We define an applicative theory of truth TPTTPT which proves totality exactly for the polynomial time computable functions. TPTTPT has natural and simple axioms since nearly all its truth axioms are standard for truth theories over an applicative framework. The only exception is the axiom dealing with the word predicate. The truth predicate can only reflect elementhood in the words for terms that have smaller length than a given word. This makes it possible to achieve the very low proof-theoretic strength. (...) Truth induction can be allowed without any constraints. For these reasons the system TPTTPT has the high expressive power one expects from truth theories. It allows embeddings of feasible systems of explicit mathematics and bounded arithmetic.The proof that the theory TPTTPT is feasible is not easy. It is not possible to apply a standard realisation approach. For this reason we develop a new realisation approach whose realisation functions work on directed acyclic graphs. In this way, we can express and manipulate realisation information more efficiently. (shrink)