Newly deposited collateral is held in the queue until the start of a new epoch. During this window, you can always withdraw collateral, without restrictions, penalties, or fees.
Upon withdrawal, your ERC1155 claim tokens will be exchanged for collateral at the same 1:1 rate applied at deposit.
Remember that at the end of the epoch, any collateral in the queue will be moved to the vault, and different rules for withdrawal apply.
Once funds have been moved from the queue to the vault, they can be withdrawn without taking any exposure to a short position, so long as the auction has not started.
While the auction takes place, you cannot withdraw from the vault until the auction has been processed.
After the withdrawal lock is cleared, you can again withdraw funds, but you will take on exposure to any short positions assumed by the vault during the auction.