> 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/litepaper/zero-coupon-tokens/exiting-selling-zctokens.md).
# Exiting/Selling PTs
As rates fluctuate, active market participants may require the ability to fluidly move in and out of positions.
To facilitate this market participation, Swivel provides the ability to frictionlessly exit or sell a PT position.
Exiting PTs early by purchasing YTs and then redeeming for underlying:
**Alice has 1000 ptUSDC.**\
**Alice fills Bob's order, purchasing 1000 ytTokens.**\
**Alice redeems 1000 ptUSDC and 1000 ytUSDC for 1000 USDC and then pays Bob 50 USDC.**\
**This leaves Alice with 950 USDC.**
PTs can also be sold to counterparties looking to take fixed-yield positions through the orderbook:
**Alice has 1000 ptUSDC.**\
**Alice fills Diane's order, in the process Alice splitting Diane's 1000 USDC into ptUSDC and ytUSDC.**\
**Alice purchases 1000 ytUSDC from Diane and redeems her 1000 ptUSDC + 1000 ytUSDC for 1000 USDC.**\
**Alice then pays Diane a 50 USDC premium for the purchased ytUSDC.**\
**This leaves Alice with 950 USDC.**\
\&#xNAN;*(Simplified to 1000 ptUSDC <-> 950 USDC)*
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