# Cashout Order

Cashout Order becomes available once the buyer's and seller's orders have been matched.

## Cashout Order rules

Currently, Cashout Order feature on Unich Pre-Order OTC allows both buyers and sellers to exit their positions - only if they withdraw the full collateral for each order and the cashout price is equal to the original matched order price.

Cashout Order is only available during 12-hour Trading Time.

<figure><img src="https://828365766-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fq2QWQYNt3GiuTfj38Qpv%2Fuploads%2FsF6FDfQ5PrZkGXXbqBdQ%2F773.png?alt=media&#x26;token=106d269c-9fca-457d-854c-a450fea73826" alt=""><figcaption></figcaption></figure>

## Cashout Order example

Here's a clearer example of Bob’s Cashout Order:

Previously, Bob (Buyer 1) and Alice (Seller 1) matched a pre-order trade with a volume of 100 USDC.

Bob's Trade Details:

* **Order Type:** Buy
* **Token Amount:** 100 $UN
* **Price:** 1 USDC
* **Trading volume:** 100 x 1 = 100 USDC
* **Collateral:** 5 USDC (5% of trade volume)

Normally, Bob would wait until Settlement Time to complete the trade. But for some reason, he wants to exit early - so he uses the Cashout Order feature.

The system now creates a sell order for Bob’s position, making him a seller. This new order appears on the Order Book with the same token amount and price as the original order.

**Bob's Cashout Order:**

* **Order Type:** Cashout Sell
* **Token Amount:** 100 $UN
* **Price:** 1 USDC
* **Trading Volume:** 100 USDC
* **Collateral:** 5 USDC

After that, Sam (Buyer 2) matches Bob's cashout order. Bob gets back his collateral, and Sam takes over Bob's position - continuing the obligation to Alice.

<figure><img src="https://828365766-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fq2QWQYNt3GiuTfj38Qpv%2Fuploads%2FkrKK1GvKclkuTOxv2Ou7%2F774.png?alt=media&#x26;token=eb674c57-14b1-4b59-9363-5a7c0a9eafd4" alt=""><figcaption></figcaption></figure>

Result: Bob exits early and receives 100% of his collateral (minus a trading fee of 0.125% of the trade volume).

Similarly, if Alice (Seller 1) wants to cash out, the system will automatically sell her position and create a new buy order on the Order Book. The process is the same as above.<br>

*Note: No fees are charged for Cashout Orders on Unich Pre-Order OTC. The 0.125% fee based on trade volume is deducted from the previous matched order.*