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Withdrawing from the Vault is a request-and-settle flow. You submit a withdrawal request against your OLP, wait for settlement (3, 6, or 9 days depending on market conditions), and then click Redeem to move USDC to your wallet. Your request can be canceled at any time before settlement with no penalty.
You must Redeem before you can take the next action. After settlement, your USDC sits in a “pending redeem” state. Until you click Redeem and move it to your wallet, it’s not usable. The same applies to settled deposits: you must redeem OLP to your wallet before you can request a withdrawal against it.

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How Your Funds Move

1

Submit a withdrawal request

Navigate to Vault > Withdraw, enter the amount of OLP you want to redeem, and sign the transaction. Your OLP is locked in the vault and marked as “pending withdrawal.” You stop earning fees on the locked OLP from this point forward.
2

Wait for settlement (3, 6, or 9 days)

The settlement delay depends on market conditions at the time of your request. Until settlement, you can cancel at any time and your OLP returns to your balance immediately.
Market ConditionSettlement Delay
Standard3 days
Elevated6 days
Stressed9 days
The delay protects the vault from outflows coinciding with large trader outcomes. Longer delays apply when the vault is more exposed.
3

OLP converts to USDC at settlement

Once the settlement delay elapses, your OLP is burned and converted to USDC at the OLP price at settlement. The USDC sits in a “pending redeem” state in the Vault UI.
4

Redeem USDC to your wallet

Click Redeem on your settled withdrawal. Sign the transaction. USDC moves to your wallet within one block. There is no deadline; you can redeem at any time after settlement.
Only the step before settlement is cancellable. Once your withdrawal settles (OLP is burned and converted to USDC), the transaction is final and you must redeem the resulting USDC.

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Stacking Withdrawals

Multiple withdrawal requests submitted within the same settlement window are bundled into a single cumulative amount. Requests spanning two different settlement windows display separately in the UI, because they process at different times.

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Canceling a Pending Withdrawal

Before settlement completes, you can cancel at any time:
  1. Navigate to Vault > Withdraw Requests
  2. Click “Cancel” on your pending withdrawal
  3. Confirm in your wallet
  4. Your OLP unlocks and returns to your balance immediately with no penalty
Cancelled OLP resumes earning fees from the next block. Once settlement processes, cancellation is no longer possible. Your OLP is burned and the corresponding USDC becomes redeemable.

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Withdrawal Price

The OLP-to-USDC conversion uses the OLP price at settlement, not at request submission:
  • Request at OLP = $1.10 → settles 3 days later at $1.12 → you receive USDC at $1.12
  • If OLP rises during the delay, you receive more USDC; if it falls, you receive less
Because your OLP is locked during the delay, it does not earn fees during this period.

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Legacy Locked Deposits

New locked deposits are no longer available. If you hold an expired lock, redeem it to your wallet first and then submit a withdrawal request through the normal flow above. See How to Deposit for the full redemption steps.

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FAQ

The delay protects the vault from concentrated outflows coinciding with high-exposure periods. Longer delays apply when the vault is more exposed. See the table in Step 2 for the tiers.
Yes, at any time before settlement. Navigate to Withdraw Requests and click “Cancel.” Your OLP unlocks immediately and resumes earning fees. Once settlement processes, the withdrawal is final and you must redeem the resulting USDC.
You receive USDC at the OLP price on the day your withdrawal settles, not the day you submitted the request. If OLP rises during the delay, you benefit; if it falls, you receive less USDC.
No. Once you submit a withdrawal request, the OLP backing that request is locked and stops earning fees. If you cancel before settlement, your OLP resumes earning fees from the next block.
During the vault upgrade, all pre-existing pending withdrawals were canceled as part of the migration. Your OLP was returned to your balance as if you never requested the withdrawal. Submit a new withdrawal request through the current flow to receive your USDC.
No. Once your withdrawal settles and USDC becomes redeemable, you can redeem it to your wallet at any time.