What the pool charges you

Your trade receipt shows fewer PT than the quoted implied APY implies. Which rate did you lock if you hold to maturity?

• The quoted rate, because the market quoted it
• The effective rate, from PT received ÷ amount spent
• The average of the two

Two trades use the same pool and fee tier, one with 360 days to maturity and one with 30. Which pays more in swap fee?

• The 360-day trade, because the fee scales with days to maturity
• The 30-day trade, because short trades are charged more
• Both pay the same, because the tier is the same