> 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/swivel-v2.0.0/litepaper/zero-coupon-tokens/exiting-selling-zctokens.md).
# Exiting/Selling zcTokens
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 zcToken position.
Exiting zcTokens early by purchasing nTokens and then redeeming for underlying:
**Alice has 1000 zcUSDC.**\
**Alice fills Bob's order, purchasing 1000 nTokens.**\
**Alice redeems 1000 zcUSDC and 1000 nUSDC for 1000 USDC and then pays Bob 50 USDC.**\
**This leaves Alice with 950 USDC.**
zcTokens can also be sold to counterparties looking to take fixed-yield positions through the orderbook:
**Alice has 1000 zcUSDC.**\
**Alice fills Diane's order, in the process Alice splitting Diane's 1000 USDC into zcUSDC and nUSDC.**\
**Alice purchases 1000 nUSDC from Diane and redeems her 1000 zcUSDC + 1000 nUSDC for 1000 USDC.**\
**Alice then pays Diane a 50 USDC premium for the purchased nUSDC.**\
**This leaves Alice with 950 USDC.**\
\&#xNAN;*(Simplified to 1000 zcUSDC <-> 950 USDC)*
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