> ## 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.

# Virtual Offers

> Virtual offers enable shared liquidity between PT and YT on the Exponent orderbook

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](/developers/guides/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:

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

```text theme={null}
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

```text theme={null}
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:

```typescript theme={null}
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,
});
```

<Tip>
  Use [getQuote](/developer-orderbook/typescript/read-functions/get-quote) with `QuoteDirection.SY_TO_PT` or `QuoteDirection.PT_TO_SY` to preview virtual order execution before submitting.
</Tip>