> For the complete documentation index, see [llms.txt](https://docs.ensemble.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ensemble.io/safety/liquidity-and-redemptions.md).

# Liquidity and redemptions

Why the value of your shares can exceed what you can withdraw now.

The value of your shares and the amount you can withdraw now are different numbers. The vault needs enough available USDC on HyperEVM to pay an exit. Funds used for trading may need to return first.

```mermaid
flowchart LR
    Shares["User shares"] --> Preview["Preview expected assets"]
    Preview --> RouteCap["CircuitBreaker maxRedeem"]
    RouteCap --> Buffer["Spendable EVM buffer"]
    Buffer --> State["Vault and emergency state"]
    State --> Redeem["Accepted redemption amount"]
```

## EVM buffer

The vault keeps some USDC available on the chain where withdrawals are paid.

Each vault targets a portion of NAV on HyperEVM. Capital outside the spendable buffer may be on HyperCore, reserved, or involved in pending work.

## Capacity is layered

Having enough shares is only one condition for a withdrawal.

The immediately redeemable amount is bounded by the tightest active route, account, vault, liquidity, and lifecycle control. It can change between preview and transaction inclusion. Ordinary redemptions require confirmed Standard account mode and no emergency margin stress. An active emergency-close episode blocks them until recovery clears it; elapsed cooldown alone is insufficient.

## Replenishing liquidity

Returning funds from the trading venue takes time and a later confirmation.

Permissionless maintenance can request Core-to-EVM capital. Because settlement is asynchronous, more capacity may require a later confirmation rather than a single synchronous redemption transaction.

## Emergency operation

An emergency can replace the normal withdrawal process with a recovery process.

Emergency close and recovery can intentionally change normal redemption paths. Follow the current contract state and official status material.

## Before an exit

Check the available amount and the estimate before signing. Confirm the result in the receipt. If the request exceeds capacity, it reverts rather than joining a withdrawal queue.