Yield Token (YT) Trading Functions

This document covers all functions for trading Yield Tokens (YT) in Pendle markets. YT tokens represent the yield portion of yield-bearing assets and can be traded against other tokens or SY tokens.

Token to YT Trading

Since AMM only supports swaps by exact YT, to swap exact tokens for YT requires binary search approximation to find the correct amount of SY needed to achieve the desired YT output. For best usage, use the SDK for better approximation since running binary search on-chain is costly.

swapExactTokenForYt

Swaps an exact amount of any supported token for YT tokens.

function swapExactTokenForYt(
    address receiver,
    address market,
    uint256 minYtOut,
    ApproxParams calldata guessYtOut,
    TokenInput calldata input,
    LimitOrderData calldata limit
) external payable returns (uint256 netYtOut, uint256 netSyFee, uint256 netSyInterm)

Input Parameters

Name	Type	Description
receiver	address	Address to receive YT tokens
market	address	Pendle market address
minYtOut	uint256	Minimum YT tokens to receive
guessYtOut	ApproxParams	Approximation parameters
input	TokenInput	Token input configuration
limit	LimitOrderData	Limit order configuration

Return Values

Name	Type	Description
netYtOut	uint256	YT tokens received
netSyFee	uint256	Trading fees paid in SY
netSyInterm	uint256	SY tokens generated from input token

Use Case Most common function for buying YT tokens with any supported token. The function converts your token to SY and then swaps SY for YT, first filling available limit orders, then using the AMM for any remaining amount.

Simple Version Available For basic operations without custom parameters, use swapExactTokenForYtSimple which automatically handles approximation and skips limit order functionality.

swapExactSyForYt

Swaps an exact amount of SY tokens for YT tokens.

function swapExactSyForYt(
    address receiver,
    address market,
    uint256 exactSyIn,
    uint256 minYtOut,
    ApproxParams calldata guessYtOut,
    LimitOrderData calldata limit
) external returns (uint256 netYtOut, uint256 netSyFee)

Input Parameters

Name	Type	Description
receiver	address	Address to receive YT tokens
market	address	Pendle market address
exactSyIn	uint256	Exact amount of SY tokens to swap
minYtOut	uint256	Minimum YT tokens to receive
guessYtOut	ApproxParams	Approximation parameters
limit	LimitOrderData	Limit order configuration

Return Values

Name	Type	Description
netYtOut	uint256	YT tokens received
netSyFee	uint256	Trading fees paid in SY

Use Case Direct and efficient method when you already have SY tokens and want to buy YT tokens.

Simple Version Available For basic operations without custom parameters, use swapExactSyForYtSimple which automatically handles approximation and skips limit order functionality.

YT to Token Trading

swapExactYtForToken

Swaps an exact amount of YT tokens for any supported token.

function swapExactYtForToken(
    address receiver,
    address market,
    uint256 exactYtIn,
    TokenOutput calldata output,
    LimitOrderData calldata limit
) external returns (uint256 netTokenOut, uint256 netSyFee, uint256 netSyInterm)

Input Parameters

Name	Type	Description
receiver	address	Address to receive tokens
market	address	Pendle market address
exactYtIn	uint256	Exact amount of YT tokens to swap
output	TokenOutput	Token output configuration
limit	LimitOrderData	Limit order configuration

Return Values

Name	Type	Description
netTokenOut	uint256	Amount tokens received
netSyFee	uint256	Trading fees paid in SY
netSyInterm	uint256	SY tokens before conversion

Use Case Most common function for selling YT tokens to receive tokens. The function swaps YT for SY (first filling available limit orders, then using the AMM), then converts SY to your desired token.

swapExactYtForSy

Swaps an exact amount of YT tokens for SY tokens.

function swapExactYtForSy(
    address receiver,
    address market,
    uint256 exactYtIn,
    uint256 minSyOut,
    LimitOrderData calldata limit
) external returns (uint256 netSyOut, uint256 netSyFee)

Input Parameters

Name	Type	Description
receiver	address	Address to receive SY tokens
market	address	Pendle market address
exactYtIn	uint256	Exact amount of YT tokens to swap
minSyOut	uint256	Minimum SY tokens to receive
limit	LimitOrderData	Limit order configuration

Return Values

Name	Type	Description
netSyOut	uint256	SY tokens received
netSyFee	uint256	Trading fees paid in SY

Use Case Direct and efficient method for selling YT tokens to receive SY tokens.

Integration Examples

Buying YT-sUSDe with USDe

// Swap 1000 USDe for YT-sUSDe tokens
router.swapExactTokenForYt(
    msg.sender,
    PT_SUSDE_MARKET_ADDRESS,
    minYtOut,
    createDefaultApproxParams(),
    createTokenInputSimple(USDE_ADDRESS, 1000e18),
    createEmptyLimitOrderData()
);

Selling YT-sUSDe for USDe

// Swap YT-sUSDe tokens for USDe
router.swapExactYtForToken(
    msg.sender,
    PT_SUSDE_MARKET_ADDRESS,
    ytAmount,
    createTokenOutputSimple(USDE_ADDRESS, minUsdeOut),
    createEmptyLimitOrderData()
);

Direct SY to YT Trading

// Swap SY tokens directly for YT tokens
router.swapExactSyForYt(
    msg.sender,
    MARKET_ADDRESS,
    syAmount,
    minYtOut,
    createDefaultApproxParams(),
    createEmptyLimitOrderData()
);