Top trading cycles (TTC) is a famous algorithm for trading indivisible goods between a set of agents such that all agents are as happy as possible about the outcome. In this paper, we present a protocol for executing TTC in a privacy-preserving way. To the best of our knowledge, it is the first of its kind. As a technical contribution of independent interest, we suggest a new algorithm for determining all nodes in a functional graph that are on a cycle. The algorithm is particularly well suited for secure implementation in that it requires no branching and no random memory access. Finally, we report on a prototype implementation of the protocol based on somewhat homomorphic encryption.