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This page walks through the full orderbook trading lifecycle — loading state, getting quotes, posting and filling orders, collecting interest, and withdrawing funds.

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Installation

yarn add @exponent-labs/exponent-sdk

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Setup

import { Orderbook, LOCAL_ENV } from "@exponent-labs/exponent-sdk";
import {
  Connection,
  PublicKey,
  Transaction,
  sendAndConfirmTransaction,
  Keypair,
} from "@solana/web3.js";
const connection = new Connection("https://api.mainnet-beta.solana.com");
const wallet = Keypair.fromSecretKey(/* your keypair */);
const orderbookAddress = new PublicKey("...");
const syMintAddress = new PublicKey("...");

const orderbook = await Orderbook.load(LOCAL_ENV, connection, orderbookAddress);

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1. Get a Quote

getQuote simulates a trade and returns the expected output before you send a transaction. 
import { QuoteDirection } from "@exponent-labs/exponent-sdk";

const clock = await connection.getClock();
const unixNow = Number(clock.unixTimestamp);

const quote = orderbook.getQuote({
  inAmount: 1_000_000_000,
  direction: QuoteDirection.SY_TO_YT,
  unixNow,
  syExchangeRate: 1.000009210084,
});

console.log("Expected output:", quote.outAmount);
console.log("Maker fees:", quote.makerFees);
console.log("Taker fees:", quote.takerFees);
Always use connection.getClock() for the unixNow parameter — Date.now() may drift from the onchain clock and produce inaccurate quotes.

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2. Post a Limit Order

ixWrapperPostOffer places a limit order on the orderbook. The wrapper handles token account creation for you. 
import { OfferType, offerOptions } from "@exponent-labs/exponent-sdk";

const { ix, setupIxs } = await orderbook.ixWrapperPostOffer({
  trader: wallet.publicKey,
  price: 5.0,
  amount: 1_000_000_000n,
  offerType: OfferType.SellYt,
  offerOption: offerOptions("FillOrKill", [false]),
  virtualOffer: false,
  expirySeconds: 3600,
  mintSy: syMintAddress,
});

const tx = new Transaction().add(...setupIxs, ix);
await sendAndConfirmTransaction(connection, tx, [wallet]);
The setupIxs array creates PT, YT, and SY token accounts if they don’t exist. Always include them before ix in your transaction.

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3. Execute a Market Order

ixWrapperMarketOffer fills against existing orders immediately. 
import { OfferType, offerOptions } from "@exponent-labs/exponent-sdk";

const { ix, setupIxs } = await orderbook.ixWrapperMarketOffer({
  trader: wallet.publicKey,
  maxPriceApy: 5.5,
  amount: 1_000_000_000n,
  offerType: OfferType.BuyYt,
  minAmountOut: 990_000_000n,
  virtualOffer: false,
  mintSy: syMintAddress,
});

const tx = new Transaction().add(...setupIxs, ix);
await sendAndConfirmTransaction(connection, tx, [wallet]);
Set minAmountOut for slippage protection. The transaction reverts if the output falls below this threshold.

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4. Check Open Orders

Query your active orders to see what’s currently on the book. 
const openOrders = orderbook.getUserOpenOrders(wallet.publicKey);

for (const order of openOrders) {
  console.log("Index:", order.offerIndex);
  console.log("Type:", order.type);
  console.log("Price APY:", order.priceApy);
  console.log("Amount:", order.amount);
}

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5. Remove an Order

Cancel an open order using its offerIdx from getUserOpenOrders. 
const ix = await orderbook.ixWrapperRemoveOffer({
  trader: wallet.publicKey,
  offerIdx: openOrders[0].offerIndex,
  mintSy: syMintAddress,
});

const tx = new Transaction().add(ix);
await sendAndConfirmTransaction(connection, tx, [wallet]);
Use getUserOpenOrders to find the offerIdx of the order you want to remove. Removing an order returns PT/YT back to your escrow balance.

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6. Collect Interest

Collect yield that has accrued on YT held in your open or filled orders. 
const ix = await orderbook.ixWrapperCollectInterest({
  trader: wallet.publicKey,
  mintSy: syMintAddress,
});

const tx = new Transaction().add(ix);
await sendAndConfirmTransaction(connection, tx, [wallet]);
Interest accrues on YT held in open sell orders and from filled buy orders. You can collect it at any time without affecting your active orders.

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7. Withdraw Funds

Withdraw PT, YT, and SY from your orderbook escrow back to your wallet. 
import { amount } from "@exponent-labs/exponent-sdk";

const ix = await orderbook.ixWrapperWithdrawFunds({
  trader: wallet.publicKey,
  mintSy: syMintAddress,
  ptAmount: amount("All"),
  ytAmount: amount("All"),
  syAmount: amount("All"),
});

const tx = new Transaction().add(ix);
await sendAndConfirmTransaction(connection, tx, [wallet]);
Use amount("All") to withdraw all available funds, or amount("Some", [500_000_000n]) for a specific amount. The amount helper is imported from @exponent-labs/exponent-sdk.

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Reading State

Read orderbook and user state without transactions: 
import { QuoteDirection } from "@exponent-labs/exponent-sdk";

// Check your escrow balances
const balances = orderbook.getUserBalances(wallet.publicKey);
console.log("PT:", balances.pt);
console.log("YT:", balances.yt);
console.log("SY:", balances.sy);
console.log("Staked YT:", balances.stakedYt);
console.log("Staged interest:", balances.staged);

// Get a quote for a potential trade
const clock = await connection.getClock();
const quote = orderbook.getQuote({
  inAmount: 1_000_000_000,
  direction: QuoteDirection.SY_TO_YT,
  unixNow: Number(clock.unixTimestamp),
  syExchangeRate: 1.0001,
});

// View open orders
const orders = orderbook.getUserOpenOrders(wallet.publicKey);

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Next Steps

Core Concepts

Virtual Offers

TypeScript Instructions

Read Functions