> 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/secondary-markets.md).

# Secondary AMM's

A discussion of potential secondary markets and cross-chain access to fixed-yields.

PTs can also be traded on a secondary AMM in order to enter or exit lending positions, or alternatively attempt to amplify yield by providing liquidity.\
(see: Risks of LPing in derivative marketplaces)

Entering:

**Alice has 1000 USDC and wants a fixed yield.**\
**Alice purchases 1050 ptTokens for 1000 USDC, maturing in one year for a 5% yield.**

Exiting:

**Alice has 1050 ptTokens and wants to exit.**\
**Alice sells 1050 ptTokens for 1000 USDC.**

![](https://2294816020-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F8qiaG8JTCWHbkWUslRyS%2Fuploads%2FIRaLMmMPNJynuJAvjHS1%2FSecondary%20AMM's.png?alt=media\&token=d3729ad2-3115-4eb1-9796-7ad926e8d0bb)