> For the complete documentation index, see [llms.txt](https://docs.temporal.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.temporal.exchange/3.-bands-and-trading.md).
# 3. Bands & Trading
**Traders can swap ‘bands’** *(bounded slices of a perp’s payoff)* **on Temporal**
Bands are equivalent to American style perpetual options *(when no outer bound specified)* / their vertical spreads *(when outer bound specified)*.
All sold bands are fully backed by the trader’s perp notional.
Traders swap one band for another of equal value at the time of trade. All trades are premium-neutral.
Positions can be opened through the following swap structures:
* Option ↔ Opposite-direction option
* Option ↔ Opposite-direction vertical spread
* Vertical spread ↔ Opposite-direction vertical spread
Positions are closed by simultaneously buying back the residual (out-of-money) portion of a sold option or vertical spread and selling the residual (out-of-money) portion of a bought option or vertical spread.
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