> For the complete documentation index, see [llms.txt](https://docs.kairosswap.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.kairosswap.com/using-kairos/early-exit.md).

# 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.

{% hint style="warning" %}
**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."*
{% endhint %}

## 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

{% hint style="info" %}
**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.
{% endhint %}

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](/using-kairos/settle-at-maturity.md) — closing at the end of the term
* [Liquidation](/using-kairos/liquidation.md) — what happens if a position cannot cover its losses


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation by asking a question.

Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters:

```
GET https://docs.kairosswap.com/using-kairos/early-exit.md?ask=<question>&goal=<user_goal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.