> ## Documentation Index
> Fetch the complete documentation index at: https://docs.kek.pro/llms.txt
> Use this file to discover all available pages before exploring further.

> ## Agent Instructions
> Treat Solana and Robinhood Chain as separate protocol paths.
> Write for people using the KEK.PRO app.
> Treat displayed fees, limits, and availability as environment-specific unless labeled as protocol constants.

# Fee Market

> Track Robinhood Chain fee-rights auctions and buy listed positions.

The public **Fee Market** is Robinhood Chain only.

<figure className="kek-figure kek-figure--robinhood" data-mark="RIGHTS" aria-labelledby="fee-market-states-title">
  <div className="kek-figure__header">
    <span id="fee-market-states-title">Position market / state map</span>
    <small>Robinhood Chain only</small>
  </div>

  <div className="kek-figure__body">
    <div className="kek-flow kek-flow--four">
      <div className="kek-flow__node is-live"><span>01 / Ready</span><strong>No position</strong><small>A new auction can open after the active conditions are met.</small></div>
      <div className="kek-flow__node"><span>02 / Auction</span><strong>Token lock bids</strong><small>Open the token page to inspect and bid.</small></div>
      <div className="kek-flow__node"><span>03 / Owned</span><strong>Fees accrue</strong><small>The active owner receives eligible fees up to the cap.</small></div>
      <div className="kek-flow__node"><span>04 / Listed</span><strong>Fixed-price sale</strong><small>Collection pauses while the position is for sale.</small></div>
    </div>
  </div>

  <figcaption className="kek-figure__caption"><strong>Ownership moves the remaining cap.</strong> A secondary sale never resets payout history.</figcaption>
</figure>

## Market states

| State   | Action                            |
| ------- | --------------------------------- |
| Auction | Open the token page to bid        |
| Listed  | Buy the position at its exact ask |
| Owned   | Manage the position               |
| Ready   | No active auction or position     |

Rows expose locked supply, payout cap and progress, volume, market cap, owner,
status, and listing price.

KEK.PRO does not provide fee-rights APR or 24-hour trend data. It shows
an em dash instead of estimating them.

## Buying a position

A listed position transfers atomically at the displayed native-asset price. The
buyer receives the remaining payout cap; buying does not reset it.

The reviewed marketplace fee is `0.50%` of the sale price and routes to the
buyback-and-burn reserve.

## Listing risk

An active position cannot receive fees while listed. Price the ask against the
remaining cap and current fee flow, not the original winning bid.

See [Robinhood Chain fee rights](/robinhood/fee-rights) for auction and payout
rules.