# OTC Trading and Quote Requests



**OTC** (over the counter) lets you buy or sell Principal Tokens (PT) and
Yield Tokens (YT) directly with another wallet. You agree on an implied APY
and settle the trade onchain, without trading through an AMM pool.

OTC is currently available on **Base, Katana and Flare**. Open **OTC** in the
Spectra app and choose how to trade:

| You want to…                          | Choose                                                                 |
| ------------------------------------- | ---------------------------------------------------------------------- |
| Accept an existing rate               | Take an offer from the order book.                                     |
| Set your own rate                     | Create an offer, open to everyone or restricted to specific addresses. |
| Ask curators what rate they can offer | Send a **request for quote (RFQ)**, then review their responses.  |

An RFQ is non-binding. Sending one does not move or reserve your tokens,
and receiving an offer does not execute a trade. You decide whether to fill it.

For partial fills on the public market order book and combined AMM routing,
see [EVM limit orders](/docs/spectra/guides/evm-limit-orders). That integration
has a separate order lifecycle and availability from this OTC flow.

## What stays fixed? [#what-stays-fixed]

An offer fixes the maker's outgoing amount and the implied APY. The amount
they receive is recalculated when the trade executes, using the time remaining
and the market's current rates. **Output now** is a preview, not a fixed token
amount.

For PT, the quoted rate describes the return to maturity, subject to the
underlying yield source's risks. For YT, it is the rate used to price future
yield; it does not guarantee the yield you will earn.

By default, an offer can be filled in parts, by one or several takers, each
part at the offer's fixed rate; the rest stays available until it is filled,
cancelled or expires. The maker can instead require one fill of the whole
offer by unchecking **Allow partial fills**. Offers exchange PT or YT for the
same market's underlying asset or interest-bearing token (IBT). An OTC market can exist without an AMM
pool, so check how you plan to exit before maturity.

[Follow the OTC and RFQ walkthrough](/docs/spectra/app-help/otc).