> For the complete documentation index, see [llms.txt](https://doc.notliquid.fun/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://doc.notliquid.fun/money-and-risk/earnings-and-top-position.md).

# Earnings & Top Position

PNL does not make backing size do every job. Ordinary acquisition earnings are equal per active listing; larger backing competes through a separate Top Listing pot.

One mechanism rewards every active position. The other gives larger backing something specific to compete for.

## Ordinary listing fees

For each successful acquisition:

1. the protocol takes its current **1% acquisition cut**;
2. the Top Listing slice is separated;
3. the remainder is divided equally across active listings.

Backing size changes selection odds, but every active listing has one ordinary fee share.

The position selected by that acquisition participates in the fee distribution before leaving the active pool. Staged listings do not earn until they activate.

Equal per acquisition does not mean equal over a position's entire life. A heavily backed position is selected less often, so it may remain active and collect the same ordinary share across more acquisitions.

Randomness is under no obligation to provide the average holding period.

## Top Listing

One active position can hold the Top Listing spot.

The current Top Listing receives **5% of the distributable acquisition fee** into a visible pot. The remainder continues through the equal ordinary split.

A position takes the spot when:

* the spot is vacant; or
* its backing is at least **10% higher** than the current Top Listing's backing.

New deposits and backing increases can take the spot automatically when they clear the threshold. An already-active position can also claim it explicitly.

When a Top Listing is outbid, withdrawn, allocated, or lowered:

* its accumulated pot is credited to its depositor;
* the spot is cleared or transferred;
* the next holder starts a fresh pot.

Lowering the backing while holding the spot forfeits it. The crown does not come with a resize-to-fit option.

## Claiming earnings

A depositor can:

* claim pending fees from active listings without withdrawing them;
* withdraw already-credited earnings;
* receive pending ordinary fees as credit when a listing exits;
* receive the Top Listing pot as credit when its tenure ends.

Fee accounting uses pull-based balances. Funds that have been credited are not mixed back into listing backing.

## Protocol revenue

The current deployment accrues protocol revenue from:

* 1% of each acquisition fee;
* 1% of backing when the outcome sends the NFT to the acquirer;
* the retained 15% when the acquirer accepts the standing bid.

Accrued protocol fees are paid to the configured PNL payout address.

There is no PNL Token, Rewards contract, DEX hook, or token buyback receiving these fees in the current deployment.


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