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You can withdraw any collateral asset as long as your remaining portfolio still satisfies margin requirements after the withdrawal. Withdrawing a collateral asset Withdrawing SPY, QQQ, or any other displayed equivalent balance returns the same underlying tokenized stock you funded — SPYon or QQQon — to your wallet. The displayed symbol is a UI representation, not a separate asset. See Collateral Assets for details. How much you can withdraw Your withdrawable amount is the smaller of two values: the margin you hold above what your open positions require, and the balance you actually hold.
  • USDC: You can withdraw up to the lesser of your withdrawable margin and your USDC balance.
  • Non-USDC: You can withdraw up to your token balance, as long as your withdrawable margin allows it. When withdrawable margin is the binding constraint, it is converted to a token amount at the asset’s post-haircut price.
Three rules govern every withdrawal:
  1. Unrealized profit is never withdrawable. It can free up reserved margin, but it cannot be cashed out until you close the position and realize the profit.
  2. Unrealized losses reduce your withdrawable amount dollar-for-dollar.
  3. A negative USDC balance blocks USDC withdrawals and reduces token withdrawals. You cannot withdraw USDC you do not have. Your tokens stay withdrawable, but USDC Debt is part of your Margin Balance, so it lowers your withdrawable margin dollar-for-dollar.
The haircut does not reduce what you own. It applies only to margin credit. With no open positions and no USDC Debt, you can withdraw your full funded token quantity. Open positions and USDC Debt reduce your withdrawable margin, which can limit how much you can withdraw at a time. Token withdrawals carry no withdrawal fee; USDC withdrawals may include one. Key rules:
  • If your full funded amount is required to back open positions, no withdrawal is permitted.
  • Mark price is used to determine withdrawal eligibility in real time.
  • Assets are withdrawn to the same chain used to fund.
  • You withdraw the same tokenized stock you funded: withdrawing your SPY equivalent balance sends you SPYon, and withdrawing your QQQ equivalent balance sends you QQQon. You cannot withdraw a tokenized stock balance as USDC.
If a withdrawal is blocked, the UI explains why and suggests what you can do to unlock it (e.g., close a position or fund additional USDC).