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Everything starts with depositing USDC for vTokens. From there, you choose your path.

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Deposit

1

Select a vault

Each vault pairs a market maker with one or more exchanges or reward programs. Different vaults have different rates and reward sources.
2

Deposit USDC

Enter your amount. You receive vToken shares at the current NAV.
3

Done

Your vTokens earn yield (NAV grows) and accrue credits for supported reward programs. You can stop here — this is the simplest path.

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Buy EPT or ST

If you want isolated exposure, use your vTokens to buy on the orderbook. Start by selecting a series with the maturity date you want. The same vToken can have multiple series open at different maturities. Read Orderbook Guide if you want a full mental model for how APR, market orders, and limit orders work before trading.
You want rewards-side exposure.
1

Select a series

Choose the series you want to trade. The same vToken can have multiple series with different maturity dates.
2

Open the EPT orderbook

Navigate to the EPT orderbook for that series.
3

Place a buy order

Set your APR and quantity. You’re paying with vTokens. At 0.02 vToken per EPT, 100 vTokens buys 5,000 EPT. The UI shows APR.
4

Order fills

Your order matches and EPT lands in your wallet.
5

Hold and earn

Credits accrue automatically while you hold EPT. No action needed.
6

Claim CreditTokens

Claim CreditTokens based on your credit share and the period weights.

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Exiting Before Maturity

You don’t have to wait. Sell your tokens on the orderbook at any time before maturity.
  • Sell EPT → receive vTokens. Seller keeps all accrued credits. Buyer starts from zero.
  • Sell ST → receive vTokens.
To convert vTokens back to USDC, request a withdrawal (see below).

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Withdrawal

Withdrawals convert vTokens to USDC in two steps:
1

Request

Your vToken shares are burned. You stop earning yield and credits. The USDC you are owed is locked at current NAV.
2

Finalize

After the withdrawal delay shown on the withdrawal page, your USDC is released. The delay covers on-chain/exchange settlement.
If you hold ST or EPT, sell them on the orderbook first to receive vTokens, then withdraw. Or recombine ST + EPT into vTokens if you hold both.

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After Maturity

When a series reaches maturity, final NAV is locked in. No deadline to redeem — do it whenever you’re ready.
Claim directly:
  • USDC at the final NAV
  • CreditTokens based on your credit share

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What to Do with CreditTokens

CreditTokens are used for reward distribution. When a market maker receives rewards for a supported strategy, they can share those rewards with CreditToken holders through the ArcX claim flow. See CreditToken for the mechanics and Risk Disclosure for reward-distribution risks.

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Quick Reference

ActionBefore maturityAt or after maturity
Deposit USDC for vTokensYesYes
Buy/sell EPT on orderbookYesNo
Buy/sell ST on orderbookYesNo
Credits accruing on EPTYesNo
Withdraw vTokensYesYes
Redeem ST into vTokenNoYes
Claim CreditTokens from EPTAs CreditTokens become availableYes

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Next Steps

Credit Mathematics

How credits accrue and how your CreditToken share is calculated.

EPT Pricing

How ST and EPT are priced and what drives the ST discount.