> ## Documentation Index > Fetch the complete documentation index at: https://docs.derivatives.ledig.io/llms.txt > Use this file to discover all available pages before exploring further. # Claiming proceeds > Collect premium earnings and exercise payments, and understand why these receipts are separate from collateral withdrawals. Premium earnings and exercise payments become claimable balances before they reach your wallet. You collect each type of proceeds separately. A purchase or exercise does not automatically send these amounts to your wallet. Check the claimable balance for the correct series and token, then complete the relevant claim transaction. ## Three different ways to receive funds | Receipt | Why you receive it | Where it is held | Action | | - | - | - | - | | Net premium | A buyer purchases your offer. | The series premium escrow. | Claim premium earnings. | | Exercise proceeds | A buyer exercises against your collateral. | The series exercise-payment escrow. | Claim exercise proceeds. | | Unused collateral | Your collateral is unlocked through cancellation or expiry release. | The series collateral vault. | Withdraw collateral. | An escrow is a contract that holds funds owed to identified recipients until they claim. The premium escrow and exercise-payment escrow are separate contracts because they hold different types of proceeds. Claiming a premium does not withdraw collateral. Claiming exercise proceeds does not collect the premium. Withdrawing unlocked collateral does not collect either claim. ## Claiming your premium When a buyer purchases part of your offer, they pay the gross premium in the collateral token. The protocol divides that payment into its fee and your net earnings. Your portion is credited to you in the premium escrow. You can claim the earned balance without waiting for the buyer to exercise or for the option to expire. A purchase earns the premium; exercise is a separate event. For an illustrative full purchase of 100,000 USDC at a 1.8% premium: | Calculation | Amount | | - | - | | Gross premium | 1,800 USDC | | Protocol fee | The applicable share of that premium. | | Your premium earnings | 1,800 USDC less the applicable protocol fee. | The 1,800 USDC is not automatically your net income. Check the fee and net amount before posting. Actual token amounts can also reflect rounding at each fill. See [Pricing and fees](/pricing-and-fees). If only part of the offer is purchased, you earn a premium only on that part. Your unsold offer creates no premium claim. ## Claiming exercise payments When a buyer exercises, they pay the specified exercise token into the exercise-payment escrow. The protocol records the amount owed to each writer backing the exercise and delivers the corresponding collateral to the buyer. At 1,500 cNGN per USDC, a full exercise of your 100,000 USDC commitment creates 150 million cNGN of exercise proceeds. Exercising 40,000 USDC creates 60 million cNGN of proceeds, with 60,000 USDC still backing the buyer's remaining rights. The buyer's exercise does not wait for you to claim. Your later claim transfers the credited cNGN from the escrow to your wallet. Exercise proceeds represent the agreed exchange payment for collateral already delivered. They should not be counted as premium income or treated as a profit figure on their own. ## Complete a claim 1. Connect the wallet that earned the proceeds on the required network. 2. Select the correct series and review its claimable premium and exercise-payment balances separately. 3. Choose the proceeds to collect and review the token and amount. 4. Confirm the claim transaction and allow it to complete. 5. Check both the transaction result and your updated wallet balance. 6. Repeat for the other proceeds balance if you also want to collect it. Collecting both kinds of proceeds can require two claim transactions per series, with applicable network costs. A claim collects the balance already credited; it does not collect expected income from an offer that has not sold or a position that has not been exercised. ## Expiry, pauses and permissions Earned claims remain claimable after the series expires. You do not have to collect them before the option's exercise deadline. A normal series pause or removal of writer permission does not remove existing claims. You can still collect credited proceeds, subject to the token transferring successfully and the escrow having the funds required for its obligations. ## Why a claim might fail Separating claims from purchases and exercises means a problem receiving funds at one writer's wallet does not, by itself, force every buyer transaction to pay that wallet directly. This separation does not remove token risks. An issuer can restrict a recipient or freeze the escrow address. A freeze of one escrow can affect all unclaimed proceeds held there. The current escrows have no administrator withdrawal or migration facility that guarantees recovery around such a restriction. A token transfer failure or shortfall can also prevent claims. Repeatedly retrying does not resolve the underlying cause. Check [Troubleshooting](/troubleshooting), and review [Risks](/risks) for the limits of these protections.