Yes — you can exit at any time. Your BT (Bond Token) is a standard ERC-20 token that trades on Fira's market AMM. You're never locked in; there's always a way out.
How early exit works
To exit before maturity, you sell your BT on the AMM in exchange for the underlying asset (e.g. USDC). The price you receive depends on where BT is currently trading — which reflects the market's current implied rate for that maturity.
BT price and interest rates move in opposite directions:
Rates went down since your entry → BT is now more expensive → you sell for a gain (better than your original fixed rate).
Rates went up since your entry → BT is now cheaper → you sell for less (worse than your original fixed rate, possibly a loss).
This is identical to how bonds work in traditional finance: the face value is fixed, but the market price fluctuates with rates.
Worked example
You originally bought BT at $0.95 per token, targeting a fixed return at maturity.
Market condition at exit | BT price | Your outcome |
Rates fell — BT now at $0.97 | $0.97 | Gain above your original rate |
No change — BT still at $0.95 | $0.95 | Break even (excluding fees) |
Rates rose — BT now at $0.93 | $0.93 | Loss relative to your entry |
In the third case: if you bought 1,052 BT at $0.95 and now sell at $0.93, you receive ~978 USDC — a loss of ~22 USDC on your original 1,000 USDC.
Liquidity caveat
Early exit depends on available liquidity in the AMM. In most cases the market will absorb your position, but for large amounts or near-expired markets, you may face slippage. Check the AMM depth before selling.
Should you exit early?
That depends on your situation. A few questions to consider:
Has your view on rates changed since entry?
Do you need capital back urgently?
Would the current exit price still give you an acceptable return?
If you're unsure whether you can commit to a maturity date, the variable-rate market may be a better fit. It lets you withdraw at any time without price exposure to rate moves. See How variable-rate lending works →.