leverage over an hour to a session

The modal survivable rung is 20x over one hour on 29 of 46 markets and 20x over one session on 26 of 46, against median 95th-percentile excursions of 2.55% and 3.58%.

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

every market, both horizons, sorted by hourly rung

Room is the adverse move that liquidates, taken from the venue registry rather than from a constant. Room over excursion is that distance divided by the 95th-percentile excursion at the same horizon, so a figure near 1.03 times means the rung only just cleared the threshold and the rung above it did not. Opening cost is flat down the whole column because the fee on that venue is a share of the wager and not of exposure, at 1.00 per cent of a $100 wager at every rung in the table.

S&P 500 ETF sat at the top with 200x over one hour, 0.50 per cent of room against 0.36 per cent of hourly excursion across 841 windows. Robinhood Markets sat at the bottom with 10x, 10.0 per cent of room against 6.70 per cent. Both rows cost the same $1.00 to open on a $100 wager, so the difference between them is entirely a difference in room and not in price.

what the session column does to a rung chosen for an hour

A position opened for an hour and held to the close is not priced by the hourly row. The median market's session excursion of 2.27 per cent at the median and 3.58 per cent at the 95th percentile is measured from the window's open, so a rung sized to the hourly tail of 2.55 per cent covers that hour and not the close. That is the arithmetic behind 20 of 46 markets dropping a rung between the two columns, and it is why the holding period has to be decided before the multiplier rather than after.

Sample sizes differ between the columns for the same reason: a session window fits 511 times into the tail of bars held here while an hourly window fits 841 times, so the session figure is the less precisely estimated of the two. Both are estimates from a sample of one market's recent bars, and neither is a forecast of the next session.

Moon documents the asset classes it lists and not the tickers inside them, so each row states what the bars would have supported at that rung. Instrument-level records: 0 confirmed, 50 unverified, 50 tracked. Hourly and session windows are cut from minute bars supplied by Twelve Data.

Method for both columns: The survivable rung is 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. Rungs come from the venue's own ladder and room comes from the venue registry, so neither figure is a constant in this module. Registry 2026-08-27a, reviewed through 2026-11-27.

The cost column is the taker cost to open on a $100 wager. A position held to the close can cross the flat-fee venue's 8-hour rolling fee, whose rate is unpublished and therefore absent from the column, so the figure is a floor. Funding on the other venue is capped at 4.00% per hour: funding documentation.

Shorter and longer horizons: one minute to five minutes, one week. Procedure: how to choose. Stamp 2026-08-27 07:56 UTC UTC, 46 markets at one hour and 46 at one session.