> For the complete documentation index, see [llms.txt](https://docs.punch.win/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.punch.win/trading/trading/redeem.md).

# Redeem

Exchange winning Shares for trading currency once a market settles.

***

## What Is Redeem?

Once a market reaches the **REDEEMABLE** state, users holding winning-side Shares can exchange them for trading currency.

| Outcome      | Shares Value        | Description |
| ------------ | ------------------- | ----------- |
| Winning side | **$1.000 × Shares** | Full payout |
| Losing side  | **$0.000 × Shares** | No payout   |

***

## Redeem Procedure

1. Open the **Portfolio** page
2. Locate your winning Shares from a settled market
3. Click the **Redeem** button
4. Approve the wallet signature
5. Trading currency is credited to your balance and reflected in PnL

***

## Redeem Rules

| Field          | Rule                                                      |
| -------------- | --------------------------------------------------------- |
| Fee            | **None** (Redeem is fee-exempt)                           |
| Buying         | Not available (Buy button is disabled for closed markets) |
| Partial Redeem | Not available (full Redeem only)                          |

***

## Market Cancellation (CANCELLED)

When a market is cancelled, your **share cost** (price × shares, excluding fees) is refunded instead of a Redeem.

> **Note**: Previously paid Taker fees are not refunded. Because Maker Rebate is paid immediately upon fill, fee recovery is not possible.

***

## Redeem Example

> 250 Yes Shares of "Film A" in the "2026 Oscar Best Picture?" market, purchased at $0.400 as a Maker (0% fee).
>
> **If Film A wins** → Redeem 250 × $1.000 = **$250** (cost $100, profit **+$150**).
>
> **If Film A loses** → Shares settle at $0. **-$100** loss.