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 Orderbook is a limit order program where PT and YT — assets issued by the Exponent Core program — are quoted in implied APY rather than spot asset prices.
How It Works
Orders are priced in implied APY. The continuous compounding formula converts implied APY to PT and YT prices — buying PT at a discount locks in a fixed return, while buying YT gives you leveraged yield exposure. The matching engine is first-in-first-out (FIFO). Orders at the same price level fill in submission order, fully onchain. PT and YT share a single pool of liquidity. All orders are quoted in YT internally — when you trade PT, the orderbook converts between PT and YT behind the scenes using strip and merge operations. See Virtual Offers for the full mechanics. A concrete example: you post a SellYT limit order at 5% APY. Your YT locks into your escrow. When a buyer matches at that price, your YT transfers to them and SY credits to your escrow — withdrawable at any time.Interest on Open Orders
YT in open orders keeps earning yield. If you’re selling YT, interest accrues while your order sits in the book. If you bought YT and the order filled, interest accrues from that point. Either way, the accumulated yield is yours to claim separately.Fee Structure
Makers and takers pay separate fees using a time-weighted decay model — fees shrink as maturity approaches, hitting zero at expiry. Makers always pay less than takers.SDK Class
The orderbook SDK exposes a single class:Orderbook— Loads orderbook state and provides all instruction builders (post offer, market offer, remove offer, collect interest, withdraw funds) and read functions (get quote, get user balances, get open orders)
Getting Started
Core Concepts
Understand orderbook-specific mechanics like escrows, fee decay, interest accrual, expiry behavior, and key account structures.
Virtual Offers
Learn how PT trades route through shared YT liquidity and how the orderbook performs strip/merge conversions under the hood.
SDK Quickstart
Initialize the SDK, load orderbook state, and run a minimal end-to-end flow for posting and taking offers.
TypeScript Instructions
Use the high-level instruction builders for posting offers, taking liquidity, removing offers, collecting interest, and withdrawing funds.