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Documentation Index

Fetch the complete documentation index at: https://v2-docs.exponent.finance/llms.txt

Use this file to discover all available pages before exploring further.

The Exponent CLMM is a rate concentrated liquidity AMM for trading PT and YT. LPs deposit into specific APY ranges rather than price ranges — the tighter the range, the more capital-efficient the position.

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How It Works

The pool holds PT and SY. PT trades at a discount determined by the implied APY pricing formula — as maturity approaches, PT price converges to 1 (redeemable at par). Ticks are keyed by APY scaled by 10^6, not price levels. A tick key of 80000 means 8% APY. LPs choose a tick range to concentrate their liquidity in, and swaps route through active liquidity at the current tick. See Technical Concepts for the tick formula. YT does not exist directly in the pool — buying or selling YT requires flash swaps that temporarily borrow tokens from the pool, strip or merge through the Core vault, and repay within the same transaction. For example, buying YT flash-borrows SY, strips it into PT + YT, sells the PT back through the CLMM, and uses the proceeds to repay the borrow. The wrapper instructions (ixWrapperBuyYt, ixWrapperSellYt) handle this in a single transaction.

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Fee Structure

The CLMM uses a time-weighted fee decay model — fees decrease as maturity approaches. The protocol takes a cut of swap fees defined by treasury_fee_bps (in basis points), and the rest accrues to LPs.

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SDK Class

The CLMM SDK exposes a single main class:
  • MarketThree — Loads market state and provides all trading, liquidity, and read operations. Includes wrapper methods for buying and selling PT and YT, providing and withdrawing liquidity, and querying positions and fees.

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Getting Started

SDK Quickstart

Set up the SDK, load a market, and walk through the main trading and liquidity flows with working examples.

Core Concepts

Understand APY-based ticks, flash swaps for YT trading, fee mechanics, LP accounting, and maturity behavior.

Instructions

Explore the high-level TypeScript instruction builders for swaps, liquidity provision, and liquidity withdrawal.

Read Functions

Query market state, LP positions, fees, and pricing data without sending transactions.