Settle at Maturity

Claim your collateral and payments once a swap reaches the end of its term

When a swap reaches the end of its term it stops accruing and becomes Expired. Settling it works out what each side owes and returns what is yours.

Settlement is not automatic. An expired swap sits untouched until someone claims it. Nothing is lost by waiting — the amount you receive is fixed the moment the term ends and does not decay — but your collateral stays locked until you do.

What you get back

One payment, made up of:

• your collateral, plus your gains or minus your losses over the term

• your liquidation bounty, returned in full

The gain or loss is the difference between the fixed rate you locked and the time-weighted average of the variable rate across the whole term — not the rate on the final day.

How to claim

Any of these work. They all do the same thing, and all of them batch, so several expired swaps settle in a single transaction.

From your portfolio

The quickest route when you have positions across several markets.

1. Open Portfolio.

2. Find the Swaps to Claim card, showing how many expired swaps you are holding.

3. Click Claim Swap Funds.

From the positions table

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

2. Switch to the Expired tab.

3. Click Claim on the row you want.

From the market page

If you are already on a market where you hold expired swaps, a Claim Payments card appears above the order widget with a Claim Payments button. It settles every expired swap you hold in that market.

After you claim

One transaction, no approval needed. The table takes a second or two to catch up afterwards while the change is picked up — the rate column briefly shows ... in the meantime.

The row then reads Settled. Expand it to see the full history: what you entered at, the fees you paid at entry, the average rate used, and the net payment.

If you supply liquidity to the same market, you may find your expired swaps already settled. Supplying or withdrawing clears any expired swaps in that market first — see Earn.

Permissionless settlement

Because settlement is permissionless, you may find that your expired swaps have already been settled for you. In this case, funds will have already been transferred back to your wallet.

Related

• Early Exit — getting out before the term ends

• Portfolio Management — tracking positions across markets