sizing a position once the rung is chosen
On a wager-basis fee the opening cost is 1.00% of the runway at 2× and 1.00% at 1000×, because the leverage cancels out of the ratio.
Figures rebuilt 2026-08-27 by the MarketMoves editorial desk. Every number on this page is derived from the sources named in the methodology.
three quantities and two of them are chosen
Sizing has three terms: the stake, the rung and the notional they imply. Notional is the stake multiplied by the rung, so a $100.00 stake at 20× controls $2,000.00 and the same stake at 40× controls $4,000.00. Only two of the three are free, and which two the venue lets a reader set is a user-interface question rather than an economic one.
The economics arrive with the fee basis. A fee charged on the stake is independent of the rung, so the opening cost is $1.00 at 2× and $1.00 at 1000× on the same $100.00. A fee charged on notional is linear in the rung, so it runs from $0.09 at 2× to $1.73 at 40×. Setting the two equal and cancelling the stake gives the crossover rung: 23.1× against the taker fee and 69.4× against the maker fee.
Moon betting glossary for the
wager-basis fee, Hyperliquid fees for the notional-basis fee.
The published referral discount is worth 0.0018% of notional, computed by
venues.referral_worth_pct_of_notional(), which is smaller than one
step on the rung ladder by two orders of magnitude.
breakeven is the fee divided by the leverage
Profit on a favourable move is notional multiplied by the move, or
S × L × m for stake S, rung L and
move m. On the wager basis the fee is S × f with no
L in it, so setting profit equal to fee gives
m = f ÷ L: the stake cancels and breakeven falls as the rung
rises, from 0.5000% at 2× to
0.0010% at 1000×.
On the notional basis the fee is S × L × f, so the
L cancels instead of the stake and breakeven is f at
every rung: 0.0432% at 2× and
the same 0.0432% at 40×,
both read from venues.breakeven_move() and independent of stake
size.
the fee as a share of the runway is where the bases separate
Breakeven in isolation flatters the high rungs, because a smaller move is
needed to cover the fee at exactly the point where a smaller move also liquidates.
The comparable quantity is the fee expressed as a share of the distance to
liquidation, which is what venues.fee_as_share_of_room() returns. On
the wager basis breakeven is f ÷ L and the room is
1 ÷ L, so the ratio is f and the leverage cancels a
second time.
The consequence is a constant: the opening fee costs 1.00% of the runway at 2×, 1.00% at 100× and 1.00% at 1000×. Nothing about the rung changes how much of the available distance the fee consumes, which is the least advertised fact about a flat fee and the most useful one.
On the notional basis nothing cancels. Breakeven is fixed at 0.0432% while the room shrinks with the rung and a constant maintenance rate is subtracted from it, so the share rises from 0.09% at 2× to 1.15% at 20× and 3.46% at the 40× cap, a factor of 39.0 across the ladder.
both bases, every rung, on a $100.00 stake
| Rung | Notional on $100.00 | Open, wager basis | Breakeven | Fee as share of room | Open, notional basis | Breakeven | Fee as share of room |
|---|---|---|---|---|---|---|---|
| 2× | $200.00 | $1.00 | 0.5000% | 1.00% | $0.09 | 0.0432% | 0.09% |
| 3× | $300.00 | $1.00 | 0.3333% | 1.00% | $0.13 | 0.0432% | 0.13% |
| 5× | $500.00 | $1.00 | 0.2000% | 1.00% | $0.22 | 0.0432% | 0.23% |
| 10× | $1,000.00 | $1.00 | 0.1000% | 1.00% | $0.43 | 0.0432% | 0.49% |
| 20× | $2,000.00 | $1.00 | 0.0500% | 1.00% | $0.86 | 0.0432% | 1.15% |
| 25× | $2,500.00 | $1.00 | 0.0400% | 1.00% | $1.08 | 0.0432% | 1.57% |
| 40× | $4,000.00 | $1.00 | 0.0250% | 1.00% | $1.73 | 0.0432% | 3.46% |
| 50× | $5,000.00 | $1.00 | 0.0200% | 1.00% | not offered | not offered | not offered |
| 100× | $10,000.00 | $1.00 | 0.0100% | 1.00% | not offered | not offered | not offered |
| 200× | $20,000.00 | $1.00 | 0.0050% | 1.00% | not offered | not offered | not offered |
| 500× | $50,000.00 | $1.00 | 0.0020% | 1.00% | not offered | not offered | not offered |
| 1000× | $100,000.00 | $1.00 | 0.0010% | 1.00% | not offered | not offered | not offered |
Notional is stake multiplied by the rung. Open is
venues.open_cost(), breakeven is
venues.breakeven_move() and the share of room is
venues.fee_as_share_of_room(), the last measured against a
1.25% maintenance rate
for the notional columns and 0.00% for the wager
columns. Rungs above 40× are offered on one venue only. Rolling and hourly
carry are excluded from every column, so each figure is a floor.
what the table decides and what it does not
The fee comparison decides entry cost, and it reverses at 23.1× taker: below that rung the notional basis is cheaper on the same stake, above it the wager basis is, and above 40× only one basis exists because the other venue does not offer the rung. Against the maker fee the reversal moves out to 69.4×, which sits above every rung the notional-basis venue lists.
What the table does not decide is the rung. Entry cost differs by cents on a $100.00 stake across most of the ladder, while the distance to liquidation differs by a factor of 500 from end to end. The sizing decision that matters is the holding period, measured against the 95th-percentile adverse excursion for the market in hand across the 45 tracked markets, and the fee is the smaller term in that decision at every rung.
the holding-period rule, the calculator, prefilled per market and per venue, where the room comes from.
Registry 2026-08-27a, reviewed through 2026-11-27. Rebuilt 2026-08-27 07:56 UTC UTC.