> ## Documentation Index
> Fetch the complete documentation index at: https://docs.kimia.live/llms.txt
> Use this file to discover all available pages before exploring further.

# Split Your Yield (PT + YT)

> Turn vault shares into tradable principal and yield tokens, from the UI.

Once you hold vault shares, the **Earn** page lets you wrap them into two
separable SPL tokens: **PT** (principal) and **YT** (yield). Both can be traded,
held, or sold on the yield-AMM.

If you're integrating programmatically, see [split yield in guides](/guides/split-yield).

## Why split?

| Instrument      | Best for                                                                  |
| --------------- | ------------------------------------------------------------------------- |
| **Vault share** | Passive "just earn funding" yield                                         |
| **PT alone**    | Locked-in fixed rate to maturity (buy PT at a discount, redeem 1:1 later) |
| **YT alone**    | Leveraged exposure to funding, small capital, full yield stream           |
| **LP the pool** | Earn swap fees from people doing the above                                |

## 1. Pick a market

A market is defined by:

* **Underlying vault**, Kimia delta-vault (V1: one vault, one market per tenor)
* **Maturity date**, e.g. 30 days from now

V1 markets are 30-day tenors that roll forward. Each new market creates fresh
PT + YT mints.

## 2. Deposit vault shares

The **Split** panel shows:

* **Shares in**, how many vault shares you're wrapping
* **PT out**, equals shares in (1:1)
* **YT out**, equals shares in (1:1)

One transaction escrows your vault shares and mints both tokens to your wallet.

<Tip>
  The escrow is market-scoped: your shares stay inside the split-engine
  `Market` PDA, which tracks yield per YT via a MasterChef-style
  `reward_per_share` accumulator.
</Tip>

## 3. What you can do next

<CardGroup cols={2}>
  <Card title="Sell YT" icon="coin-front" href="/getting-started/lock-fixed-rate">
    Receive the yield up-front. Keep PT for the principal.
  </Card>

  <Card title="Sell PT" icon="rocket">
    Leveraged yield, you pay a discount, receive all future funding until
    maturity via your retained YT.
  </Card>

  <Card title="LP the pool" icon="water">
    Add balanced PT + underlying liquidity on yield-AMM, earn 30 bps on every
    swap.
  </Card>

  <Card title="Hold both to maturity" icon="clock">
    Claim yield via your YT, then redeem PT 1:1, equivalent to holding the
    original vault share, but with option value added.
  </Card>
</CardGroup>

## Early exit

Before maturity, you can burn **matched PT + YT pairs** to recover vault
shares at a 30 bps fee. This is how LPs and unwanted positions exit without
waiting.

## At maturity

On or after `market.maturity`:

* **PT** redeems 1:1 for vault shares via the **Redeem** button.
* **YT** freezes, its yield stream ends, but the claimable balance is still
  claimable via **Claim Yield**.