Virtual Offers

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:

Route	`offerType`	`virtualOffer`	Description
SY → YT	`OfferType.BuyYt`	`false`	Exchange SY for YT
YT → SY	`OfferType.SellYt`	`false`	Exchange YT for SY
SY → PT	`OfferType.SellYt`	`true`	Exchange SY for PT
PT → SY	`OfferType.BuyYt`	`true`	Exchange PT for SY

How It Works

Strip (SY → PT + YT)

When you buy PT (virtual SellYt), the orderbook:

Takes SY from you
Strips SY into PT + YT
Gives PT to you
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:

Takes PT from you
Obtains YT from matched buy orders
Merges PT + YT into SY
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.

Exponent Core

Order Book

CLMM

Available Routes

How It Works

Strip (SY → PT + YT)

Merge (PT + YT → SY)

Direct YT Trading

Using Virtual Offers in the SDK

​Available Routes

​How It Works

​Strip (SY → PT + YT)

​Merge (PT + YT → SY)

​Direct YT Trading

​Using Virtual Offers in the SDK

Available Routes

How It Works

Strip (SY → PT + YT)

Merge (PT + YT → SY)

Direct YT Trading

Using Virtual Offers in the SDK