Buy / Sell PPVs
PPV shares are standard ERC‑20 tokens. They can be transferred, traded, and (where supported by third parties) used as collateral like other ERC‑20 assets.
This page explains:
where PPVs can be traded,
the difference between secondary market trading and minting/redemption via rolls,
how to think about market price vs. NAV (PPS),
and why secondary markets can matter when deposits/withdrawals are not instantaneous.
Where to trade PPV tokens
PPVs can be traded on any venue that supports the token and has liquidity.
Zeit UI
Primary place to discover vaults and access available trading routes.
DEXs
PPVs may be listed in AMM pools (e.g., PPV/USDC.e) or routed through aggregators.
Other secondary markets
Any wallet-integrated swap, aggregator, or marketplace that supports the token contract.
Availability depends on listings and liquidity. Not every PPV will be liquid on every venue.
Two ways to get exposure
PPVs can be acquired (or exited) in two different ways:
1) Secondary market (buy/sell existing shares)
You buy PPV tokens from another holder (DEX, aggregator, or any secondary venue).
Settlement is immediate (subject to the venue and chain confirmation).
Price is set by market liquidity (orderbook/AMM), not directly by PPS.
2) Primary vault flow (mint/redeem via rolls)
Mint: deposit collateral → receive newly minted PPV shares at the next roll PPS.
Redeem: submit withdrawal → shares are burned at a roll PPS and collateral is returned when processed.
Timing is not instant:
deposits are processed on a 24h roll cycle,
withdrawals are vault-configurable (minimum typically 24h, can be longer).
Market price vs. NAV (PPS)
PPS / NAV per share
PPS (price per share) is the vault’s accounting price:
PPS = NAV ÷ total shares
PPS is used for minting/burning shares during rolls.
Market price
Market price is the price you can trade at on a secondary venue.
It can differ from PPS.
Premium / discount
Premium:
market price > PPSDiscount:
market price < PPS
Premiums/discounts can occur for several reasons:
Liquidity and immediacy: secondary markets give immediate entry/exit, while mint/redeem is roll-based.
Withdrawal delay: if redemptions take days (vault-configurable), market price may trade below PPS to reflect time/risk.
Price impact expectations: PPS is based on the vault’s valuation methodology at roll; secondary markets may price in expected slippage or future PnL before the next roll.
Supply/demand: large sellers, limited LPs, or concentrated holders can temporarily push price away from PPS.
Why secondary markets are useful when rolls are not instant
Because deposits and withdrawals are processed in batches, the secondary market can be used to:
Enter earlier
If you want exposure now, buying PPVs on the secondary market can be faster than waiting for the next deposit roll.
Exit earlier
Selling PPVs can reduce exposure immediately rather than waiting for the withdrawal queue and position unwinds.
Reduce operational risk
Secondary liquidity can be used to adjust exposure without relying on the vault’s next processing window.
Premium/discount “arbitrage” (not risk-free)
Roll-based minting/redemption creates a natural basis for premium/discount opportunities.
Common patterns:
Discount capture (buy → redeem later)
If market price < PPS, a buyer may purchase PPVs at a discount and later submit a withdrawal to redeem closer to PPS.
Key constraints / risks:
Redemption is not immediate (withdrawal timing depends on vault configuration).
PPS can change during the waiting period.
Execution and liquidity constraints can affect how quickly collateral is freed.
Any vault fees and valuation rules applied at roll affect realized outcomes.
Premium capture (mint → sell on secondary)
If market price > expected PPS, a depositor may mint at the next roll PPS and sell shares on secondary markets at a premium.
Key constraints / risks:
Deposits settle only at the next roll (≥ 24h).
Market price may move before shares are minted.
Secondary liquidity may be insufficient to exit size at the quoted premium.
In practice, premium/discount trades behave more like closed-end fund / ETF basis trades with settlement delay than “instant arbitrage.”
Using PPVs as collateral (lending)
Because PPVs are ERC‑20 tokens, they are technically compatible with DeFi collateral systems. Whether a PPV can be used as collateral depends on third-party risk assessment and listings.
In general:
Vaults with lower volatility, deeper liquidity, and a longer on-chain track record are more likely to be considered for collateralization.
Lending protocols typically require:
sufficient liquidity for liquidations,
reliable pricing sources (oracle/marking methodology),
conservative risk parameters (LTV, liquidation thresholds).
Collateral support is venue-dependent and may vary by vault.
Slippage and execution tips
Check liquidity first
On AMMs, review pool depth and expected price impact.
On orderbooks, check bid/ask depth at your trade size.
Prefer limit orders when available
Limit orders can reduce unexpected slippage in thin markets.
Split large orders
Breaking size into smaller trades can reduce price impact.
Compare against PPS
If secondary price is far above PPS, minting may be cheaper (if timing works).
If secondary price is far below PPS, secondary purchase may be attractive (with timing/risk understood).
Quick decision guide
Need immediate exposure: buy on secondary.
Need immediate exit: sell on secondary.
Want pricing closest to PPS and can wait: use deposit/withdraw via rolls.
See a large premium/discount: compare market price to PPS and consider timing constraints and liquidity risk.
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