How it works
The opening minute
The first minute has no first. Nobody can buy ahead of everyone else at launch.
How it runs
For 60 seconds after a launch, nobody buys: everybody commits HYPE, the creator first. When the minute is over, every commitment goes through the curve as one block, and everyone gets tokens in proportion to what they committed: the same average price for all, fee included.
Arriving at second 1 or at second 59 makes no difference to your price. If the opening fills the whole curve, that average is up to 3.8 times the start price.
Closing it
Anyone can close an opening once its minute is over, from the coin's page, and the first buy or sell after the minute closes it on its way. Your tokens are yours from that moment, before you touch them.
If the minute brings more than the curve holds
The curve takes up to the graduation and the coin graduates at once. What does not fit is not a trade and pays no fee: it goes back to everyone in proportion to their commitment, into their cash.