> For the complete documentation index, see [llms.txt](https://docs.octogamex.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.octogamex.com/financial-model/fees/auction.md).

# Auction

{% hint style="info" %}
There are no seller listing fees.
{% endhint %}

– The Listing Owner sets the starting bid (the amount to open the bidding). \
– The Listing Owner gets the bid funds less the fees by the following formula:

**Bid - (Marketplace Fee + Collection Fee)**

* Entering a bid amount, the Bidder is shown the amount the Listing Owner will get should their bid win. 
* Each subsequent bid will trigger the refund of the previous one.

## 💎 Example:

* **Flat Marketplace Fee** is 2%
* **Collection Fee** is 2%
* The example currency is BNB

– Starting Bid is 0.02 BNB \
– Bid 1 is 0.02 BNB \
– Bid 2 is 0.03 BNB \
– Bid 3 is 0.04 BNB

Once the auction time is up, **the last bid is always the winner.**

Either the Listing Owner or the Last Bidder can start the asset transfer process. Either way, the two parties get their respective assets.

– The Last Bidder gets the **NFT** \
– The Listing Owner gets **0.04 BNB** less **4.5%** (**Flat Marketplace Fee + Collection Fee**) = 0.0382 BNB \
– **Total Fee** is 0.0018 BNB

If the Listing is canceled before any bids, Listing Owner isn’t charged any fees.