Rate trading,
without the jargon.

One asset. Two faces.

An interest-bearing asset, such as USDG in a lending vault or a stock token that pays dividends, earns a rate that changes over time. Pendle splits it into two tokens that trade on their own until a fixed date, the maturity:

JANO turns that into two simple choices. Fixed Yield buys PT: you lock a known rate. Trading Yield buys YT: you own the interest stream and win if rates run hot. Every quote comes live from Pendle, and your wallet sends the trade straight to Pendle's router.

Lock a quoted rate.

You pay with the market's asset and receive Principal Tokens (PT) at a discount. On maturity day, each PT redeems for exactly 1 unit of the asset. The discount you paid is your return, so you know your number on day one.

No borrowing, no margin, no liquidation. If you sell before maturity, you get the market price of PT that day, which can be higher or lower than your entry.

Trade the rate.

You buy Yield Tokens (YT). Each YT collects the interest of 1 full unit of the asset until maturity, but costs only a small fraction of it. That gives you leveraged exposure to the rate, without liquidation.

If the rate averages above break-even until maturity, the interest you collect beats what you paid. Below it, you lose part of your cost. Claim it whenever you like from your portfolio. At maturity the YT itself is worth zero: what you keep is the interest you collected.

Four rates, four meanings.

Fixed APY

The rate the market prices today, implied by the PT price. Your exact quote also includes price impact.

Rate now

What the underlying pays right now. It moves every day. Stock tokens pay it as dividends.

Break-even

The average rate Trading Yield needs until maturity to pay back its price.

Exposure

How much underlying interest one dollar of YT controls. 50× means $100 of YT collects the interest of $5,000 of the asset.

Where the two faces separate.

Every market has one maturity date. On that date, PT becomes redeemable 1 : 1 for the asset (JANO shows a Redeem button in your portfolio) and YT stops earning. Unclaimed interest stays claimable after maturity.

Markets close to maturity have most of their interest already paid. JANO marks them Maturing so you don't buy a stream that is about to end.

Trade a stock's future dividends.

Some markets split stock tokens such as NVDA, PFE or SGOV. Their payout is the dividend. Fixed Yield buys the stock at a discount, paid back in the stock at maturity. Trading Yield buys the dividends alone, without owning the shares.

Note: PT on a stock pays in units of that stock, so its dollar value still follows the stock price.

Read this before you sign.

Trading Yield can lose most of its value if rates fall below break-even. Fixed Yield sold before maturity can return less than you paid. Both carry smart-contract, liquidity and network risk, and the risk of the underlying asset itself (a stablecoin depeg, a stock falling, a staking protocol failing).

Some community markets show four-digit APYs. These rates are real but extremely volatile: size your trades accordingly. JANO shows price impact and warns you above 2%.

Your keys, your trades.

Browse markets and get quotes without a wallet. To trade, connect MetaMask, Rabby or any EVM wallet on Robinhood Chain (chain ID 4663, gas paid in ETH). JANO switches or adds the network for you. JANO never asks for a wallet on page load. It asks for approval of the exact amount of each trade, never an unlimited one.

Zero cut on your trades.

JANO adds no interface fee. You pay Pendle's own swap fee (shown in every quote) and network gas. The $JANO token funds the project through its creator fees, which are split between buyback & burn and protocol work. The burn is readable live from the dead address on the home page.

Words you will see.

PT

Principal Token. Redeems 1 : 1 for the asset at maturity.

YT

Yield Token. Collects the asset's interest until maturity.

SY

Standardised Yield. Pendle's wrapper around the interest-bearing asset.

Maturity

The date PT becomes redeemable and YT stops earning.

Price impact

How much your trade moves the market price. Smaller trades get closer to the quoted rate.

Liquidity

The depth available in a market to enter or exit.