The process of redeeming collateral with oToken is not automatic and requires the holder to spend gas to claim the profits.
First, connect your wallet to the website. This portal site allows oToken holders to see a list of options a Metamask wallet holds:
Gamma Portal shows an account's oToken balance.
To make sure you are viewing the correct account page, check that the URL matches what the account connected to the page on the top left. E.g.
If the oTokens you hold are out-the-money, you are not able to redeem collateral from Opyn. The portal will show the "Payout" as 0.0 WETH and the Redeem button will be grayed out. The Redeem button could also be grayed out if the dispute period has not passed.
If the oTokens are in-the-money and the dispute period has passed, the Portal will display a positive payout, and the Redeem button will be enabled.
Redeem button is enabled and payout displayed in the Gamma Portal.
Upon clicking the "Redeem" button, your wallet will be prompted to perform a transaction. Confirm the transaction.
Example of a Metamask transaction
The redemption transaction burns oTokens and returns collateral from the vault.