> For the complete documentation index, see [llms.txt](https://docs.buoy.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.buoy.finance/for-depositors/withdrawing.md).

# Withdrawing

Withdrawing redeems your Buoys for USDC at the vault's current share price. You can withdraw any amount, any time — there are no lockups and no exit fees, and a vault's [deposit limits](/for-depositors/depositing.md#vaults-with-deposit-limits) (whitelist, caps, minimum leader share) never apply to withdrawals.

## Step by step

1. Open the vault and switch the transaction panel to **Withdraw**.
2. **Enter an amount** of Buoys to redeem. Your share balance is shown next to the input; use **MAX** to withdraw everything.
3. **Review the quote** — the expected USDC at the current share price. A guaranteed **minimum out** (your slippage floor) and the small request fee in HYPE are included in the transaction automatically.
4. Click **Withdraw** and confirm in your wallet (a single transaction — no approval step; your Buoys are escrowed directly).

## What happens next

Your withdrawal appears as a **Pending Withdrawal** card and moves through these states:

1. **Pending** — your Buoys are escrowed; the request is waiting to be priced.
2. **Locked** — the fulfiller values the vault and **fixes your payout in USDC** at that share price. Your Buoys are burned. From this moment your money is a fixed dollar amount — the Leader's further trading no longer affects it.
3. **Fulfilled** — the USDC lands in your wallet: **"Withdrawal Complete — USDC released to your wallet."**

## How long does it take?

Usually **minutes**. But unlike deposits, a withdrawal sometimes needs the vault to physically free up cash: capital may have to be bridged back from Hyperliquid's trading layer, or positions partially closed to raise USDC. The protocol does this automatically, but it can add time — from a few extra minutes up to, in the worst case, the Leader needing to unwind positions manually.

Your claim is safe throughout: once **Locked**, the amount you're owed is recorded on-chain and paid out as soon as the cash is available.

## Price protection

Your quote includes a **minimum out** — a USDC floor for your payout. If closing positions to fund your withdrawal incurs real trading costs while the vault is down, your payout can be trimmed to reflect that — but **never below your minimum out**. If the current share price can't cover your floor, settlement simply waits rather than short-changing you.

## If the withdrawal isn't settled

If a request stays unsettled past the timeout (30 minutes), a **Cancel** button appears:

* Cancelling a **Pending** withdrawal returns your Buoys untouched.
* Cancelling a **Locked** withdrawal releases the fixed payout and re-mints your **original Buoys** — you get back the exact number of shares you had before the request.

See [Cancelling a Request](/for-depositors/cancelling-a-request.md).


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