# Markets

Welcome to the the Covenant Finance app, deployed on Arbitrum mainnet. Upon arrival, you will see a list of available debt markets. Covenant will offer a wide variety of borrower opportunities in the future, but our launch product will be in partnership with a single borrower, a protocol that wishes to borrow against its treasury assets.

You can use the app to view the current state of Covenant debt markets, add liquidity to DEXs that trade Covenant debt, or trade debt tokens.

Let’s go over the data presented and how to navigate the Markets page.

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The TVL, highlighted in the image below, is the amount of borrower collateral locked across the entire protocol. **Note, the TVL, and thus DEX pool liquidity, for this test deployment are very low. Please transact accordingly, only with small amounts!**

<figure><img src="/files/A17gV2H1zaegTQaMDPp5" alt=""><figcaption></figcaption></figure>

The **Debt APY** is the rate at which the borrower’s position accrues. It is also a derivative of debt token price. As a reminder, rates on Covenant are set by the market. Refer to the [litepaper](https://docs.covenant.finance/getting-started/litepaper) and [whitepaper](broken://pages/Pgh4ZiG4fUvWP1n1UXif) for deep dives on the mechanism design.

Below Debt APY are the following figures:

* **Locked Collateral Value**: The amount of locked borrower collateral, denominated in the borrowed asset (aka money).
* **Total Debt Outstanding**: The notional amount of debt. This figure is used to calculate LTV. Notional debt is also closely tied to Covenant’s liquidation mechanism.
* **Debt Token Ticker**: The name of the debt token. This is what borrowers mint and sell for money, and what lenders buy with money.

Finally, notice user options to add liquidity and trade debt. Both buttons will take you to the same page, pre-selected to a tab of your selected option.

<figure><img src="/files/YEkdXdUbw0QzI7FQE8wt" alt=""><figcaption></figcaption></figure>


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# 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:

```
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```

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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.