diff --git a/routstr/balance.py b/routstr/balance.py
index 91b19ce5..cf44e612 100644
--- a/routstr/balance.py
+++ b/routstr/balance.py
@@ -259,6 +259,36 @@ async def _lookup_key_no_create(
     return None
 
 
+async def _get_persisted_api_key_refund(
+    key: ApiKey, session: AsyncSession
+) -> dict[str, str] | None:
+    result = await session.exec(
+        select(CashuTransaction)
+        .where(
+            CashuTransaction.api_key_hashed_key == key.hashed_key,
+            CashuTransaction.type == "out",
+            CashuTransaction.source == "apikey",
+        )
+        .order_by(col(CashuTransaction.created_at).desc())
+    )
+    refund = result.first()
+    if refund is None:
+        return None
+    if refund.swept:
+        raise HTTPException(status_code=410, detail="Refund has been swept")
+
+    refund.collected = True
+    session.add(refund)
+    await session.commit()
+
+    persisted = {"token": refund.token}
+    if refund.unit == "sat":
+        persisted["sats"] = str(refund.amount)
+    else:
+        persisted["msats"] = str(refund.amount)
+    return persisted
+
+
 async def _restore_balance(
     session: AsyncSession, hashed_key: str, balance: int, reserved_balance: int, mint_url: str
 ) -> None:
@@ -353,6 +383,8 @@ async def refund_wallet_endpoint(
     if key.total_balance <= 0:
         if cached := await _refund_cache_get(bearer_value):
             return cached
+        if persisted := await _get_persisted_api_key_refund(key, session):
+            return persisted
 
     if key.parent_key_hash:
         raise HTTPException(
diff --git a/tests/unit/test_balance.py b/tests/unit/test_balance.py
index 609e2557..f3775e22 100644
--- a/tests/unit/test_balance.py
+++ b/tests/unit/test_balance.py
@@ -221,6 +221,78 @@ def _make_api_key(
     return key
 
 
+@pytest.mark.asyncio
+async def test_apikey_refund_returns_persisted_token_after_cache_loss() -> None:
+    key = _make_api_key(balance=0, refund_currency="sat")
+    refund_token = "cashuApersisted_refund_token"
+    refund_tx = _make_cashu_tx(
+        token=refund_token,
+        amount=5,
+        unit="sat",
+        type="out",
+        request_id=None,
+    )
+    refund_tx.source = "apikey"
+    refund_tx.api_key_hashed_key = key.hashed_key
+
+    session = MagicMock()
+    session.get = AsyncMock(return_value=key)
+    session.exec = AsyncMock(return_value=_exec_result(refund_tx))
+    session.add = MagicMock()
+    session.commit = AsyncMock()
+
+    with (
+        patch("routstr.balance._refund_cache_get", AsyncMock(return_value=None)),
+        patch("routstr.balance.send_token", AsyncMock()) as mock_send_token,
+    ):
+        result = await refund_wallet_endpoint(
+            authorization="Bearer sk-testhash",
+            x_cashu=None,
+            session=session,
+        )
+
+    assert result == {"token": refund_token, "sats": "5"}
+    assert refund_tx.collected is True
+    session.add.assert_called_once_with(refund_tx)
+    session.commit.assert_awaited_once()
+    mock_send_token.assert_not_awaited()
+
+
+@pytest.mark.asyncio
+async def test_apikey_refund_rejects_persisted_token_after_sweep() -> None:
+    from fastapi import HTTPException
+
+    key = _make_api_key(balance=0, refund_currency="sat")
+    refund_tx = _make_cashu_tx(
+        token="cashuAswept_apikey_refund",
+        amount=5,
+        unit="sat",
+        request_id=None,
+        swept=True,
+    )
+    refund_tx.source = "apikey"
+    refund_tx.api_key_hashed_key = key.hashed_key
+
+    session = MagicMock()
+    session.get = AsyncMock(return_value=key)
+    session.exec = AsyncMock(return_value=_exec_result(refund_tx))
+    session.add = MagicMock()
+    session.commit = AsyncMock()
+
+    with patch("routstr.balance._refund_cache_get", AsyncMock(return_value=None)):
+        with pytest.raises(HTTPException) as exc_info:
+            await refund_wallet_endpoint(
+                authorization="Bearer sk-testhash",
+                x_cashu=None,
+                session=session,
+            )
+
+    assert exc_info.value.status_code == 410
+    assert exc_info.value.detail == "Refund has been swept"
+    session.add.assert_not_called()
+    session.commit.assert_not_awaited()
+
+
 @pytest.mark.asyncio
 async def test_apikey_refund_stores_cashu_transaction_with_apikey_source() -> None:
     key = _make_api_key(balance=5000, refund_currency="sat")