Read this before you trade

Every offer is an account of the OFFBOOK program (otc23sJdj2US9dW8xHQaX8NxFxu6sUUh5qeiTqTemqw). A sell offer locks the seller's tokens in a token account controlled by the offer's program address (a PDA: an address only the program can sign for). A buy offer locks the buyer's payment (in the offer's payment token, the “quote asset”) plus the 1% fee. When someone accepts an offer (a “fill”), the tokens, the seller's payment and the fee all move in a single transaction: either every transfer happens or none does.

No administrator, server or keeper key can move the locked funds (the “escrow”). They only leave through a trade (to the other side), a cancellation by the offer's creator (the “maker”), or the closing of an expired offer — and closing always returns everything to the creator, no matter who submits it.

The fee is exactly 1% of what the seller receives, paid by the buyer on top (sell offer at 100 SOL → the buyer pays 101 SOL). It is fixed in the program's code (a compile-time constant) and cannot be avoided by calling the program directly. It is rounded up per offer: after every trade, the total fee paid equals 1% of everything the seller has received so far, rounded up, so splitting an offer into many small trades never lowers the fee.

Half of every fee goes to a buyback reserve held by the program, half to the operating treasury (if a fee cannot be split evenly, the one extra smallest unit goes to the buyback reserve).

No fee is charged for browsing, cancelling, or offers that expire. Solana network fees and refundable account rent still apply.

Buybacks are run by a permissioned keeper key (an operator wallet). The program releases at most a set amount per run, no more often than a set interval, and only inside a transaction in which at least the amount of $OFB the keeper stated arrives in the program's burn vault and is destroyed with the standard SPL Token burn instruction; the keeper cannot keep any of the released reserve. The keeper chooses the route (e.g. Jupiter) and the price limit, so a fair price is not enforced on-chain. This is not a trustless buyback. Treasury withdrawals require the treasury authority's key.

Buybacks are not a promise of price support. $OFB can lose all of its value.

An OFFBOOK trade happens at the fixed price of the offer, so there is no slippage, and it does not touch the token's liquidity pool (the AMM on a DEX). But prices on DEXes can still react to OTC trades. Market prices shown for reference come from Jupiter Price API v3 and DexScreener, can be outdated or wrong, and are shown only when fresh. The live DEX prices shown for comparison expire within seconds.

Memecoins are highly volatile (prices swing hard) and often illiquid (hard to buy or sell in size). A token may have an active mint authority (its issuer can create unlimited new supply). OFFBOOK rejects tokens with an active freeze authority (the issuer could freeze holders' tokens) and Token-2022 extensions that change how transfers work (transfer fees, hooks, permanent delegates, non-transferable, default-frozen, pausable, confidential, scaled).

Bugs in the program, the Solana runtime or token programs can lead to loss of funds. The program is upgradeable by its upgrade authority; an upgrade could change its behaviour. Check the upgrade authority on the treasury page. The admin can pause new offers and trades (never cancellations or the closing of expired offers), add payment tokens (quote assets) and change who holds each role.

Self-trading between two wallets of the same person cannot be prevented on-chain; the program only blocks a wallet from accepting its own offer. Do not use OFFBOOK to fake volume, wash trade or mislead others about a token's liquidity.

OFFBOOK charges fees for facilitating crypto-asset trades. Whether operating it requires authorisation (for example as a crypto-asset service provider under MiCA in the EU) has not been determined. A legal review is required before any mainnet operation. Smart-contract settlement does not by itself exempt an operator. Nothing on this site is investment, legal or tax advice. Access may be restricted in some jurisdictions.

Every offer can be cancelled directly through the program, without this website or its indexer: the repository includes a recovery script (scripts/recover-orders.ts) that finds a wallet's offers on-chain and cancels them with the wallet's key.