Docs pages
The weekly auction
Each series (one region, one delivery week) trades in a call auction: orders collect in the series' on-chain book during the week, and at the cutoff they all execute together at one price.
Schedule
| Listed | two to eight weeks before delivery |
| Auctions | every Thursday at 16:00 UTC, from eight weeks to one week before delivery |
| Quoted in | USDC per GPU-hour; one node-week is 1,344 GPU-hours |
| Price tick | 0.01 USDC per GPU-hour |
| Minimum order | 100 USDC of notional |
| Open orders | up to 8 per wallet |
Orders
- Bid: a limit price and a number of node-weeks. The full notional at your limit plus the 0.5% trade fee is deposited when you place it.
- Ask: a minimum price and a number of node-weeks, backed by the seller's reserved capacity and a collateral budget.
- Resale ask: a holder offering claims they already own; the claims are held in the book until the auction.
Orders can be cancelled until the cutoff.
How the price is set
At the cutoff the book clears at the single price that executes the most node-weeks. If several prices execute the same volume, the lowest wins. Every filled bid pays that price and every filled ask receives it, whatever their limits.
If one side has more volume at the clearing price than the other, the better-priced orders fill first, and among orders at the same price the earlier one fills first. A bidder whose limit was above the clearing price gets the difference back, with the deposit for any unfilled part.
An ask whose collateral budget does not cover its full quantity at the clearing price does not take part in that clear.
Book size
One clear takes up to 64 orders, 32 on each side. When a side is full, a new order at a strictly better price displaces that side's latest order at the worst price; the displaced order is cancelled and its deposit or reserved collateral released in full. An equal price never displaces an earlier order.
Example
An example book on one series, prices in USDC per GPU-hour:
| Bids | Asks |
|---|---|
| 3 node-weeks at 2.40 | 3 node-weeks at 2.00 |
| 4 node-weeks at 2.30 | 4 node-weeks at 2.15 |
| 6 node-weeks at 2.20 | 5 node-weeks at 2.20 |
| 2 node-weeks at 2.10 |
At 2.20, bids for 13 node-weeks meet asks for 12: the most volume any price executes. The clear fills 12 node-weeks at 2.20: all asks, the bids at 2.40 and 2.30, and 5 of the 6 node-weeks bid at 2.20 (by arrival). The bidder at 2.40 pays 2.20 and gets back 0.20 × 1,344 = 268.80 USDC per node-week, plus the trade fee on that difference.
After the clear
Filled bids become claims and filled asks become obligations; the service completes the bookkeeping steps on its own. See Buyers and Sellers for what each side does next, and the whitepaper for the full clearing rule.