> For the complete documentation index, see [llms.txt](https://docs.pye.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.pye.fi/markets.md). # Markets & Orderbook {% hint style="info" %} The Pye orderbook is in early access. Sign up to the [waitlist](https://app.pye.fi/) to get early access trading & the Pye Exchange. {% endhint %} Markets are created and managed on an onchain orderbook is the on-chain trading layer where all PT and RT transactions are matched and settled. Every deposit made through Pye routes through the orderbook. **Order types:** * **Limit orders:** orders placed against a specific validator or LST market at a target rate. Fills when a matching counterparty appears. * **Market orders:** fill immediately at the best available rate in a given market. The orderbook accepts lockups that are aligned with the following fixed maturities schedule for 2026: | Month | Date | Maturity (UTC) | Issuance Start | Issuance Close | | --------- | ------------ | -------------- | -------------- | -------------- | | June | Jun 30, 2026 | `1751327940` | `1738368000` | `1751155140` | | September | Sep 30, 2026 | `1759276740` | `1738368000` | `1759103940` | | December | Dec 31, 2026 | `1767225540` | `1738368000` | `1767052740` | --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## 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, and the optional `goal` query parameter: ``` GET https://docs.pye.fi/markets.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. 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.