> For the complete documentation index, see [llms.txt](https://docs.swivel.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.swivel.finance/swivel-exchange/exchange-functions/redeeming-tokens-interest.md).

# Redeeming Tokens/Interest

## Redeeming PTs

v can only be redeemed once a market has matured.

Once a market has matured, users can redeem their PTs 1:1 for their underlying deposit (e.g. 1 ptUSDC = 1 USDC).

**Redeeming PTs:**

1. Navigate to your [Positions ](https://swivel.exchange/positions)page
2. Select "Matured" to view the recently matured markets
3. Find the market and PT balance you would like to redeem.
4. Assuming you have PTs to redeem, click "redeem".
5. Confirm the transaction and receive a 1:1 amount of tokens !

## Redeeming YT Interest

YTs generate interest continuously until maturity.

The interest that YTs generate can be redeemed at any time.

**Redeeming "redeemable":**

1. Navigate to your [Positions ](https://swivel.exchange/positions)page
2. Identify whether the market has matured or not, and select the correct category.
3. Find the market and "redeemable" balance you would like to redeem.
4. Click "redeem".
5. Confirm the transaction and receive a 1:1 amount of "redeemable" balance in your underlying token.