# Secondary Market

You don't have to hold a prediction until its question resolves. Your position is a transferable token, so you can sell it early to lock in a gain, cut a loss, or free up collateral.

## Selling a Position

Selling runs through a short auction, much like [placing a prediction](/trading/predictions/placing-a-prediction):

1. **List your position.** Pick the position you want to sell.
2. **Buyers compete.** Your listing is broadcast to market makers and traders, who respond with offers, each a price with a short expiry.
3. **Accept the best offer.** You see the highest offer and a countdown. Accept it before it expires, or wait and refresh for better offers.
4. **Settle.** Confirm with your wallet and the trade settles atomically onchain: your position tokens go to the buyer and their collateral comes to you in the same transaction, with no intermediary holding either side.

There is no enforced price floor; your position sells at the offer you accept, so review the price before confirming.