We study trade in dynamic decentralized markets with adverse selection. In contrast with the literature on the topic so far, we assume that the informed sellers make the offers and signaling through prices is possible. We establish basic properties of equilibria and discuss the standard two-type case and separating equilibria in detail. We prove that market efficiency, measured by the maximum gains from trade possible in equilibrium, is invariant to trading frictions. Our analysis shows that screening and signaling lead to markedly different trading outcomes in dynamic decentralized markets with adverse selection.