> For the complete documentation index, see [llms.txt](https://spreads-finance.gitbook.io/documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://spreads-finance.gitbook.io/documentation/perpetual-airdrop-token/interactive-blocks.md).

# PT/YTs, but for Perps

**Spreads’ first product merges three of the most successful ideas in modern on-chain finance—the delta-neutral basis trade popularized by Ethena, the explosive growth of points farming on emerging perp venues, and the PT/YT payoff separation pioneered by Pendle.**\
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The purpose is to give users passive access to either *premium-like stable yield* or *high-velocity points exposure* through distinguished vaults

<figure><img src="/files/mIHJx0NgdVguRM4dhyrV" alt=""><figcaption></figcaption></figure>

At a high level, the strategy works as follows:

* Spreads deploys capital into delta-neutral positions across new, pre-token perp markets. These positions naturally generate funding-rate carry and staking yield from the upside leg, while also accumulating point rewards issued by the underlying venues.
* All funding, yield, and points are aggregated at the protocol level, then distributed to users depending on the payoff profile they select.
* Users seeking pure airdrop and points exposure can opt into the [Perpetual Airdrop Vault](/documentation/perpetual-airdrop-token/markdown.md), while users looking for a more predictable premium yield can allocate to the [Yield Vault](/documentation/perpetual-airdrop-token/images-and-media.md) backed by basis carry.

The protocol continuously maintains these delta-neutral and farming trades, rotating into new markets as opportunities emerge to maximize both the carry and the points flow. Meanwhile, custody and execution are handled through [MPCvault](https://mpcvault.com/), operated by the Spreads core team, ensuring institutional-grade controls without fragmenting trust across multiple actors.

The result is a single unified product: *a systematic, structured yield engine that captures the economics of perps markets, airdrop incentives, and PT/YT decomposition—abstracted into a clean user experience.*