> 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

How PT and RT markets are structured, created, and traded across validators on Pye.

{% 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`   |