# Spectra's Automated Market Makers The Spectra AMMs are used to create a market for pricing the future implied rate. A market consists in a liquidity pool, where a Principal Token is paired with its corresponding Interest Bearing Token. It is therefore time-bound, trading being enabled between the Principal Token's deployment and expiry dates. A given liquidity pool allows for exchanging an Interest Bearing Token for a Principal Token, as well as exchanging the former for its corresponding Yield Token, via flash-swaps. In the following, we dive into how Spectra's AMMs are designed. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://dev.spectra.finance/technical-reference/spectras-automated-market-makers.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.