# Spectra

> Spectra is a permissionless interest-rate derivatives protocol. It splits interest-bearing tokens into Principal Tokens (PT), which lock a fixed rate when held to maturity, and Yield Tokens (YT), which trade the variable yield. PT/IBT pools pay liquidity providers, and curated MetaVaults allocate across pools with automatic rollovers. Spectra runs on EVM chains and on Stellar. Built by Perspective SAS; governed by veSPECTRA holders.

Snapshot as of 2026-11-04T12:03:56.842Z: 10 listed markets and 3 MetaVaults. Rates are market-driven; a fixed APY holds only if the PT is held to maturity, barring [negative yield](https://docs.spectra.finance/docs/spectra/security/risk-documentation#negative-yield-risk) in its yield source. Agents can query live data through the [Spectra MCP server](https://mcp.spectra.finance/mcp).

## Live fixed rates (highest first)

- [KAT fixed 60.29% until 2026-11-19 on Katana](https://app.spectra.finance/fixed-rate/katana:0xbd91b400194ae150cc3c375e977dfd25901ad80c): PT-avKAT(KAT)-2026/11/19, liquidity $70K, variable 44.32%
- [eTHENA fixed 32.36% until 2027-10-19 on BNB Chain](https://app.spectra.finance/fixed-rate/bsc:0x2c997a190c35e7cab5644f0b118c3c7f3680ee32): PT-stakeTHENA(eTHENA)-2027/10/19, liquidity $24K, variable 2.53%
- [WFLR fixed 10.36% until 2031-03-31 on Flare](https://app.spectra.finance/fixed-rate/flare:0x8fa16e9a54a037f0618fed322d31a70d178390ce): PT-sw-sFLR(WFLR)-2031/03/31, liquidity $12K, variable 7.66%
- [WFLR fixed 8.79% until 2026-12-31 on Flare](https://app.spectra.finance/fixed-rate/flare:0x76e3616f8cc8ba745b91c1dd144cae1e885dd543): PT-sw-sFLR(WFLR)-2026/12/31, liquidity $406K, variable 7.66%
- [FXRP fixed 8.53% until 2027-03-31 on Flare](https://app.spectra.finance/fixed-rate/flare:0xe7c867e5d2c751967da19f6b4779daa895c0ba06): PT-stXRP(FXRP)-2027/03/31, liquidity $17K, variable 2.75%
- [WFLR fixed 6.73% until 2027-12-31 on Flare](https://app.spectra.finance/fixed-rate/flare:0x12332d7c66191e3a0c9dfc816dc98c61db0de15a): PT-sw-sFLR(WFLR)-2027/12/31, liquidity $68K, variable 7.66%
- [jEURx fixed 4.80% until 2027-01-13 on Base](https://app.spectra.finance/fixed-rate/base:0xa07f72baa1eda80f6f0e25c2fb55180be46fdf69): PT-sjEUR(jEURx)-2027/01/13, liquidity $394K, variable 3.25%
- [FXRP fixed 3.67% until 2026-11-26 on Flare](https://app.spectra.finance/fixed-rate/flare:0x966d1f376457a3aca5fbc2a6be985f6e5e7708eb): PT-stXRP(FXRP)-2026/11/26, liquidity $3.52M, variable 2.75%
- [USDC fixed 3.60% until 2026-12-15 on Stellar](https://app.spectra.finance/fixed-rate/stellar:CAAQJ6CN3KWJUG2CTUFUV27IL2BBWEIQKQA27HR7KFFZXROLHN6ELMBI): PT-sw-deJTRSY(USDC)-2026/12/15, liquidity $151K, variable 4.61%
- [USDC fixed 3.17% until 2027-03-15 on Stellar](https://app.spectra.finance/fixed-rate/stellar:CDHIBKKS53XQAMIDVL7SZLPM2DEHH3OCO7SU6IE3OW65LESYF5K5ABMU): PT-sw-deJTRSY(USDC)-2027/03/15, liquidity $511K, variable 4.61%
- [Markets overview](https://www.spectra.finance/markets): every listed market by asset, with fixed and variable APYs (markdown: https://www.spectra.finance/markets.md); all available markets are in the [app](https://app.spectra.finance/fixed-rate)

## MetaVaults

- [Gami Spectra USDC](https://app.spectra.finance/metavaults/base:0x5e93e1193a5e297cba0856e9b3f22b6e05429b9a): USDC on Base, curated by Gami Labs, live APY 7.13%, 30-day 3.02%, TVL $3.04M
- [Flare XRP Yield Prime](https://app.spectra.finance/metavaults/flare:0x0c4f32c53d4b91a019c7c9d8da14af140295eef6): FXRP on Flare, curated by Gami Labs, live APY 3.98%, 30-day 7.44%, TVL $2.93M
- [vbUSDC Katana](https://app.spectra.finance/metavaults/katana:0xc2dec6328d9ef1ef2ee85901f9c1a8db8dd1c9c1): vbUSDC on Katana, curated by Clearstar, live APY 4.53%, 30-day 2.12%, TVL $420K

## Products

- [Fixed Rates](https://app.spectra.finance/fixed-rate): buy PT to lock a fixed yield until maturity
- [Yield Leverage](https://app.spectra.finance/trade-yield): buy or sell YT for leveraged exposure to future yield
- [Liquidity Pools](https://app.spectra.finance/pools): provide PT/IBT liquidity for fees, PT accrual and underlying yield
- [MetaVaults](https://app.spectra.finance/metavaults): curated vaults with automated allocation and rollovers

## Docs

- [Protocol docs index](https://docs.spectra.finance/llms.txt)
- [Earn a fixed rate](https://docs.spectra.finance/docs/spectra/guides/fixed-rate)
- [Principal and Yield Tokens](https://docs.spectra.finance/docs/spectra/core-concepts/principal-and-yield-token)
- [MetaVaults](https://docs.spectra.finance/docs/metavaults)
- [Fees](https://docs.spectra.finance/docs/spectra/tokenomics/fees)
- [Risks](https://docs.spectra.finance/docs/spectra/security/risk-documentation) · [Audits](https://docs.spectra.finance/docs/spectra/security/audits)

## Developers and agents

- [Spectra MCP server](https://mcp.spectra.finance/mcp): hosted, no account or key; live fixed rates, yields, markets, MetaVaults and wallet positions. `https://mcp.spectra.finance/mcp/trade` adds unsigned PT transactions for the user to sign
- [Spectra for AI agents](https://www.spectra.finance/agents): add Spectra to Claude, ChatGPT, Cursor, VS Code or Claude Code, with example prompts (markdown: https://www.spectra.finance/agents.md)
- [Use Spectra with AI agents](https://docs.spectra.finance/docs/spectra/guides/ai-agents): connect Claude, ChatGPT, Cursor and other assistants
- [Plugin and skills](https://github.com/perspectivefi/spectra-ai) for Claude Code, Codex and Cursor
- [AI Catalog](https://www.spectra.finance/.well-known/ai-catalog.json): machine-readable pointer to the MCP server card
- [API (OpenAPI)](https://api.spectra.finance/api-docs): markets `GET /v1/{network}/pools`, MetaVaults `GET /v2/metavaults`, positions `GET /v1/portfolio/{address}`
- [App llms.txt](https://app.spectra.finance/llms.txt): every market page has a markdown version (append .md)
- [Developer docs](https://dev.spectra.finance/llms.txt)
- [Core contracts](https://github.com/perspectivefi/spectra-core)

## Optional

- [Governance forum](https://gov.spectra.finance)
- [Blog](https://paragraph.com/@Spectra)
- [X / Twitter](https://twitter.com/spectra_finance)