# Settlement

Options expire at **08:00 UTC** on their listed expiry date. Expiry is not limited to Friday.

Please note that **settlement is not always instantaneous**. After expiry, positions may take up to **\~2 hours** to fully settle before they are reflected in the protocol and become available for withdrawal.

This extended settlement window can occur during periods of high volume, when the protocol requires additional time to process all exercised and expiring positions accurately and ensure proper finalization.

Additionally, **Hypersurface may exercise in-the-money (ITM) options up to \~24 hours before expiry** if it is optimal for the protocol.