> For the complete documentation index, see [llms.txt](https://docs-v4.nftx.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs-v4.nftx.io/how-it-works/liquid-listings.md).

# Liquid Listings

Floor tokens solve liquidity for floor items — but most collections are worth more than their floor. A rare trait, a low mint number, a grail: these are worth more than one floor token, and a plain floor pool can't price them. **Liquid Listings** are how NFTX gives *every* item instant liquidity, not just the floor.

## The idea

List a non-floor item at a price you choose — expressed as a [floor multiple](/how-it-works/floor-tokens.md#floor-multiples-pricing-above-the-floor) — and NFTX does two things at once:

1. **You get paid now.** The moment you create the listing, you receive a freshly minted floor token, which you can sell at floor value immediately. You don't wait for a buyer.
2. **The item sells later at your price.** Your NFT sits in the pool listed at your chosen multiple. When someone fills it, you collect the difference between your price and the floor token you already took.

So a Liquid Listing splits a sale into *floor value now* and *the premium later* — instant liquidity for the floor portion, while still capturing the upside if the item sells at your price.

### Worked example: Alice's Milady

> Alice has a non-floor Milady she values at **1.30x** the floor. She deposits it into the pool and lists it at **1.30x**. In return she immediately receives **1 MILADY** token (minus the listing fee), which she can sell right away at floor. When a buyer later fills her listing, she collects the remaining **0.30 MILADY** premium.

Alice got floor liquidity the instant she listed, and still earns the premium if her price is right.

## You set the price — the fee keeps you honest

NFTX uses a **self-assessed** listing model: you price your own item. Nothing stops you from listing a floor Milady at 10x — but the **listing fee** (also called tax) scales with how far above floor you price and how long you list for, so overpricing is allowed, just expensive.

The fee is **prepaid** in the collection's floor token when you create the listing, and **refunded pro-rata** if you cancel or shorten it. It grows with the *square* of the floor multiple and *linearly* with duration, with a softening "kink" at 2.00x so high-value grails stay viable. For a 7-day listing:

| Floor multiple | Fee (7-day listing) |
| -------------- | ------------------- |
| 1.50x          | 0.0225 FLOOR        |
| 2.00x (kink)   | 0.04 FLOOR          |
| 3.00x          | 0.0625 FLOOR        |
| 4.00x          | 0.09 FLOOR          |
| 10.00x         | 0.36 FLOOR          |

{% hint style="warning" %}
Price far above fair value and the fee climbs steeply while the item doesn't sell — the prepaid tax simply bleeds down until the listing closes. The system is designed so that mispricing costs *you*, which is exactly what keeps listings honest.
{% endhint %}

The exact formula, including the math behind the kink, lives in the [Tax Calculator](/contracts/tax-calculator.md); [Fees](/core-concepts/fees.md) puts it in context with the protocol's other fees.

## When a listing expires: Dutch auctions

A listing is prepaid for a set duration. When that duration runs out, the listing doesn't just vanish — it decays into a **Dutch auction**: the price falls linearly from your multiple toward floor (1.00x) over a trailing window, until someone buys it or it reaches floor and becomes redeemable like any other pooled NFT.

You can also skip the liquid phase entirely and create a **Dutch listing** from the start — useful when you want a declining-price sale rather than a fixed one.

## Under the hood

Liquid Listings are implemented by the [Listings](/contracts/listings.md) contract, priced by the [Tax Calculator](/contracts/tax-calculator.md), and settled in the collection's [floor token](/how-it-works/floor-tokens.md). Anyone can buy a listed item by filling it — see [Swaps & Trade-Ups](/how-it-works/swaps-and-trade-ups.md) for how buyers combine floor tokens and ETH to do that.