OTC Trading and Quote Requests
Trade PT or YT directly with a counterparty, or ask curators for a rate.
OTC (over the counter) lets you buy or sell Principal Tokens (PT) and Yield Tokens (YT) directly with another wallet. You agree on an implied APY and settle the trade onchain, without trading through an AMM pool.
OTC is currently available on Base, Katana and Flare. Open OTC in the Spectra app and choose how to trade:
| You want to… | Choose |
|---|---|
| Accept an existing rate | Take an offer from the order book. |
| Set your own rate | Create an offer, open to everyone or restricted to specific addresses. |
| Ask curators what rate they can offer | Send a request for quote (RFQ), then review their responses. |
An RFQ is non-binding. Sending one does not move or reserve your tokens, and receiving an offer does not execute a trade. You decide whether to fill it.
What stays fixed?
An offer fixes the maker's outgoing amount and the implied APY. The amount they receive is recalculated when the trade executes, using the time remaining and the market's current rates. Output now is a preview, not a fixed token amount.
For PT, the quoted rate describes the return to maturity, subject to the underlying yield source's risks. For YT, it is the rate used to price future yield; it does not guarantee the yield you will earn.
Offers fill in full. They exchange PT or YT for the same market's underlying asset or interest-bearing token (IBT). An OTC market can exist without an AMM pool, so check how you plan to exit before maturity.