> ## Documentation Index
> Fetch the complete documentation index at: https://docs.ondo.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# Secondary Trading

> FAQs on trading Ondo Private Markets Notes on secondary markets.

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  ### 6. Where can I trade Ondo Private Markets Notes on secondary markets?

  You can trade Ondo Private Markets Notes on [Ondo Perps Spot market](https://app.ondoperps.xyz/trade/spot/OPAIPon-USDC). Other secondary trading venues that support the token may be enabled in the future. Trading availability does not guarantee liquidity.

  ### 7. When can I trade on secondary markets?

  On Ondo Perps, Ondo Private Markets assets are available to trade 24/7, subject to platform maintenance, risk controls, and any pause by the Issuer. Because the Reference Company isn't publicly listed, trading isn't tied to U.S. market hours.

  ### 8. How is the Spot price set on secondary markets?

  Note prices on secondary market trading venues are set by buyers and sellers on the exchange. There's no public market price or consensus benchmark price for the Reference Company. The Spot price can differ significantly from the Reference Company's latest private valuation and from what the note eventually pays upon Qualifying Liquidity Events. Liquidity may be limited, and spreads can be wide.
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