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With the Promoted feature, it lasts for the full time your post is in payout window, so 7 days. I haven't used it much lately, but I'm working on using it a bit more and raising awareness.

When we promote, it is more available? Not sure how exactly it works.

It's interesting, one of the devs pointed me to a newer thread on the condenser github. As of now, Promoted content all gets put on it's own tab. Some people have voiced concerns that it's a problem doing it that way. The new way that has been proposed would mix them in and outline them with a different color shadow to make them stand out. I guess we'll just have to see what happens.