Early Exit

Close a position before its term ends

An early exit closes a swap before its term is up. You settle at where the market is today rather than waiting for the term to finish — useful for taking a profit, cutting a loss, or freeing up collateral.

Not every market allows early exit. Some are hold-to-maturity. The order screen tells you at purchase time with a line reading "Swaps must be held to maturity in this market."

How to exit

1. Open Portfolio, or the market page for that swap.

2. Stay on the Open Positions tab.

3. Click Close on the row you want.

Reading the exit quote

A Confirm Early Exit window opens and prices the exit. It shows two figures:

• Settlement (you pay) or Settlement (you receive) — the net of interest and fees up to now, taken from or added to your collateral

• Total returned to your wallet — what you actually walk away with: your remaining collateral after settlement, plus your liquidation bounty

Your liquidation bounty comes back on an early exit. That is the difference between choosing to close and being liquidated — in a liquidation the bounty goes to whoever closed your position.

Both figures are estimates. Rates keep moving between the quote and your transaction landing, so the final amount will differ slightly.

Slippage

Under See advanced options there is a Max slippage setting, which on this screen is on by default at 50 basis points. It cancels the exit rather than filling it if you would receive meaningfully less than quoted.

Leave it on unless you have a reason not to. Setting it to zero turns the protection off.

Confirm

Click Confirm Exit. One transaction, no approval needed.

The position then shows as Exit in your positions table. Expand the row for the full breakdown of what you paid and received.

Early exit versus waiting

	Early exit	Settle at maturity
When	Any time, if the market allows it	After the term ends
Priced on	Rates so far, plus exit fees	Time-weighted average across the full term
Liquidation bounty	Returned	Returned
Cost	Early exit fees apply	No exit fee

If you are close to the end of the term, waiting is usually cheaper.

Related

• Settle at Maturity — closing at the end of the term

• Liquidation — what happens if a position cannot cover its losses