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You can withdraw any deposited asset as long as your remaining portfolio still satisfies margin requirements after the withdrawal. 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 deposited 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 deposit 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  • Assets are withdrawn to the same chain used to deposit.
  • You withdraw the assets you deposited. You cannot deposit $100 of SPYon and withdraw $100 of 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 deposit additional USDC).