> ## 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.

# Overview

> A high-level technical introduction to the Exponent CLMM

***

The Exponent CLMM is a rate concentrated liquidity AMM for trading [PT](/developers/learn/emitted-tokens#pt-principal-token) and [YT](/developers/learn/emitted-tokens#sy-standardized-yield). LPs deposit into specific APY ranges rather than price ranges — the tighter the range, the more capital-efficient the position.

## How It Works

The pool holds PT and SY. PT trades at a discount determined by the [implied APY pricing formula](/developers/learn/pricing-and-math) — 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](/developer-clmm/concepts#apy-based-tick-system) for the tick formula.

YT does not exist directly in the pool — buying or selling YT requires [flash swaps](/developer-clmm/concepts#yt-trading-via-flash-swaps) that temporarily borrow tokens from the pool, strip or merge through the [Core vault](/developers/guides/strip-and-merge), 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.

## Fee Structure

The CLMM uses a [time-weighted fee decay model](/developers/learn/pricing-and-math#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.

## 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.

## Getting Started

<CardGroup cols={2}>
  <Card href="/developer-clmm/sdk-quickstart" title="SDK Quickstart">
    Set up the SDK, load a market, and walk through the main trading and liquidity flows with working examples.
  </Card>

  <Card href="/developer-clmm/concepts" title="Core Concepts">
    Understand APY-based ticks, flash swaps for YT trading, fee mechanics, LP accounting, and maturity behavior.
  </Card>

  <Card href="/developer-clmm/typescript/instructions/overview" title="Instructions">
    Explore the high-level TypeScript instruction builders for swaps, liquidity provision, and liquidity withdrawal.
  </Card>

  <Card href="/developer-clmm/typescript/read-functions/overview" title="Read Functions">
    Query market state, LP positions, fees, and pricing data without sending transactions.
  </Card>
</CardGroup>