> For the complete documentation index, see [llms.txt](https://support.highlight.xyz/knowledge-base/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://support.highlight.xyz/knowledge-base/for-creators/selling-your-nfts/available-sale-methods/ranked-auction.md).
# Ranked auction
The bidding in a ranked auction begins at a set price. Collectors submit their bids and can track their rank. When the sale concludes, the supply of tokens are distributed to the top bidders.
{% hint style="info" %}
*Note: ranked auctions are subject to a 5% fee on total proceeds, paid by the creator.*
{% endhint %}
### How to set up a ranked auction
In the mint details section of the collection creation flow, choose "Ranked auction". Here, you can set a minimum bid and enable rebates if desired. Enabling rebates will allow all collectors to recoup the difference between their winning bid and the lowest winning bid (meaning that all winning collectors will pay the same, lowest winning bid price). Declining to select this option means bidders will pay the exact price they bid.
### **Ranked auction claim token and rebates**
After a ranked auction concludes, winning bidders will need to claim their token(s), which they can do directly on the mint page. If the artist has enabled rebates, claiming their tokens will also trigger any enabled rebates for their bids.
As the artist, you can also claim your proceeds from the auction on the collection management page.
### Manage your auction
To edit your auction details, select the "Edit auction" button on the token management page. This will allow you to update the reserve price, the start and stop date of the auction, and any allowlists that are applied. \
\
Note that if the auction has a bid on it, you will not be able to change the start or end date.
### **Ranked auction standings**
The standings of a ranked auction will be available on the right hand side of the mint page during the auction. Collectors can view their current ranking, and increase their bids (if desired) to ensure they remain among the winning bidders.
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