Tensionless AdS$_3$/CFT$_2$ and Single Trace $T\overline{T}$

One of the few cases of AdS/CFT where both sides of the duality are under good control relates tensionless $k=1$ strings on AdS$_3$ to a two-dimensional symmetric product CFT. Building on prior observations, we propose an exact duality between string theory on a spacetime which is not asymptotically AdS and a non-conformal field theory. The bulk theory is constructed as a marginal deformation of the $k=1$ AdS$_3$ string while the spacetime dual is a single trace $T\overline{T}$-deformed symmetric orbifold theory. As evidence for the duality, we match the one-loop bulk and boundary torus partition functions. This correspondence provides a framework to both learn about quantum gravity beyond AdS and understand how to define physical observables in $T\overline{T}$-deformed field theories.