A quick cheat sheet and a long explanation for yield trading. Markets The inversion of Implied APY and PT value can be trippy sometimes. The idea to wrap your head around is: The lower a PT's value is, the higher the fixed rate. Meaning a token that goes from 0.95 → 1.00 has a higher fixed rate than a token that goes from 0.98 → 1.00. The end point is always the same, and the market fluctuates how far from 1.00 it can go during the maturity. Limit Orders This is just a reminder on which direction to set limit orders if you're not trying to size in at the current market price. The typical reasoning is to get a better entry, so for YTs you want the lowest IA, and for PTs you want the highest. Liquidity This one I have some more thoughts around. First, I believe that providing liquidity in a general wide range is under the assumption that the market is pricing the asset's yield relatively correctly and that you want to capture fees in the fluctuations. You would want to exit the LP around the same implied APY or lower than you entered if there are no plans to hold to maturity. The directional option is to provide liquidity when the implied APY is higher than what you believe is the fair price, so you can capture the fees and profit on the LP's value increase as the implied APY drops. This is because the LP will be converting its fixed-rate portion into the underlying token, almost DCAing out of a PT position that is growing in USD value. Being in a full PT position (higher than your range) presents a negative PnL because your position is essentially a DCA into PTs and the PT's current market value in USD is lower than your entry. Think of it as buying PTs at 0.98, 0.97, 0.96 and the current market value is 0.96. You would simply have to wait until maturity to capture the profits.