> For the complete documentation index, see [llms.txt](https://docs.hypersurface.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.hypersurface.io/overview/auctions.md). # Auctions Hypersurface holds the options it buys from sellers. Auctions sell that inventory back to the market. Anyone can take part, with no sign-up or whitelist. The price opens high and falls over a few minutes. Take the whole auction or part of it, at the current price. Settlement is one transaction, in USDT0. ### Participating in an auction Live auctions are at [app.hypersurface.io/auctions](https://app.hypersurface.io/auctions). * Pick an auction and an amount. * Set a maximum premium to cap what you pay. * First come, first served. An auction closes once it is fully taken. ### What it means for option sellers When an auction sells above the protocol's price, the difference goes back to whoever sold those options. See the [Rebate Ledger](/overview/rebate-ledger.md). ### Developer integration Take auctions through the contracts directly, or through the app at [app.hypersurface.io/auctions](https://app.hypersurface.io/auctions). The [Integration Guide](/integration-guide.md) has the contract addresses and chain configuration. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.hypersurface.io/overview/auctions.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.