> For the complete documentation index, see [llms.txt](https://docs.paddlefi.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.paddlefi.com/paddle-on-apechain/nft-etf/swap-function.md).

# Swap Function

The **ETF Swap Function** lets users instantly exchange NFTs and P-Tokens at a fixed ratio of **1 NFT = 1,000 P-Tokens**, enabling seamless and efficient buying or selling. For example, swapping *N* NFTs will give you *N × 1,000* P-Tokens (e.g., swapping 3 BAYCs = 3,000 P-BAYC).

This ETF-owned liquidity ensures ample depth in the market, allowing users to quickly gain P-Token exposure, optimize their NFT portfolios, and maximize potential returns.

<figure><img src="/files/NbdH60NWgpzrMMsMVcbj" alt=""><figcaption></figcaption></figure>

## Swapping NFTs for P-Tokens

1. Go to the **Swap** page and choose a supported NFT collection (e.g., Bored Ape Yacht Club).
2. Select the NFTs you want to swap for P-Tokens.
3. Receive *N × 1,000* P-Tokens for your NFTs (e.g., 2 BAYCs = 2,000 P-BAYC).
4. The P-Tokens will appear in your wallet, and the NFTs will be deposited into the collection’s ETF vault (e.g., BAYC vault).

## Swapping P-Tokens for NFTs <a href="#how-to-swap-p-tokens-for-nfts" id="how-to-swap-p-tokens-for-nfts"></a>

1. Go to the **Swap** page and choose a supported NFT collection (e.g., BAYC).
2. If NFTs are available in the vault, choose one of two options:
   1. **Random Swap:** Receive a random NFT from the vault (service fee: *X%*). Example: 1,000 P-BAYC + *Y* P-BAYC.
   2. **Specific Swap:** Select a specific NFT from the vault (service fee: *Y%*). Example: 1,000 P-BAYC + *Y* P-BAYC.
3. The NFT will be sent directly to your wallet after the swap.

{% hint style="info" %}
**Note:** Service fees are set by the collection owner and may differ between collections.
{% endhint %}