An auction is a strategy selling the USDG it has collected for its asset. You pay the asset, you receive the whole pool of USDG.

Reading an auction

A fund's Auctions tab, which appears when you switch the fund page to Advanced, lists its auctions best deal first. The Available filter (the default) hides auctions with nothing to sell; All auctions shows every one. Each row shows:

Tags mark the Best deal, auctions that take LP tokens, and Stopped strategies, which no longer receive revenue but can still sell any remaining USDG. Rows with nothing to sell say Waiting for revenue or No revenue remaining. On mock deployments, the Auctions page also lists every fund's auctions.

The return is the number to watch. Compare it with the cost of sourcing the asset, price impact and gas. A favorable displayed return does not guarantee profit.

Filling

Press Fill on a row, or use the Auction control in the panel to choose a strategy. Larger lists open a searchable picker; you can find an asset by name, symbol, token address or strategy address. Choosing a strategy updates the quote before you submit.

1. Check You pay and You receive. Under Price limit, Maximum payment defaults to the current price plus 1%.
2. Press Fill for …, check the review and confirm. Your wallet asks first to approve the payment token for the Periphery helper, if needed, then to fill. These stay two separate confirmations, even in wallets that support batched transactions.
3. The helper takes only the live price, not your full maximum, buys the lot with the epoch id you reviewed, a deadline and your maximum payment, and sends the USDG to your connected wallet. In the same transaction it also tries to route the strategy's pending revenue and rewards onward; that extra step never blocks your purchase.

If someone fills first, your transaction reverts with an epoch mismatch rather than paying for the next epoch. If the price moves above your maximum before execution, it reverts too. A fill at zero price collects nothing and only moves the USDG.

There is no minimum USDG output parameter on buy. Bind the epoch you observed before signing; an integrator that reads a fresh epoch at execution can accept a different lot. The report records this as an acknowledged finding. Auction USDG can also include donations, so reported purchase volume is not proof of earned revenue. See Security and audit.

What happens

Your payment is split: the snapshotted allocation reward share (0 to 20%) to the strategy's BribeRouter, the remainder to the treasury. The entire USDG balance is transferred to you. The next epoch starts immediately at the price you paid times the strategy's multiplier, never below its minimum price. The treasury now holds more of that asset, and every fund token is redeemable for a share of it.