Read a yield band before you touch it.New to points farming? Four short lessons on what implied APY means, why a floor and a ceiling look identical on any single day, and how to size in without letting the clock beat you.

A YT's implied APY is the underlying yield you'd need for the token to break even over its remaining life. Pay that implied rate and you come out flat only if the real yield lands exactly there.

Buy YT below its implied APY and you're taking a position: betting the underlying yield rises from here, or farming points that the breakeven math doesn't price in. Above it, you're paying up for yield the market already expects.

On any single day a cheap price and an expensive price look the same — just a number. You only learn whether today is a floor or a ceiling by placing it against the market's own 90-day history.

That's the band percentile. P12 means implied APY has sat lower than this on only 12% of the last 90 days — near the floor. P88 means it's near the ceiling. It's a descriptive statistic, not a verdict: the percentile plus the 7-day trend give a probabilistic read, nothing more.

Averaging into dips is only rational while enough time-to-maturity remains. YT decays toward zero at maturity, so a lower price near the end isn't a discount — it's just the clock running out.

FLOOR ladders run a 21-day time guard: rungs auto-cancel inside that window to maturity, because below that runway a cheaper entry no longer buys enough farming time to matter.

The exit rule mirrors the entry. When implied APY is rising and the band pushes toward its ceiling, the YT token appreciates. Selling there recovers principal instead of riding decay to zero.

Sell into rising implied APY, not falling — strength is when the market hands you the price back.