> ## Documentation Index
> Fetch the complete documentation index at: https://docs.thefirm.biz/llms.txt
> Use this file to discover all available pages before exploring further.

# Market Cap calculation

AutoBoy prices tokens by calculating the *effective market cap* of a buy.

This is the market cap a user is *effectively* paying when you account for pool fees that reduce how many tokens they actually receive - most importantly sniper taxes, but also LP fees.

Here’s an example of a calculation:

* Token A is a Clanker launch with an absolute market cap of \$200k.
* It’s currently within the *sniper tax period:* swaps in the next block incur a *50% sniper tax,* meaning half of the user’s swap goes to sniper fees, not to buying the token. Swaps for this token are effectively paying *twice the price*.
* AutoBoy therefore calculates the *effective market cap* as \$400k.
* Any orders with a max market cap of *\$400k or higher* are valid and AutoBoy will attempt to execute them.

<Info>
  Note - the 3% [platform fee](/fees) is taken in the token you bought, after the swap - it's separate from this calculation and from your [Max Price (MCap)](/setting-max-price).
</Info>

## When it's recalculated

After launch, AutoBoy reevaluates the effective market cap by getting the current price of the most liquid Uniswap pool:

1. Every time there is a swap from the pool
2. Every block during fee periods where time is a modifier (i.e. during the Clanker sniper tax period)

Each time, if your order's conditions are met, AutoBoy executes the buy.