> ## Documentation Index
> Fetch the complete documentation index at: https://docs.arcx.trade/llms.txt
> Use this file to discover all available pages before exploring further.

# User Guide

> Step-by-step: deposit for vTokens, buy EPT or ST on the orderbook, withdraw, and manage positions through series maturity.

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

***

## Deposit

<Steps>
  <Step title="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.
  </Step>

  <Step title="Deposit USDC">
    Enter your amount. You receive vToken shares at the current NAV.
  </Step>

  <Step title="Done">
    Your vTokens earn yield (NAV grows) and accrue credits for supported reward programs. You can stop here — this is the simplest path.
  </Step>
</Steps>

***

## 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](/learn/orderbook-guide) if you want a full mental model for how APR, market orders, and limit orders work before trading.

<Tabs>
  <Tab title="Reward Buyer" icon="chart-line">
    You want rewards-side exposure.

    <Steps>
      <Step title="Select a series">
        Choose the series you want to trade. The same vToken can have multiple series with different maturity dates.
      </Step>

      <Step title="Open the EPT orderbook">
        Navigate to the EPT orderbook for that series.
      </Step>

      <Step title="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.
      </Step>

      <Step title="Order fills">
        Your order matches and EPT lands in your wallet.
      </Step>

      <Step title="Hold and earn">
        Credits accrue automatically while you hold EPT. No action needed.
      </Step>

      <Step title="Claim CreditTokens">
        Claim CreditTokens based on your credit share and the period weights.
      </Step>
    </Steps>
  </Tab>

  <Tab title="Yield Seeker" icon="vault">
    You want principal + yield exposure.

    <Steps>
      <Step title="Select a series">
        Choose the series you want to trade. The same vToken can have multiple series with different maturity dates.
      </Step>

      <Step title="Open the ST orderbook">
        Navigate to the ST orderbook for that series.
      </Step>

      <Step title="Place a buy order">
        Buy ST below 1 vToken with your vTokens. The vault already has a base APR, and the ST orderbook adds another APR on top through the discount. You can see the APR on the orderbook and either take a market order if there is enough liquidity or place a limit order.
      </Step>

      <Step title="Order fills">
        Your order matches and ST lands in your wallet.
      </Step>

      <Step title="Hold through maturity">
        Hold ST through maturity to collect the principal + yield side of that series.
      </Step>

      <Step title="Redeem at maturity">
        When the series matures, redeem ST back into vToken.
      </Step>
    </Steps>
  </Tab>
</Tabs>

***

## 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).

***

## Withdrawal

Withdrawals convert vTokens to USDC in two steps:

<Steps>
  <Step title="Request">
    Your vToken shares are burned. You stop earning yield and credits. The USDC you are owed is locked at current NAV.
  </Step>

  <Step title="Finalize">
    After the withdrawal delay shown on the withdrawal page, your USDC is released. The delay covers on-chain/exchange settlement.
  </Step>
</Steps>

**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.

***

## After Maturity

When a series reaches maturity, final NAV is locked in. No deadline to redeem — do it whenever you're ready.

<Tabs>
  <Tab title="vToken Holders" icon="wallet">
    Claim directly:

    * **USDC** at the final NAV
    * **CreditTokens** based on your credit share
  </Tab>

  <Tab title="ST Holders" icon="vault">
    Redeem ST back into vToken at the final NAV. Your ST is burned.
  </Tab>

  <Tab title="EPT Holders" icon="star">
    Claim CreditTokens based on your accumulated credit share. A 25% claim fee is deducted from your CreditTokens.
  </Tab>
</Tabs>

### 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](/learn/credit-token) for the mechanics and [Risk Disclosure](/legal/risk-disclosure) for reward-distribution risks.

***

## Quick Reference

| Action                      | Before maturity                  | At or after maturity |
| --------------------------- | -------------------------------- | -------------------- |
| Deposit USDC for vTokens    | Yes                              | Yes                  |
| Buy/sell EPT on orderbook   | Yes                              | No                   |
| Buy/sell ST on orderbook    | Yes                              | No                   |
| Credits accruing on EPT     | Yes                              | No                   |
| Withdraw vTokens            | Yes                              | Yes                  |
| Redeem ST into vToken       | No                               | **Yes**              |
| Claim CreditTokens from EPT | As CreditTokens become available | **Yes**              |

***

## Next Steps

<CardGroup cols={2}>
  <Card title="Credit Mathematics" icon="calculator" href="/deep-dives/credit-mathematics">
    How credits accrue and how your CreditToken share is calculated.
  </Card>

  <Card title="EPT Pricing" icon="chart-line" href="/deep-dives/ept-pricing">
    How ST and EPT are priced and what drives the ST discount.
  </Card>
</CardGroup>