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

# Auction Lifecycle

A Bextree auction passes through four states, always derived from the listing's data — reserve, end time, and current bid — never stored as a mutable status flag that could drift out of sync.

```
DRAFT → LIVE → AWAITING_SETTLEMENT
              ↘ ENDED_NO_SALE
```

## DRAFT

The listing exists but isn't published. For LP positions, publishing requires the asset to be deposited into the on-chain vault; for Streamflow positions, it requires the settlement bond to be posted. **An auction cannot go live without its custody requirement met.**

## LIVE

The auction is open for bids until its fixed end time.

* Bidding is free — no funds are taken or locked when you bid.
* Your wallet must hold enough USDC to cover your bid at bid time (Bextree checks the balance), but nothing moves until you win.
* Every bid is authenticated by a one-time wallet signature.
* Last-second bids are allowed; there is no extension window.

## AWAITING\_SETTLEMENT

The auction ended at or above its reserve. The winning bidder is notified and funds the full winning amount into on-chain escrow, which begins settlement — see [Settlement Lifecycle](/getting-started/settlement-lifecycle.md).

## ENDED\_NO\_SALE

The auction ended below reserve (or with no bids). Nothing is owed by anyone: no fee is charged, the Streamflow seller's bond is refunded, and a vaulted LP position can be withdrawn back to the seller's wallet.

## Timing

| Parameter                      | Value                              |
| ------------------------------ | ---------------------------------- |
| Auction length                 | 6 hours – 7 days, seller's choice  |
| End time                       | Fixed; never extended              |
| Settlement window (Streamflow) | 24 hours from buyer escrow deposit |