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Your collateral can be deposited, locked or withdrawable. A deposit shown in your position is not necessarily available to remove: some of it may back an open offer or an option that a buyer already purchased. The protocol prevents you from withdrawing the tokens needed to honour those commitments.

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Read your balances

Premium earnings and exercise proceeds are separate balances. They are not added to your collateral vault balance. See Claiming proceeds.

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Cancelling an unsold offer

You can cancel the unsold part of your own offer. Cancellation unlocks the cancelled collateral but does not transfer it to your wallet. A withdrawal is a separate action.
  1. Select the series and your open offer.
  2. Check how much remains unsold.
  3. Choose the amount to cancel, taking account of the minimum remainder rule.
  4. Confirm the cancellation and wait for confirmation.
  5. Check your updated withdrawable balance before withdrawing or posting another offer.
If a buyer purchases an amount before your cancellation completes, that amount becomes a sold obligation. Your cancellation must be valid against the position when the transaction executes.

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The minimum remainder rule

Every series has a minimum offer size. A cancellation must either close the unsold offer completely or leave at least that minimum available. For example, suppose your offer has 1,000 USDC remaining and the minimum is 100 USDC. Cancelling 900 USDC leaves 100 USDC and is valid. Cancelling 950 USDC would leave only 50 USDC and is rejected. Cancelling all 1,000 USDC closes the offer and is valid. These numbers are illustrative. Check the actual minimum for your selected series.

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Automatic closure of small remainders

A successful buyer purchase can sometimes leave an amount too small to remain as an offer. Under the protocol’s minimum-fill rule, that small remainder is automatically removed and unlocked. For example, with a 100 USDC offer and a 10 USDC minimum, a qualifying purchase of 99 USDC sells 99 USDC and unlocks the remaining 1 USDC. You earn a premium only on the 99 USDC sold. Automatic closure requires the fill against that offer to meet the minimum. A smaller fill that would create a prohibited remainder makes the purchase fail. It does not silently remove your unsold funds.

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What exercise does to your collateral

Exercise delivers the relevant collateral to the buyer. Your balance in the vault decreases by that amount, and you gain a claim for the agreed payment token. Suppose your fully purchased position backs 100,000 USDC at 1,500 cNGN per USDC. A buyer exercises 40,000 USDC: The remaining 60,000 USDC stays locked while the buyer can still exercise. If no further exercise happens, it becomes eligible for release after expiry.

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Releasing collateral after expiry

Expiry ends the buyer’s right to exercise. It does not automatically return collateral to your wallet. There are two types of remaining commitment to clear:
  1. Unsold offers: cancel their unfilled amounts to unlock the collateral.
  2. Sold but unexercised options: use the expiry-release action to unlock the collateral that backed those rights.
You can then withdraw the unlocked amount. Releasing unused sold collateral does not cancel separate unsold offers, and cancelling unsold offers does not release sold reservations. Check both before assuming the series is cleared. In the partial-exercise example above, release the remaining 60,000 USDC after expiry, then withdraw it. Claim the 60 million cNGN and your premium earnings separately.

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Pauses and permission changes

Cancelling unsold offers remains available during a series pause, after expiry and after writer permission is removed. Expiry release remains available after expiry, and unlocked collateral can still be withdrawn under normal conditions. These rights do not bypass token freezes, transfer failures or a vault shortfall. Such conditions can prevent a transaction from completing. Removing writer permission stops new offers but leaves existing offers live and existing sold obligations enforceable. See Funds and controls or Troubleshooting if a balance remains locked or a withdrawal fails.