Platform comparison

Five platforms, three fee bases, one ceiling of 1000x. Where each one actually lists the market you want is the deciding line. Across 5 platforms the ceilings run from 40x to 1000x, and the flat and notional fee bases cross at 23.1x.

every dimension across 5 platforms, stated once

Opening cost on a $100 stake at every leverage level any platform publishes. A leverage level above a platform's ceiling shows the ceiling rather than a blank, and a platform whose rate varies by asset class shows both ends of its own schedule.

Platform registry 2026-08-28a, reviewed through 2026-11-28. Every figure below is computed from each platform's own published terms.

the fee crossover sits at 23.1x taker and 69.4x maker

At 23.1x a $100 stake costs $1.00 on Moon and $1.00 on Hyperliquid, which is what a crossover means: below that leverage level the notional rate is the smaller number and above it the flat rate is. Rates on notional run from 0% to 0.1%, so the leverage level at which each of those 4 platforms overtakes a flat 1.0% differs by platform and by asset class.

room to liquidation comes from the maintenance rule, one platform at a time

Room is initial margin less whatever the platform keeps back, so the maintenance rule sets it and the multiplier alone never does. At 10x on bitcoin you get Moon 10.000%, Hyperliquid 8.750%, Ostium 9.875%, Avantis 8.500%, and 1 of 5 platforms publish a threshold table rather than a rule that can be evaluated at an arbitrary multiplier.

Room at each leverage level on bitcoin, computed per platform from its own maintenance rule. Gains Network (gTrade) publishes a threshold table rather than a rule, so it has no column here. A platform publishing a threshold table per class and multiplier has that table on its own review page instead.

cost of carry, stated per platform and never added up

2 of 5 platforms publish a rate or a cap for carry, so carry is not comparable across them. Every cost figure in this section is scoped to opening cost, which makes it a floor rather than an estimate.

what the 5 referral arrangements give

2 of the 5 platforms bind a referral with a typed code and 3 bind it with a link alone, which matters because a link that is not followed leaves nothing to type in later. Of the 5 arrangements, 3 state a benefit that the platform's own documents confirm, and the rest are unconfirmed claims. Each one is written out on its own page with the eligibility and the exclusions.

the promo code hub lists all 5 with what each gives.

Figures on this page were rebuilt 2026-08-28 by the MarketMoves editorial desk, from the sources named in the methodology. Nothing here is a forecast, and none of it is advice.