---
title: Take out
description: 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.

## A take-out can wait

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.