Redeeming

1. Open. Your shares are burned. The exit fee is taken in shares at this moment and transferred to the creator and the platform. A pro-rata slice of every token in the vault moves into an escrow:

out_i = vault_balance_i × shares_burned / basket_supply

2. Sell each token. Each token is sold for USDC through Jupiter, in its own transaction, against a minimum you signed.
3. Close. The USDC goes to your app wallet. It must clear the minimum USDC you set when you opened.

If one token has no route to USDC within your slippage — an illiquid token, a paused market — that part is marked as unsellable and paid to you in kind: you receive the token itself, and USDC for everything else. A redemption never gets stuck on one illiquid asset.

Cancel returns whatever the escrow holds at that moment: the tokens not yet sold and the USDC already received. Your shares stay burned — you are holding your slice of the fund directly.

Pausing one fund stops new deposits into it, never redemptions. Redemptions stop only if the protocol pauses the whole platform or puts a fund in emergency recovery — both described in Security and trust.

Anyone can call the vault program directly to burn shares and receive the tokens in kind, with no swaps and no keeper. The exit fee is charged in shares exactly the same way.