# Withdrawing Options

You can withdraw options from Knox Finance as ERC-1155 options tokens **24 hours after the auction has been processed**. Withdrawals may be made at any time if the auction has been cancelled.

### Expired Options

If you let in-the-money options expire before withdrawing them, they are [automatically exercised](https://docs.knox.premia.finance/option-buyers/exercising-options). Upon withdrawal, you will receive the proceeds of the options (their intrinsic value) instead of ERC-1155 options tokens.

### Refunds

When withdrawing options or proceeds from expired options, you also receive a refund for any unspent funds that were deposited when [placing the orders to buy those options](https://docs.knox.premia.finance/option-buyers/buying-options).

Here is a table of the most common scenarios and their outcomes when withdrawing:

| Expired | Scenario                                                      | Outcome                                                                         |
| ------- | ------------------------------------------------------------- | ------------------------------------------------------------------------------- |
| No      | Your order was filled at the **exact price** you deposited    | You only receive your fill                                                      |
| No      | Your order was filled at a **lower price** than you deposited | You receive your fill and a refund for unspent funds                            |
| No      | Your order was **not filled**                                 | You only receive a refund                                                       |
| Yes     | Your order was filled at the **exact price** you deposited    | You only receive the proceeds of the options, if any                            |
| Yes     | Your order was filled at a **lower price** than you deposited | You receive the proceeds of the options, if any, and a refund for unspent funds |
| Yes     | Your order was **not filled**                                 | You only receive a refund                                                       |

{% hint style="info" %}
A buyer places a limit order to buy 20 call options up to a maximum price of $100, depositing $2000 to do so. However, the Dutch auction reaches its clearing price at $70, so the buyer only pays 20 x $70 = $1400 for the options. Upon exercising the options (or their expiry), the buyer is refunded the unspent $600.
{% endhint %}