> For the complete documentation index, see [llms.txt](https://praxis-4.gitbook.io/praxis/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://praxis-4.gitbook.io/praxis/documentation/getting-started/exit-paths.md).
# Exit Paths
How to withdraw your principal and yield — at maturity or before.
Every Praxis vault has a fixed end date (maturity). How you exit depends on whether the vault has reached that date or not.
***
## Path 1 — At maturity
When the vault reaches its end date, you can redeem each token independently:
| Token | What you receive |
| ----- | --------------------------------------- |
| PT | 1 USDC per PT (your original principal) |
| YT | Your share of accrued vault yield |
These are two separate transactions. You can redeem one without the other.
{% hint style="warning" %}
**Burning PT is permanent.** Once redeemed, your PT is gone and you receive USDC in return. Do not burn PT unless you intend to exit — there is no undo.
{% endhint %}
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## Path 2 — Early exit (before maturity)
If you want to withdraw before the vault ends, you need **both tokens in equal amounts**:
$$
X \text{ PT} + X \text{ YT} \rightarrow X \text{ USDC}
$$
This works proportionally — you can exit part of your position by burning a matching amount of PT and YT. You don't have to exit in full.
**Example:** You deposited 500 USDC and hold 500 PT + 300 YT (you spent 200 YT on predictions). You can early-exit up to 300 USDC by burning 300 PT + 300 YT. The remaining 200 PT must wait until maturity to be redeemed.
{% hint style="danger" %}
**Spending YT reduces your early exit capacity.** Every time you use YT in a prediction or game, that amount of principal is locked until vault maturity. If your YT balance reaches zero, early exit is no longer possible — you'll need to wait for the vault to end.
This is by design: your principal is protected, but access to it early requires the yield token as a counterpart.
{% endhint %}
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## No YT?
If you have used all your YT and need to exit early, you have two options:
1. **Wait** — hold your PT until the vault matures, then redeem 1 PT → 1 USDC.
2. **Buy YT** — purchase YT on the secondary market to reassemble the PT + YT pair needed for early exit.
The same redemption rules apply regardless of how you acquired your PT or YT — whether from your own deposit or from the secondary market.
***
How PT & YT workTrading PT & YT
