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Supported withdrawals send assets from the user’s Spot or Perps balance to an external wallet. Withdrawals from Perps must also leave sufficient margin to support open perpetual positions. Withdrawing a collateral asset Withdrawing a displayed SPY or QQQ equivalent balance sends the corresponding underlying tokenized stock, SPYon or QQQon, to the user’s external wallet, whether the holding was funded or purchased on Spot. The displayed symbol is a UI representation, not a separate asset. See Collateral Assets for details. Withdrawing a Private Markets note A supported Private Markets withdrawal sends the note from your Spot balance to your external wallet. It does not sell or redeem the note, or deliver shares in the Reference Company. Check the supported asset and network; open orders, pending withdrawals, platform restrictions and the Issuer’s transfer controls can affect availability. See Private Markets. How much can be withdrawn from Perps Your withdrawable amount is the smaller of two values: the margin you hold above what your open positions require, and the balance you actually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 margin rules govern Perps withdrawals:
  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. Additional rules for Perps withdrawals:
  • 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.
  • A supported withdrawal sends the corresponding underlying tokenized stock: a SPY equivalent balance represents SPYon, and a QQQ equivalent balance represents 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). Withdrawal networks Available networks depend on the asset, not on the network used to fund.
  • USDC can be withdrawn on Ethereum or Arbitrum, selected at the time of the request. Withdrawal is not restricted to the funding network: USDC funded on Ethereum can be withdrawn on Arbitrum.
  • Tokenized stocks are withdrawn on Ethereum, as the corresponding Ondo Global Markets token.
The destination address must support the selected network. A withdrawal cannot be recalled once sent. Withdrawals below the minimum transferable amount A tokenized-stock withdrawal sends the underlying GM token to the user’s external wallet. The requested displayed equivalent quantity is used to calculate the corresponding token quantity. If that quantity is below the smallest transferable amount at the token’s supported precision, the withdrawal cannot be sent. A small holding may instead be sold for USDC on a supported spot market if it meets that market’s order requirements. Withdrawal of the proceeds remains subject to applicable withdrawal requirements. There is no minimum funding amount. Each withdrawal specifies the user’s source balance. Supported withdrawals draw from either the user’s Spot balance or Perps balance; a transfer between balances is not a prerequisite. Perps withdrawals are additionally subject to margin requirements. Spot withdrawals are not subject to Perps margin requirements, though holds and applicable restrictions still apply.