> For the complete documentation index, see [llms.txt](https://docs.stormbit.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.stormbit.finance/product/deals.md).

# Deals

Buy discounted collateral from expired loans. Dutch auction — price drops over time, first buyer wins.

***

When a borrower misses repayment, their collateral is listed as a Dutch auction. Price starts above market value and drops automatically until someone buys. No bidding. No matching. Instant purchase.

***

| Field            | Description                            |
| ---------------- | -------------------------------------- |
| **Collateral**   | Asset and amount available             |
| **Market Value** | Current market price                   |
| **Buy Price**    | Current asking price — drops over time |
| **Discount**     | How far below market you're paying     |
| **Expires in**   | Time remaining before auction closes   |

Wait longer for a bigger discount. Risk someone else buying first.

***

Deals only exist when borrowers default. See [Borrow](/product/borrow.md) for how loans work, or [How It Works](/protocol/how-it-works.md) for the full lifecycle.


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