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It was mentioned in the novel that EXP depends on damage done.
My guess, it's depends on percentage, if you deal 20% total damage, you will get 200 out of 1000EXP.
Another guess is for every 'milestone' (100 damage, 200 damage etc) you will accumulate EXP, which you will receive when the monster dies.
We don't exactly know, but maybe Kawahara will explain it further in Sword Art Online Progressive.
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