> For the complete documentation index, see [llms.txt](https://docs.arenas.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.arenas.fi/financing-markets/withdraw.md).

# Withdraw

Redeem your pool shares for the underlying asset plus accrued yield, via a two-step delayed withdrawal.

Withdrawing converts your **pool shares** back into the underlying asset, including accrued yield. Unlike depositing, withdrawing is always a **two-step, time-locked** process, even when the delay is set to zero.

***

### The two steps

```mermaid
sequenceDiagram
    participant You as You (depositor)
    participant Pool as Arenas pool

    You ->> Pool: 1. createWithdrawRequest (locks shares)
    Note over You,Pool: wait for withdrawDelay
    You ->> Pool: 2. executeWithdrawRequest (after delay)
    Pool -->> You: 3. Return assets + accrued yield
```

1. **Create a withdrawal request.** This locks the shares you want to redeem. You can have **one active request** at a time, and it **cannot be cancelled** once created.
2. **Execute the request** after the pool's `withdrawDelay` has elapsed. The same wallet that created the request must execute it, and receives the assets.

***

### Why the delay

Part of the pool is lent out to borrowers at any given time. The delay lets the pool manage liquidity that is locked in active financings. If much of the pool is lent out, your request may be:

* **Fulfilled proportionally**: you receive the redeemable part now, and the remainder follows as loans are repaid, or
* **Delayed** until enough borrowers repay.

The protocol always returns either assets or shares; it does not freeze your funds without a claim.

***

### Things to know

* **One-way lock.** `createWithdrawRequest` locks your shares immediately and cannot be reversed. Decide on the amount before submitting.
* **Same wallet executes.** Only the wallet that created the request can execute it, after the delay.
* **Availability.** What you can withdraw depends on unborrowed liquidity in the pool at execution time.

See [Deposit](/financing-markets/supply.md) for the other side, and [How Your Capital Is Lent](/financing-request-lifecycle.md) for what happens to your capital in between.