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Depositing USDC into the Vault is a request-and-settle flow. You submit a deposit, it sits in a pending state until the next daily settlement at 00:00 UTC, and at settlement your USDC converts to OLP. You then click Redeem to move the OLP to your wallet. Pending deposits can be canceled before settlement with no penalty.
Ostium vault deposit interface
You must Redeem before you can take the next action. After settlement, your OLP sits in a “pending redeem” state. Until you click Redeem and move it to your wallet, you cannot submit a withdrawal request against it. The same applies to settled withdrawals: you must redeem the USDC to your wallet before it’s usable.

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How Your Funds Move

1

Navigate to the Vault tab

Open the Ostium trading interface and click the Vault section. You’ll see the Deposit tab selected by default.
2

Enter your deposit amount

Enter the USDC amount you want to deposit. The UI displays:
  • Current OLP price (e.g., $1.05)
  • Estimated OLP tokens you’ll receive at settlement (e.g., “95.24 OLP for 100 USDC”)
The displayed OLP count is an estimate based on the current live OLP price. The exact conversion is locked at settlement, so the final number can differ slightly.
3

Sign the deposit transaction

Your USDC enters a pending state in the Vault and is marked as “pending settlement.” You can cancel at any time before settlement completes.
4

Wait for settlement at 00:00 UTC

At settlement, all pending deposits are netted and converted to OLP at that day’s settlement price. Your OLP then sits in a “pending redeem” state in the Vault UI.
5

Redeem your OLP to your wallet

Click Redeem to move your OLP to your wallet. There is no deadline; it sits assigned to you until you redeem. Once redeemed, OLP is a standard ERC-20 and can be held, transferred, or used as the starting position for a future withdrawal request.

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Settlement and Timing

Settlement happens once per day at 00:00 UTC. Your OLP conversion price is locked at settlement:
  • Deposit at 10:00 UTC → settlement at 00:00 UTC the next calendar day → receive OLP based on that day’s settlement price
  • Deposit at 23:50 UTC → settlement at 00:00 UTC (10 minutes later) → receive OLP at that settlement price
OLP starts earning fees from the moment it is minted at settlement, even while it is still in the pending-redeem state. There is no additional waiting period. OLP price updates continuously as fees accrue, but your conversion uses the settlement price, not the price when you deposited. If OLP rises between your deposit and settlement, you receive fewer tokens.

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Stacking Deposits

Multiple deposits submitted in the same settlement window are netted into a single cumulative amount. This means:
  • Submit three separate 100 USDC deposits before settlement → they settle as one 300 USDC conversion at the same OLP price.
  • Your UI shows a single combined pending deposit rather than three individual entries.
Deposits spanning two different settlement windows display separately, because they settle at different prices.

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Canceling a Pending Deposit

Before settlement completes, you can cancel your pending deposit to recover your USDC with no penalty:
  1. Navigate to Vault > Pending Deposits
  2. Click “Cancel” on your deposit
  3. Confirm in your wallet
  4. USDC returns to your wallet within 1 block
Once settlement processes, your deposit is final and cannot be canceled. The resulting OLP can be redeemed to your wallet, and you’d need to submit a withdrawal request to convert back to USDC.

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Legacy Locked Deposits

New locked deposits are no longer available. The locking feature has been removed from the smart contracts. Any existing locked positions are honored until their expiration date.
If you previously locked a deposit (7 to 365 days), your locked position is still held as an NFT in your wallet and accrues its lock bonus as expected. When your lock period ends:
  1. Navigate to Vault > Pending and find your expired lock
  2. Click Redeem to burn the lock NFT
  3. You receive the original OLP plus any bonus OLP in your wallet
  4. The OLP is now fully liquid and can be withdrawn via the normal flow

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Risk Disclosure

OLP holds the senior loss position of the Ostium Vault. A dedicated buffer of junior capital absorbs trader PnL first, in full, before any loss can reach OLP. This subordination structure is analogous to the senior tranche of a CLO or structured credit deal. OLP earns yield from opening fees and is not insured. Under normal conditions, OLP price accrues at each daily settlement. An extreme event that fully depletes the buffer would cause OLP to take a loss. See Vault Overview for the full picture of vault mechanics and risk profile.
If the buffer is fully depleted and losses begin drawing on OLP, the vault enters UC state and automatically blocks new deposits until the buffer is restored. This is an accounting measure: deposits during a pending loss would create share-pricing ambiguity.

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FAQ

Settlement runs once per day at 00:00 UTC. Depending on when you deposit, your OLP becomes ready to redeem anywhere from minutes to 24 hours later. Click Redeem to move it to your wallet. There is no deadline to redeem.
Yes. Before settlement completes, navigate to “Pending Deposits” and click “Cancel.” Your USDC returns within 1 block with no penalty. Once settlement processes, the deposit is final.
Your OLP received is calculated at the daily settlement price, not your deposit price. If OLP rises, you receive fewer tokens. If OLP falls, you receive more tokens. The settlement price is locked in at 00:00 UTC; you cannot adjust it.
You likely need to Redeem your OLP to your wallet first. After settlement, OLP sits in a “pending redeem” state. Until you redeem it to your wallet, you cannot submit a withdrawal request against it.
No. Locking has been removed from the smart contracts. Existing locks are honored until expiration.