Abstract. We show that for many moduli spaces M of torsion sheaves on K3 surfaces S, the functorsheaf is a P-functor, hence can be used to construct an autoequivalence of D b (M), and that this autoequivalence can be factored into geometrically meaningful equivalences associated to abelian fibrations and Mukai flops. Along the way we produce a derived equivalence between two compact hyperkähler 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.