Moon against Hyperliquid
Opening a $100 position at 10x costs $1.00 on Moon against $0.43 on Hyperliquid, and the two bases cross at 23.1x. Below that leverage level the notional rate is the smaller number and above it the flat rate is, but on 28 of the 45 tracked markets only one of the two lists the market at all, so coverage settles it before cost does.
These are the only 2 of the 5 platforms that publish a ceiling per instrument, so a row can name a market and price both sides of it. They price the same decision on different bases: opening cost is flat in the multiplier on one and linear in leverage on the other, and the two lines cross at 23.1x taker and 69.4x maker. Coverage decides the question before cost does on 28 of the 45 tracked markets, where Hyperliquid lists cryptocurrency only.
Open Moon with codeMARKET Open Hyperliquid with codeNEWBONUS
cost per leverage level crosses at 23.1x and the comparison ends at 40x
| Platform | 2x | 3x | 5x | 10x | 20x | 25x | 40x | 50x | 100x | 200x | 500x | 1000x |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Moon | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Hyperliquid | $0.09 | $0.13 | $0.22 | $0.43 | $0.86 | $1.08 | $1.73 | not listed ceiling 40x | not listed ceiling 40x | not listed ceiling 40x | not listed ceiling 40x | not listed ceiling 40x |
Opening cost on a $100 wager, referral discounts applied, carry excluded because one of the two rates is unpublished. Above 40x only one platform prices the leverage level at all, which the ceiling cells state rather than hide.
room to liquidation on the 17 crypto markets both platforms list
Each row is priced at the Hyperliquid ceiling for that asset, because that is the only leverage level where both platforms can be compared at the top of the leverage range. Moon holds no maintenance buffer, so its room is one part in the multiplier; Hyperliquid's maintenance margin is half the initial margin at the asset ceiling, so its room at that ceiling is half of Moon's, and the mean difference across the 17 shared markets is 4.90% of the mark.
| Market | Rung | Room, Moon | Room, Hyperliquid | Difference |
|---|---|---|---|---|
| Bitcoin | 40x | 2.50% | 1.25% | 1.25% |
| Ethereum | 25x | 4.00% | 2.00% | 2.00% |
| Solana | 20x | 5.00% | 2.50% | 2.50% |
| XRP | 20x | 5.00% | 2.50% | 2.50% |
| BNB | 10x | 10.0% | 5.00% | 5.00% |
| Cardano | 10x | 10.0% | 5.00% | 5.00% |
| Dogecoin | 10x | 10.0% | 5.00% | 5.00% |
| Avalanche | 10x | 10.0% | 5.00% | 5.00% |
| Chainlink | 10x | 10.0% | 5.00% | 5.00% |
| Litecoin | 10x | 10.0% | 5.00% | 5.00% |
| Bitcoin Cash | 10x | 10.0% | 5.00% | 5.00% |
| TRON | 10x | 10.0% | 5.00% | 5.00% |
| SUI | 10x | 10.0% | 5.00% | 5.00% |
| Zcash | 10x | 10.0% | 5.00% | 5.00% |
| Hyperliquid | 10x | 10.0% | 5.00% | 5.00% |
| Stellar | 5x | 20.0% | 10.0% | 10.0% |
| Hedera | 5x | 20.0% | 10.0% | 10.0% |
Room is initial margin less the maintenance requirement, computed per platform per asset. The 28 remaining markets Moon lists have no second column (liquidations).
the survivable leverage level falls from 200x to 5x as the hold lengthens
The longer you hold, the lower the leverage you can survive. On Moon the highest leverage level that history supports falls from 200x over one minute to 5x over one week, and on Hyperliquid from 10x to 3x, because its leverage stops at 40x and its per-asset ceilings stop lower still.
| Holding period | Moon | Hyperliquid |
|---|---|---|
| one minute | 200x 21 of 45 markets | 10x 11 of 17 markets |
| five minutes | 200x 20 of 45 markets | 10x 11 of 17 markets |
| one hour | 20x 20 of 45 markets | 10x 11 of 17 markets |
| one session | 20x 21 of 45 markets | 10x 11 of 17 markets |
| one week | 5x 23 of 44 markets | 3x 13 of 16 markets |
Modal leverage level with the count of markets agreeing, computed from 45 markets. The multiplier shown is the highest one whose room to liquidation held up against the worst move that went against the position in 95 per cent of holds of that length, counting whichever side did worse.
what each platform settles, dimension by dimension
| Dimension | Moon | Hyperliquid |
|---|---|---|
| Above 23.1x | $1.00 on a $100 wager at 25x | $1.08 at 25x, and nothing above 40x |
| Below 23.1x | $1.00 at 10x | $0.43 at 10x taker, $0.14 maker |
| Room at 10x | 10.0% | 8.75% on an asset capped at 40x |
| Worst case | capped at the wager | isolated margin, or the cross account on a backstop liquidation |
| Cost of carry | every 8 hours, rate unpublished | every 1 hour, market set, capped at 4% per hour |
| Equities, funds and metals | 28 of 45 tracked markets | not listed lists cryptocurrency only |
| Practice mode | play money, no deposit | not offered |
| Referral code | MARKET | NEWBONUS, worth 0.0018% of notional |
cost of carry cannot be put in the same column
| Platform | What it is called | Rate published | Terms |
|---|---|---|---|
| Moon | rolling fee | No | every 8 hours, rate unpublished and excluded from every cost figure here |
| Hyperliquid | funding | Yes | every hour, capped at 4% per hour, interest component 0.00125% per hour |
1 of 2 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.
which dimension decides, by trade
A hold measured in minutes at a leverage level above 40x has one platform that prices it, because the other's leverage range ends there, and the leverage level the data supports over one minute is 200x. A hold measured in a week sits at 5x on Moon and 3x on Hyperliquid, where opening cost on a $100 wager is $1.00 against $0.13 taker and the funding rate becomes the larger term of the two. On any tracked equity, exchange traded fund or metal the coverage column settles it before either of those figures is reached.
The other 3 platforms publish asset-class lists rather than per-instrument ceilings, so they sit on their own review pages with their own ceilings and their own fee schedules, and no row here pretends to price them against these two.
Open Moon with codeMARKET Open Hyperliquid with codeNEWBONUS
Platform registry 2026-08-28a, reviewed through 2026-11-28. Every figure below is computed from each platform's own published terms.
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.