Skip to main content

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.

Virtual offers let you trade PT on an orderbook that internally quotes everything in YT. When you set virtualOffer: true, the orderbook converts between PT and YT using strip and merge operations — no extra steps on your end.

​
Available Routes

All four routes share the same underlying liquidity:
RouteofferTypevirtualOfferDescription
SY → YTOfferType.BuyYtfalseExchange SY for YT
YT → SYOfferType.SellYtfalseExchange YT for SY
SY → PTOfferType.SellYttrueExchange SY for PT
PT → SYOfferType.BuyYttrueExchange PT for SY

​
How It Works

​
Strip (SY → PT + YT)

When you buy PT (virtual SellYt), the orderbook:
  1. Takes SY from you
  2. Strips SY into PT + YT
  3. Gives PT to you
  4. Uses the YT to fill against existing YT sell orders
You want: PT        You provide: SY

Orderbook executes:
  SY → Strip → PT + YT
  PT → You
  YT → Matches against SellYT orders

​
Merge (PT + YT → SY)

When you sell PT (virtual BuyYt), the orderbook:
  1. Takes PT from you
  2. Obtains YT from matched buy orders
  3. Merges PT + YT into SY
  4. Gives SY to you
You want: SY        You provide: PT

Orderbook executes:
  PT from you + YT from orderbook → Merge → SY
  SY → You

​
Direct YT Trading

Non-virtual orders trade YT directly against counter-orders — no strip or merge required.

​
Using Virtual Offers in the SDK

Pass virtualOffer: true when posting or executing PT orders: 
import { OfferType, offerOptions } from "@exponent-labs/exponent-sdk";

// Post a virtual order to buy PT (SY → PT)
const { ix, setupIxs } = await orderbook.ixWrapperPostOffer({
  trader: wallet.publicKey,
  price: 5.0,
  amount: 1_000_000_000n,
  offerType: OfferType.SellYt,
  offerOption: offerOptions("FillOrKill", [false]),
  virtualOffer: true,
  expirySeconds: 3600,
  mintSy: syMintAddress,
});
Use getQuote with QuoteDirection.SY_TO_PT or QuoteDirection.PT_TO_SY to preview virtual order execution before submitting.