> For the complete documentation index, see [llms.txt](https://docs.tapir.money/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.tapir.money/system-workflow/redeem.md).

# Exit & Redeem

Sell tokens, remove liquidity, unsplit a matched pair, or redeem after resolution.

Choose your exit route based on what you hold and the pool’s current state.

| Your position and timing             | What to do                                                                                                                   | What you receive                                            |
| ------------------------------------ | ---------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------- |
| DP or YB during Active               | [Sell](/system-workflow/buy.md), if the pool and AMM permit it and liquidity is available                                    | Base asset after trading costs and the unsplit fee          |
| Equal DP and YB during Active        | [Unsplit](/system-workflow/split.md), while the pool is unpaused                                                             | Base asset after the redemption fee                         |
| LP position                          | [Remove liquidity and collect](/system-workflow/liquidity.md#removing-liquidity), then use the route for the tokens received | The position’s current DP/YB inventory and fees             |
| Pool has matured but is not resolved | Wait for final prices, timing requirements, and resolution                                                                   | Pool redemption is not yet available                        |
| Pool is resolved and unpaused        | Redeem DP, YB, or both using the steps below                                                                                 | Base asset at the settlement rates, less the redemption fee |

An early sale uses the available market price. It does not pay the future settlement rate. If the base asset is a vault share, converting it to the asset you originally deposited is a separate underlying-vault withdrawal with its own conditions.

After a pool resolves, DP and YB can be **redeemed** for the base asset at the fixed settlement rates. The **Redeem** screen handles this. Maturity stops pool splitting and unsplitting; it does not automatically disable token transfers or trading on an external AMM.

***

### **When can I redeem?**

Each pool moves through `Active → Cooldown → Resolution → Redemptions` (see [Depeg Risks Splitting](/protocol-mechanics/tapir-mechanics/depeg-risks-splitting.md)). Redemption opens once the pool is resolved and is available while the pool is unpaused:

* **No depeg:** DP and YB both redeem 1:1 for the base asset.
* **Depeg:** DP redeems above par (up to 200%) and YB below par (down to 0%), per the resolved on-chain values.

A redemption fee (at most 2.55%) is deducted from the amount you receive. The pool admin or operator can change this fee even after maturity, so check the current rate.

Maturity alone is not enough: the configured oracle must submit prices, cooldown must end, and the latest submission must reach `minPriceAge`. Anyone can then call `resolvePriceDepeg()`. Oracle submission requires an authorized operator; keeper automation does not remove that dependency. Both configured delays range from four hours to 30 days.

The pool admin or operator can pause split, unsplit, and redemption. Only the admin can unpause. Pool price submission and resolution are not themselves blocked by that pool pause, although the oracle has a separate pause control.

***

### **How to redeem**

1. Open the market and go to the **Redeem** screen.
2. Enter the amount of DP and/or YB to redeem — any ratio is fine; you don't need equal amounts.
3. Review the preview of the base asset you'll receive.
4. Confirm the transaction (approvals are staged if needed).

***

### **Leftover LP positions**

If you still have a liquidity position in a matured market, the Redeem screen also lets you **remove the position and collect fees**, returning its DP and YB to your wallet — you can then redeem those tokens for the base asset in the same place.

### Redemption timing and treasury rescue

The contract does not impose an automatic user-redemption expiry. It does, however, let a pool **admin or operator** transfer base, DP, or YB held by the pool to its fixed treasury after either timing condition is met:

* **30 days after Active ends plus the configured cooldown**, whether or not final resolution has succeeded; or
* **30 days after the latest pause**, while that pause remains in effect. Unpausing resets this pause-based timer.

This authority can include collateral backing outstanding claims. Redemption therefore depends on assets remaining in the pool; do not assume unredeemed collateral is reserved indefinitely. Recovering unrelated tokens has no such delay. These controls are documented in [Source Code & Contracts](/resources/source-code-and-contracts.md).