT creates a PT/YT pair for an ERC-4626 IBT and a maturity. Deployment costs gas and creates no AMM pool or liquidity. Verify the IBT address and yield source before using it.

Request quotes from curators

Use Request a quote when you want MetaVault curators to propose a rate.

1. Choose PT or YT, then a vault. Check its curator, underlying asset and network; use the vault link to review it.
2. Select an existing market or New expiry. For a new expiry, a responding curator must deploy the market before quoting it. Check the actual maturity on the response; it can be up to a day later than requested.
3. Choose buy or sell, enter the amount in PT or YT units, and select underlying or IBT for settlement.
4. Set Request expires in. The chosen vault is selected under Ask quotes from; select any additional recipients explicitly.
5. Review and sign the request. This is a gas-free message, not a trade or token approval.

To request a sale, hold the full PT/YT quantity in an existing market. To request a purchase, hold a positive balance of the settlement token; the actual payment depends on the response and is checked again when you fill.

Return to My quote requests on the OTC page. Each curator can leave the request pending, decline it or respond with a private offer. There is no guarantee that a curator will respond.

Review each response's actual amounts, rate and expiry, then select Fill to use the same approval and confirmation flow as any other offer. Requests use a PT/YT quantity, but response offers still fix the maker's outgoing leg; the live amount on the other leg can change.

You can withdraw an open request with a wallet signature. Withdrawing or letting the request expire does not cancel offers already signed in response. Filling one response does not cancel the others either.

Manage your offers

Find offers you created under My OTC orders.

To withdraw an offer, use its cancel button and confirm the onchain transaction. On a partially filled offer, it cancels what is left; fills already made stay made. Wait for confirmation: the offer could still fill before cancellation executes. Hiding an offer or moving its tokens does not cancel the signature. To change signed terms, cancel the old offer and create a new one.

The usual PT/YT and yield-source risks still apply. A quoted APY, private recipient list or factory-deployed market is not an endorsement of the asset.