# Orderbook

The orderbook allows investors to buy and sell active bonds from previous auctions, acting as a secondary marketplace. It follows the  [classic bid-ask model](https://www.investopedia.com/terms/o/order-book.asp) and uses the limit order framework of [1inch protocol](https://app.1inch.io/#/1/simple/swap/ETH/DAI). 1inch is one of the largest DEX aggregators and has [battle-tested code](https://github.com/1inch/limit-order-protocol) allowing Arbor to integrate the orderbook feature directly into our pre-existing UI.

**How to use the orderbook?**

You can find the orderbook here: <https://app.arbor.finance/orderbook>

Orders are listed as "Sell orders" to sell bonds or "Buy Orders" for USDC offered for bonds. All orders are considered limit orders.&#x20;

Select the bond you are interested in buying or selling from the dropdown menu on the right side of the orderbook table:&#x20;

<figure><img src="/files/V1uxrLFJeS17T9wt6x9q" alt=""><figcaption></figcaption></figure>

Connect your wallet to continue. To buy a bond, select the "Sell" tab to find available bonds listed in the market. To sell a bond, select the "Buy" tab to find potential offers for your bonds.&#x20;

<figure><img src="/files/N1XppethPaoJadewIkK3" alt=""><figcaption></figcaption></figure>

Once you identify an appropriate offer, complete the token approval process and fill the order to trigger the transaction from within your connected wallet. Each order can be filled partially or completely. The necessary funds must be in your connected wallet at the time the transaction is submitted to settle the transaction.&#x20;

<figure><img src="/files/kZsqef4b2EcgUUwqYmea" alt=""><figcaption><p>Fill the limit order after approval</p></figcaption></figure>


---

# Agent Instructions: 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:

```
GET https://docs.arbor.finance/protocol/orderbook.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
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.