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Exponent has several developer-facing SDK surfaces across Yield Exchange, Tranching, and Strategy Vaults. Pick the one that matches what you’re building.

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What are you building?

I want to…Use
Split yield-bearing assets into PT + YT, lock a fixed rate, or get leveraged yield exposureCoreQuickstart →
Swap PT/YT instantly at market price, or provide concentrated liquidity for feesCLMMQuickstart →
Place limit orders at a specific implied APY, with passive fills and YT yield accrualOrderbookQuickstart →
Split one yield asset into protected Senior exposure and first-loss Junior exposureTranchingQuickstart →
Deposit into a managed vault, earn yield through diversified strategies, and withdraw through a queueVault SDKQuickstart →

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Comparison

CoreCLMMOrderbookTranching
What it doesSplit yield-bearing assets into PT + YTAMM for swapping PT and YTLimit order book for PT and YTSplit one yield asset into Senior/Junior LP tranches
ExecutionInstantInstantInstant (market) or queued (limit)Instant deposit/withdraw, subject to coverage checks
PricingSY exchange rateAMM curve (APY-based ticks)Implied APYUtilization-driven return curve
Price impactNoneSlippage on large tradesNone (limit orders)LP share price changes with NAV and utilization
FeesProtocol fee on accrued yieldDynamic swap fee (decays toward maturity)Maker/taker fees (decay toward maturity)Protocol fees on yield, deposits, and withdrawals
Best forCreating PT/YT positionsFast swaps, providing liquidityActive strategies, precise APY targetingProtected yield exposure and first-loss capital
SDK classVault, YtPositionMarketThreeOrderbookTranchingMarket

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Tranching

Exponent Tranching is a risk-tranching market for one SY yield asset. Depositors choose between a Senior LP token and a Junior LP token. Senior receives more protected exposure to the underlying asset, while Junior provides first-loss protection and receives a larger share of upside when that protection is valuable. Tranching markets use a utilization-driven curve. Utilization measures how stretched Junior protection is relative to the market’s minimum coverage requirement. As utilization increases, the curve allocates more return to Junior. See the Tranching Overview and Tranching SDK for deposit and withdraw flows.

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Strategy Vaults

Strategy Vaults are a higher-level abstraction: rather than interacting with yield stripping, CLMM, or orderbook directly, depositors provide capital to a managed vault that deploys it into approved strategies (Kamino Lending, Marginfi, etc.) through policy-gated execution. Strategy Vaults issue LP tokens representing proportional ownership and use a queued withdrawal process. See the Strategy Vaults SDK for details.

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Quick SDK Examples

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Core — strip base assets into PT + YT

const vault = await Vault.load(env, connection, vaultAddress)

const ix = await vault.ixStripFromBase({
  owner: wallet.publicKey,
  amountBase: 1_000_000n,
})

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CLMM — buy PT with base assets

const market = await MarketThree.load(env, connection, marketAddress)

const { ixs, setupIxs } = await market.ixWrapperBuyPt({
  owner: wallet.publicKey,
  minPtOut: 950_000_000n,
  baseIn: 1_000_000_000n,
})

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Orderbook — post a limit order at a target APY

const orderbook = await Orderbook.load(env, connection, orderbookAddress)

const { ix, setupIxs } = await orderbook.ixWrapperPostOffer({
  trader: wallet.publicKey,
  price: 0.12,              // 12% implied APY
  amount: 1_000_000_000n,
  offerType: OfferType.BuyYt,
  offerOption: offerOptions("FillOrKill", [false]),
  virtualOffer: false,
  expirySeconds: 86_400 * 7,
  mintSy: syMintAddress,
})

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Tranching — deposit into Senior or Junior

import { TrancheSide } from "@exponent-labs/exponent-sdk/client/tranching"

const market = await TranchingMarket.load(connection, marketAddress, env)

const { ixs, setupIxs } = await market.ixWrapperDeposit({
  user: wallet.publicKey,
  trancheSide: TrancheSide.Senior,
  amountBase: 1_000_000_000n, // raw base-token units
  minLpOut: 0n,               // raw Senior LP units
})

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Get Started

Core Quickstart

Strip your first position in minutes.

Orderbook Quickstart

Post your first limit order.

CLMM Quickstart

Execute your first swap or LP deposit.

Strategy Vaults Quickstart

Deploy your first vault strategy.

Tranching Quickstart

Deposit into Senior or Junior tranches.
Need to combine systems (e.g. strip + sell PT on CLMM for a fixed rate)? See the Trading Guide.