# Vault Synopsis

The Perpetual sUSDe PT vault provides leveraged exposure to Pendle PT-sUSDe on Plasma with automated rollover to the next maturity at expiry.

#### Strategy Overview

The vault holds PT-sUSDe tokens as collateral on Aave V3 (Plasma) and borrows USDT0 to achieve leveraged exposure to the fixed yield embedded in the PT discount. At maturity, the PT position is rolled to the next available sUSDe PT market through an atomic managed rebalance. The depositor's vault share remains valid across maturities.

The yield source is the difference between the PT discount rate (the fixed yield earned by holding PT to maturity) and the USDT0 borrow cost on the lending market. As long as the PT discount rate exceeds the borrow rate, the vault generates a positive yield spread.

$$
\text{Yield Spread} = \text{PT Discount Rate} \times \text{Leverage} - \text{Borrow Rate} \times (\text{Leverage} - 1)
$$

#### Current Position

| Parameter         | Value                           |
| ----------------- | ------------------------------- |
| Chain             | Plasma                          |
| Underlying        | sUSDe (Ethena)                  |
| Current PT Market | PT-sUSDe (June 2026 expiry)     |
| Lending Market(s) | Aave V3 (Plasma)                |
| Debt Token        | USDT                            |
| Deposit Token     | sUSDe or Any (Zap-enabled)      |
| Share Token       | opal-PT-sUSDe-PLASMA-a (ERC-20) |
| Target Leverage   | 9x (may vary)                   |
| Current LTV       | 89%                             |
| Liquidation LTV   | 92%                             |

{% hint style="info" %}
The "Current PT Market" will be updated when the position is rolled to the next maturity.
{% endhint %}

#### Vault Actions

| Action   | User Provides                 | User Receives                 |
| -------- | ----------------------------- | ----------------------------- |
| Deposit  | sUSDe                         | opal-PT-sUSDe-PLASMA-a shares |
| Withdraw | opal-PT-sUSDe-PLASMA-a shares | sUSDe                         |

#### How Rollover Works

{% stepper %}
{% step %}
Unwinds the expiring PT position: redeem PT at maturity and repay debt.
{% endstep %}

{% step %}
Acquires the next PT-sUSDe token: swap into the new PT market.
{% endstep %}

{% step %}
Constructs the new leveraged position: supply new PT as collateral and borrow USDT0.
{% endstep %}

{% step %}
Asserts the post-rollover balance sheet against expected ranges.
{% endstep %}
{% endstepper %}

All four steps execute in a single transaction. If any step fails, the entire rollover reverts and the vault is unchanged.

{% hint style="danger" %}
During the brief window between PT maturity and rollover execution, the vault may hold spot sUSDe or USDT0 in a SpotAsset adapter rather than a leveraged PT position. The share price reflects the actual portfolio state at all times. See PT Maturity and Rollover Risk for details.
{% endhint %}

#### Adapters in This Vault

| Adapter             | Type      | Purpose                                          |
| ------------------- | --------- | ------------------------------------------------ |
| PT-sUSDe Collateral | Aave V3   | Holds PT-sUSDe as collateral, borrows USDT0      |
| Spot Buffer         | SpotAsset | Holds USDT0 or sUSDe during rollover transitions |

Additional adapters (e.g., Morpho, Euler) may be added in the future to access alternative borrow liquidity. See [The Adapter Layer](https://docs.origami.finance/how-does-an-opal-vault-work#the-adapter-layer) for details on how new adapters are deployed and migrated.


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