the four mechanics that settle a leveraged position

A zero maintenance rate puts liquidation at 1.00% away at 100×, and a 1.25% maintenance rate at a 40× cap leaves 0.50 of that room.

Figures rebuilt 2026-08-27 by the MarketMoves editorial desk. Every number on this page is derived from the sources named in the methodology.

what these four pages compute

Four quantities decide the outcome of a leveraged position once direction is chosen: the distance to liquidation, the cost of carrying the position, the opening cost measured against that distance, and what happens to the rest of the account when the position fails. Each has a closed-form derivation from rules the venues publish, and each is computed here from the venue registry rather than quoted. The registry is 2026-08-27a and the survival dataset behind the holding-period figures covers 45 markets.

The two fee bases produce different arithmetic at every step. A fee charged on the wager does not move with the multiplier, so it costs $1.00 on a $100.00 wager at 2× and $1.00 at 1000×. A fee charged on notional scales with it, from $0.09 at 2× to $1.73 at 40×, and the two bases cross at 23.1× taker, a basis every page below names in its own column heading.

One figure is not derivable and is therefore absent from every page below. The wager-basis venue charges a rolling fee every 8 hours and publishes no rate for it, so nothing on this site multiplies it out. Two further costs, a performance fee on realised profit and a spread inside the settlement price, are reported only by third-party testers and appear in no arithmetic here either.

liquidation distance is 1 over leverage less the maintenance rate

The derivation runs from initial margin to the maintenance requirement and is set out in full on the liquidation page. A maintenance rate of 0.00% gives the whole 1.00% at 100× and 0.10% at 1000×. A maintenance rate of 1.25%, which is half the initial margin at a 40× cap, gives 1.25% at that cap against 2.50% at the same rung on a zero-buffer venue.

the liquidation price, derived from first principles

cost of carry cannot be compared while one rate is unpublished

Hourly funding is market-set, capped at 4.00% per hour and paid peer to peer, with an interest component of 0.01% per 8 hours that compounds to 11.6% a year. The other venue charges a rolling fee every 8 hours at a rate it does not publish, so venues.carry_comparable() returns False and every cost figure on this site is scoped to entry.

funding, financing and what is missing from every cost figure here

a flat fee costs a constant share of the runway at every rung

Breakeven is the fee divided by leverage and the room is 1 over leverage, so on a wager-basis fee the leverage cancels and the opening cost is 1.00% of the distance to liquidation at 2× and 1.00% at 1000×. On a notional-basis fee nothing cancels, and the same share runs from 0.09% at 2× to 3.46% at 40×.

position sizing, from wager to notional to breakeven

the worst case differs in kind, not in degree

One venue caps loss at the wager with no election required. The other confines loss to a position only when isolated margin was chosen, and a backstop liquidation below two thirds of maintenance margin, which is 0.83% of notional at a 40× cap, transfers the cross positions without returning the maintenance margin. Structural coverage differs on the same axis: 50 of the 50 tracked markets against 18.

isolated margin, cross margin and the backstop

the holding period the figures are measured against

Distance to liquidation only means something against a distribution of moves. Over one session the most common survivable rung across the sample is 20× on the wager-basis venue, agreeing on 26 of 46 markets, and 10× on the notional-basis venue, agreeing on 12 of 18. The method is the one stated in the survival dataset: the highest rung whose distance to liquidation exceeds the 95th-percentile adverse excursion over rolling windows of that length, taking the worse of the long and short side.

Rung ladders differ as well as rules. The wager-basis venue lists 9 rungs from 2× to 1000× on every market it lists, while the notional-basis venue sets the ceiling per asset and lists 7 rungs up to 40× on the asset that carries its highest cap. A rung above 40× therefore has one venue and one set of mechanics, which is why each page below states the rule rather than the brand.

the holding-period rule, the survivable rung for each market.

Registry 2026-08-27a, reviewed through 2026-11-27. Rebuilt 2026-08-27 07:56 UTC UTC. Maintenance and liquidation rules: Hyperliquid liquidations, Moon on how leverage works.