Take out

Sell your pool notes, and what the exit cost is.

To leave the pool, you sell your notes. The take-out sheet shows what they sell for and the exit cost, before you confirm.

The exit cost

Notes cost a little more to buy than they sell for. The gap between the two is the exit cost.

It changes with the positions the pool has open. Today’s figure is today’s; it can be different tomorrow.
It stays with the other liquidity providers. What you leave behind isn’t a fee anyone takes. It stays in the pool, for the notes still in it.
You see it before you sell. The sheet shows it as “Exit cost today”, in percent.

So buying notes and selling them straight away loses the exit cost.

Winners are paid first. Nothing leaves the pool while a winner is waiting to be paid, and money that open positions may still need stays in. In a bad stretch, part of a take-out stays as notes until positions settle.

You can always take out a whole balance, whatever it’s worth.