> ## Documentation Index > Fetch the complete documentation index at: https://docs.exponent.finance/llms.txt > Use this file to discover all available pages before exploring further. # MarketThree > Onchain MarketThree account structure and fields The MarketThree account stores all state for a CLMM (Concentrated Liquidity Market Maker) market, including token mints, escrow accounts, tick-based liquidity configuration, market financials, and LP farm emissions. ## Status Flags ```rust theme={null} const STATUS_CAN_DEPOSIT_LIQUIDITY: u8 = 0b0000_0001; // 1 const STATUS_CAN_WITHDRAW_LIQUIDITY: u8 = 0b0000_0010; // 2 const STATUS_CAN_BUY_PT: u8 = 0b0000_0100; // 4 const STATUS_CAN_SELL_PT: u8 = 0b0000_1000; // 8 const STATUS_CAN_BUY_YT: u8 = 0b0001_0000; // 16 const STATUS_CAN_SELL_YT: u8 = 0b0010_0000; // 32 ``` ## MarketThree ```rust theme={null} pub struct MarketThree { /// Admin authority for the market pub admin: Pubkey, /// Address lookup table for the market pub address_lookup_table: Pubkey, /// Mint of the vault's PT token pub mint_pt: Pubkey, /// Mint of the SY program's SY token pub mint_sy: Pubkey, /// Mint of the vault's YT token pub mint_yt: Pubkey, /// Link to yield-stripping vault pub vault: Pubkey, /// Token account that holds PT liquidity pub token_pt_escrow: Pubkey, /// Pass-through token account for SY moving from the depositor to the SY program pub token_sy_escrow: Pubkey, /// Pass-through token account for YT moving from the depositor to the core program pub token_yt_escrow: Pubkey, /// Token account that holds SY fees from trade pub token_fee_treasury_sy: Pubkey, /// Token account that holds PT fees from trade pub token_fee_treasury_pt: Pubkey, /// Authority for CPI calls owned by the market struct pub self_address: Pubkey, /// Pubkey tick array account pub ticks: Pubkey, /// Bump for signing the PDA pub signer_bump: [u8; 1], /// Status flags bitmask pub status_flags: u8, /// Link to the SY program ID pub sy_program: Pubkey, /// Link to the exponent_core program ID pub exponent_core_program: Pubkey, /// Market configuration options pub configuration_options: ConfigurationOptions, /// Financial parameters and balances pub financials: MarketFinancials, /// Emission tracking for the market pub emissions: MarketEmissions, /// LP farm emission configuration pub lp_farm: LpFarm, /// Record of CPI accounts for SY program pub cpi_sy_accounts: CpiAccounts, /// Record of CPI core accounts pub cpi_core_accounts: CpiCoreAccounts, /// Flag indicating if currently in a flash swap pub is_current_flash_swap: bool, /// Liquidity net balance limits for rate limiting pub liquidity_net_balance_limits: LiquidityNetBalanceLimits, /// Unique seed id for the market pub seed_id: [u8; 1], } ``` ## ConfigurationOptions Configuration parameters for market behavior and fees. ```rust theme={null} pub struct ConfigurationOptions { /// Initial log of fee rate, which decreases over time pub ln_fee_rate_root: f64, /// Protocol fee cut in basis points pub treasury_fee_bps: u16, /// Minimum amount of LP tokens to be issued pub min_lp_tick_amount: u64, /// Minimum denomination for reinvest liquidity pub epsilon_clamp: f64, /// Maximum total LP supply allowed pub max_lp_supply: u64, /// Spacing between ticks pub tick_space: u32, } ``` ## MarketFinancials Financial parameters tracking token balances and expiration. ```rust theme={null} pub struct MarketFinancials { /// Expiration timestamp, copied from the vault associated with the PT pub expiration_ts: u32, /// Balance of PT in the market /// Tracked separately to prevent bugs from direct token transfers pub pt_balance: u64, /// Balance of SY in the market /// Tracked separately to prevent bugs from direct token transfers pub sy_balance: u64, /// Balance of SY in the market without fees pub sy_user_balance: u64, /// Total balance of liquidity in the market pub liquidity_balance: u64, } ``` ## LiquidityNetBalanceLimits Rate limiting configuration to prevent rapid liquidity changes. ```rust theme={null} pub struct LiquidityNetBalanceLimits { /// Start timestamp of the current rate limit window pub window_start_timestamp: u32, /// Net balance at the start of the window pub window_start_net_balance: u64, /// Maximum allowed negative change in basis points (10000 = 100%) pub max_net_balance_change_negative_percentage: u16, /// Maximum allowed positive change in basis points (10000 = 100%) /// Using u32 to allow for very large increases (up to ~429,496%) pub max_net_balance_change_positive_percentage: u32, /// Duration of each rate limit window in seconds pub window_duration_seconds: u32, } ``` ## Tick Node Structure Ticks are stored in a red-black tree (`RedBlackTree`) with a maximum of 1000 active nodes. Each node stores: | Field | Type | Description | | ------------------------ | ----------------------- | ---------------------------------------------------------------- | | `fee_growth_outside_pt` | `u128` | Fee growth on the "outside" of this tick (PT, Q64.64) | | `fee_growth_outside_sy` | `u128` | Fee growth on the "outside" of this tick (SY, Q64.64) | | `liquidity_net` | `i128` | Net liquidity change at this boundary (+L at lower, −L at upper) | | `liquidity_gross` | `u64` | Accumulated absolute liquidity touches | | `spot_price` | `f64` | Precomputed spot price for this tick | | `principal_pt` | `u64` | PT fee principal for this tick interval | | `principal_sy` | `u64` | SY fee principal for this tick interval | | `principal_share_supply` | `Number` | LP share supply for emission tracking (Q64.64 fixed-point) | | `farms` | `FarmYieldTrackers` | Farm yield trackers per tick | | `emissions` | `EmissionYieldTrackers` | Emission yield trackers per tick | | `last_split_epoch` | `u64` | Epoch when the last split occurred | | `frozen_liquidity` | `u64` | Frozen liquidity to prevent minimum liquidity bypass | ## Fee Growth Tracking Fee accumulation uses **Q64.64 fixed-point** arithmetic. Two global counters track accumulated fees per unit of liquidity: * `fee_growth_index_global_pt` (`u128`) — global PT fee growth per unit L * `fee_growth_index_global_sy` (`u128`) — global SY fee growth per unit L Each tick stores `fee_growth_outside_pt` and `fee_growth_outside_sy`. When the price crosses a tick boundary, the "outside" values are flipped: ``` fee_growth_outside := fee_growth_global - fee_growth_outside ``` This enables efficient calculation of fees earned within any tick range using the standard Uniswap V3 fee accounting formula. ## MarketEmissions Separate from farm emissions, `MarketEmissions` tracks yield that flows from the underlying SY program into the market. | Field | Type | Description | | ------------------ | -------- | ------------------------------------------------------------ | | `token_escrow` | `Pubkey` | Escrow account receiving emissions from the SY program | | `lp_share_index` | `Number` | Index for distributing emissions proportionally to LP shares | | `last_seen_staged` | `u64` | Difference between staged and collected amounts | Market emissions flow through the principal share system — each tick interval's share of emissions is proportional to its `principal_share_supply` relative to the total. ## Key Concepts ### Market Status The `status_flags` field is a bitmask controlling which operations are permitted on the market: * **Deposit Liquidity** (0x01) — LPs can deposit into the market * **Withdraw Liquidity** (0x02) — LPs can withdraw from the market * **Buy PT** (0x04) — Users can buy PT tokens * **Sell PT** (0x08) — Users can sell PT tokens * **Buy YT** (0x10) — Users can buy YT tokens * **Sell YT** (0x20) — Users can sell YT tokens ### Treasury Fees The market collects fees on trades, with a portion going to the protocol treasury as defined by `treasury_fee_bps`. Fee rates dynamically adjust based on the [time-weighted fee decay model](/home/learn/pricing-and-math#fee-decay-model). ### Rate Limiting The `liquidity_net_balance_limits` field protects against rapid liquidity changes that could destabilize the market. It tracks net balance changes within time windows and enforces maximum percentage changes. ### Market Lifecycle A market is **active** when the current timestamp is before `financials.expiration_ts`. After expiration, PT becomes redeemable 1:1 for the underlying asset, and certain operations may be restricted based on the vault's maturity state. ### Escrow Accounts The market maintains separate escrow accounts for PT, SY, and YT tokens. The treasury fee accounts (`token_fee_treasury_sy` and `token_fee_treasury_pt`) are separate from the escrow accounts and collect the protocol's share of swap fees.