> For the complete documentation index, see [llms.txt](https://jpydf.gitbook.io/jpy-defi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://jpydf.gitbook.io/jpy-defi/market/jpydf-market.md).

# JPYdf Market

JPYdf can be traded against USDC in a Uniswap v4 pool on Ethereum mainnet. The pool is a permissionless third-party market: this app does not operate it and does not offer a swap screen. Prices, liquidity and fees in the pool are set by its trades and its liquidity providers.

| Item      | Value                                                                                                                        |
| --------- | ---------------------------------------------------------------------------------------------------------------------------- |
| Venue     | Uniswap v4, Ethereum mainnet                                                                                                 |
| Pair      | JPYdf / USDC                                                                                                                 |
| Fee tier  | 0.05%, tick spacing 10, no hook                                                                                              |
| Pool ID   | `0x09a7a021c3bee7bb98ce64e17f060968ed0c95c4dde5a7136511bebf1c6a8370`                                                         |
| JPYdf     | `0xb122f4a154f84708407213d6a715181180012f45`                                                                                 |
| USDC      | `0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48`                                                                                 |
| Pool page | [Uniswap](https://app.uniswap.org/explore/pools/ethereum/0x09a7a021c3bee7bb98ce64e17f060968ed0c95c4dde5a7136511bebf1c6a8370) |

Check the token and pool addresses before trading. Tokens with the same name or symbol can be created by anyone.

## Market price is not the ¥1 reference

The JPYdf market price is the price observed in trades, and it can move above or below the ¥1 reference target. It is different from the collateral oracle price used for collateral ratios, liquidation and redemption. Whether the market price converges toward ¥1 depends on liquidity, fees, collateral, redemption and the profitability of arbitrage; see [Redemptions](/jpy-defi/borrowing-and-trove-management/redemptions.md).

Liquidity in the pool can be added, moved or withdrawn by its providers at any time, so the amount that can be traded near the current price changes. Before a trade, review the execution quote, including the fee, price impact, slippage and the minimum amount received or maximum amount paid. A quote is not a guaranteed price.