We show that for many moduli spaces M of torsion sheaves on K3 surfaces S, the functor D(S) -> D(M) induced by the universal sheaf is a P-functor, hence can be used to construct an autoequivalence of D(M), and that this autoequivalence can be factore
d into geometrically meaningful equivalences associated to abelian fibrations and Mukai flops. Along the way we produce a derived equivalence between two compact hyperkaehler 2g-folds that are not birational, for every g >= 2. We also speculate about an approach to showing that birational moduli spaces of sheaves on K3 surfaces are derived-equivalent.
Associated to a Mukai flop X ---> X is on the one hand a sequence of equivalences D(X) -> D(X), due to Kawamata and Namikawa, and on the other hand a sequence of autoequivalences of D(X), due to Huybrechts and Thomas. We work out a complete picture o
f the relationship between the two. We do the same for standard flops, relating Bondal and Orlovs derived equivalences to spherical twists, extending a well-known story for the Atiyah flop to higher dimensions.
