A trade consists of one manager exchanging a player or players with another manager in the same league.

To propose a trade, go to your team page and select "Propose Trade," which allows you to select the team and players you want to trade. An email is sent to the other manager offering your proposed trade. That manager can then go to their team page to view the proposal, accept it, decline it, or make a counter offer. There must be consent from both managers for a trade to be completed. If no action is taken in 10 days, the offer is automatically canceled.

If your trade is rejected, you receive an email notifying you of that result.

If a counter offer is made, you receive an email detailing the new proposal.

If the offer is accepted, the entire league is notified and managers/commissioners can review the deal. In a Public League, an objection of four or more managers within two days vetoes the trade. In a Custom League, the commissioner has veto power for the length of time chosen during configuration.

The commissioner can also configure a Custom League to use League Votes for trade review. Under these conditions, if 1/3 of managers within the league protest a trade, the trade is vetoed. The number needed is always rounded up, so in a 10-team league, four protests would be required for a veto.

Yahoo! does not approve or reject trades within leagues.

During the review period, trades are marked as "pending." If the trade is accepted and the waiting period has finished, the trade is processed (this can take up to 24 hours) and its results reflected on each team's roster and shown in the transaction log.

For a trade to be valid, all players involved must still be on the same team they were when the deal was accepted. If they aren't, the trade is automatically rejected. To prevent players involved in pending trades from being dropped or waived, managers are not allowed to make any such transactions involving any players involved a trade after it's been accepted.

Additionally, players can only be involved in one pending transaction at a time. So, even if a player has been offered to a number of teams, when any one of the trades has been accepted, no other teams can accept a deal containing the same player.

At no time is any manager allowed to have more than five pending trades per league.