# Secondary Market *** ### Always open The secondary market operates continuously — including outside DFM trading hours, on weekends, and on public holidays. Trades settle atomically on Canton Network. *** ### How the AMM prices your trade The pool holds two assets: DFMREIT tokens and USDC/CC. Every trade must maintain the constant product invariant: ``` x · y = k x = DFMREIT tokens in the pool y = USDC/CC in the pool k = constant maintained across all trades ``` When you buy DFMREIT, `x` decreases and `y` increases — price goes up. When you sell, `x` increases and `y` decreases — price goes down. The pool self-balances with every trade, with no operator required. *** ### Premium and discount During DFM trading hours, the AMM price closely tracks the live indicative NAV, anchored by arbitrage activity. When DFM is closed, the AMM price may drift above (premium) or below (discount) the last published NAV. **The platform displays the current premium or discount in real-time before every trade.** This is expected behaviour. See NAV Calculation for how the spread is kept in check over time. *** ### Price impact Larger trades relative to pool size will move the AMM price more than small ones. This is called **price impact**. The platform displays your estimated price impact before you confirm any trade. *** ### Trading fee A fee of **0.25% per swap** is applied to every AMM trade. This fee is distributed entirely to Liquidity Providers — it is not retained by Fractit. *** ### Exiting without waiting for a redemption window The secondary market is always available as an exit route, even when no redemption window is open. You can sell your full position at any time. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.fractit.com/token-lifecycle/secondary-market.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.