# Order book

> Buy listed INFERENCE, compare routes and fees, or manage tokens held for sale.

The order book matches buyers with INFERENCE that holders have listed for USDC. It is deployed on Ethereum mainnet. On other networks, it is available where its contract is deployed.

Use [Buy INFERENCE](https://deference.si/overview?action=buy) on Home to buy INFERENCE. The quote compares the available routes. **Book, pool and sale** buys from the cheapest source first: listings, then the INFERENCE/USDC pool while it costs less than the next listing or the sale, then the sale for the rest. [Add credit](https://deference.si/overview) buys and activates INFERENCE as service credit.

## Prices and matching

Listings use eleven prices from 0.50 to 1.00 USDC per INFERENCE, in steps of 0.05. Purchases fill the lowest price first, then the oldest listing at that price.

Partial fills keep their place in the queue.

Each listing must start with at least 1 INFERENCE. Amounts can include six decimal places, down to one token atom.

Listings have no expiry.

Listings fill at the lowest price first, then by time at that price. Partial fills keep their place. Unfilled INFERENCE stays in escrow until filled or cancelled; filled USDC is claimable.

## Escrow and proceeds

Placement transfers the listed INFERENCE from your wallet into the book contract. Each fill adds USDC to the seller's claimable proceeds.

Claiming sends settled USDC proceeds to your wallet. Cancelling returns unfilled INFERENCE and leaves earlier fills intact.

Cancel and place a new listing to change its price or amount.

When a book is replaced, its listings and proceeds stay with their original contract. Sell shows those records alongside newer listings, with the same cancel and claim actions.

See [Selling](https://deference.si/docs/concepts/selling) for the steps.

## Quotes and fees

The **Buy INFERENCE** quote compares **Sale**, **Order book**, and **Book, pool and sale** where those routes are available. Check the output, purchase fee, activation fee, and minimum received before confirming.

Book purchases that deliver tokens include a buyer fee. Book purchases that activate into credit apply the token's activation fee instead.

The sale charges its purchase fee and does not charge the activation fee. The pool charges no buyer fee; its 0.01% liquidity fee is in its price. INFERENCE bought from the pool and activated into credit pays the activation fee. The quote shows the resulting output for the selected route.

Seller proceeds come from filled listings. Buyer fees do not reduce those proceeds.

Your wallet also pays the network cost for approvals, placement, purchases, cancellation, and claims.

## Output and credit

The minimum INFERENCE amount protects the gross token output of the selected route. It is not a minimum service-credit balance.

Activation credit is an estimate after fees. The book, pool and sale can contribute different amounts by the time the transaction confirms.

The confirmed activation receipts determine the credit added to your account.

Quotes refresh as the available listings and routes change. A quote's refresh time is not an on-chain transaction deadline.

## Purchase limits

A purchase fills at most 32 listings. The **Order book** route returns unspent USDC.

**Book, pool and sale** sends the remaining budget to the sale and returns amounts below the sale's purchase minimum.

The quote shows the output and fees for the route currently available. The sale sends the purchase fee to the treasury and the remaining USDC to its funding wallet.

[Stats](https://deference.si/stats) reports that wallet's observed balance separately from listed INFERENCE.

## Read the book as JSON

[Order book data](https://deference.si/api/orderbook) includes the best active price level, active totals, depth, and recent fills. [Order book stats](https://deference.si/api/stats/orderbook) adds external-volume totals and their time window. Both are public and need no API key. See [Stats](https://deference.si/docs/stats#read-the-data-as-json) for units and data states.

Related: [INFERENCE](https://deference.si/docs/concepts/inference), [Credit](https://deference.si/docs/concepts/credit-and-activation), [Selling](https://deference.si/docs/concepts/selling), [Money](https://deference.si/docs/dashboard/money).