promo codes by brand, and what each one is documented to give
One of the two codes on this page carries a benefit its venue documents; the other carries none that is published, and the documented one is worth 0.0018% of notional.
Figures rebuilt 2026-08-27 by the MarketMoves editorial desk. Every number on this page is derived from the sources named in the methodology.
one code carries a documented discount, the other carries no published benefit
The table states the code, what the venue documents it to give, and whether that claim is verified against a primary source. Moon's referral record carries no published benefit, so the cell reads unverified and no figure is substituted for it. Hyperliquid's referral documentation states 4 per cent discount on trading fees for the first $25M of volume, which is why that row carries a figure and a citation: Hyperliquid referral documentation.
The remaining columns are the ones that decide the outcome of a ticket. The leverage ceiling, the number of tracked markets the venue lists, and the cash cost to open $100 at 10x are all larger in effect than any code, and all three are computed from the venue registry rather than from marketing copy.
| Brand | Code | What the code gives | Verified | Max leverage | Tracked markets listed | Cost to open $100 at 10x | Review |
|---|---|---|---|---|---|---|---|
| Moon | MAXBONUS | not published by the venue | unverified | 1000x on every market listed | 50 of 50 | $1.00 | Moon review |
| Hyperliquid | NEWBONUS | 4% discount on trading fees for the first $25M of volume | verified 2026-08-27 | 40x highest, 10x on 11 of 18 listed | 18 of 50 | $0.43 | Hyperliquid review |
MarketMoves earns a commission when a reader opens an account through a link on this page. It costs the reader nothing and does not change the figures shown. Venue registry 2026-08-27a, reviewed through 2026-11-27. Opening costs are entry only: Moon charges a rolling fee every 8 hours at a rate it does not publish, and Hyperliquid funding is market set rather than a venue charge, so neither is included in any figure on this page. Hyperliquid funding documentation.
the documented discount is 0.0018% of notional, and the venue choice at 10x is worth 32 times more
Hyperliquid's discount is 4% off a taker fee of 0.045% of notional, so it comes to 0.0018% of the exposure being opened. On a $100 margin at 10x, the opening fee falls from $0.45 to $0.43, a saving of $0.0180. That is the whole of what the code is worth on that ticket, and it is carried to four decimal places because two would round it to nothing.
The same ticket opened on Moon costs $1.00, because Moon charges 1% of the wager rather than a share of notional. The gap between the two venues at 10x is therefore $0.57, which is 32 times the saving the code produces. The direction of that gap reverses at 23.1x taker and 69.4x maker, where a notional fee overtakes a flat one, which is the arithmetic the code cannot influence in either direction.
Staying inside one venue makes the point again. Opening $100 at Hyperliquid's ceiling of 40x costs $1.73 against $0.43 at 10x, a difference of $1.30 and 72 times the discount, on the same margin and the same market. Rung choice moves the entry cost by an order of magnitude more than attribution does.
the rung the data does not support costs the wager, or 5,556 times the discount
Across 46 markets the highest Moon rung whose distance to liquidation exceeded the 95th-percentile adverse excursion over a session was 20x, agreed by 26 of them; on Hyperliquid the same test returned 10x on 12 of 18 listed markets. Bitcoin's 95th-percentile session excursion was 1.55% across 511 rolling windows, against 1.25% of room at Hyperliquid's 40x ceiling and 8.75% at 10x.
A position whose room is shorter than the excursion the market produces in one session in 20 is liquidated in more than one session in 20, and the cost of that event is the margin committed, $100 on the worked ticket. Set against the $0.0180 the code saves on the same ticket, the rung decision is worth 5,556 times the code, and the holding period that sets the rung is untouched by either code.
Room at 10x differs between the venues as well, at 10.0% on Moon against 8.75% on Hyperliquid for Bitcoin, because Hyperliquid holds a maintenance margin of half the initial margin at the asset's ceiling and Moon holds none: Hyperliquid liquidation documentation and Moon leverage documentation. That difference in room is worth more than the discount on any ticket the discount applies to.
Moon, code MAXBONUS, benefit unverified
The code exists and the exit link carries it. What a referred Moon account receives is not published by the venue, so this page states no amount, no match and no rebate. The verified terms are the pricing: 1% of the wager to open, charged on the wager rather than on leveraged exposure, flat from 1x to 1000x, with loss capped at the wager and no maintenance buffer ahead of liquidation. Moon lists 50 of the 50 tracked markets.
Moon betting glossary for the opening fee, placing your first bet for the asset classes and the ceiling.
Moon code detail and the fuller Moon review. Open Moon with MAXBONUS
Hyperliquid, code NEWBONUS, benefit verified
The referral documentation states 4 per cent discount on trading fees for the first $25M of volume, which on the worked ticket is $0.0180. The taker fee is 0.045% of notional and the maker fee 0.015%, so the opening cost rises with leverage rather than staying flat: Hyperliquid fee documentation. The ceiling is per asset, 40x highest, 10x on 11 of 18 listed, and Hyperliquid lists 18 of the 50 tracked markets because it lists crypto only.
Hyperliquid code detail and the fuller Hyperliquid review. Open Hyperliquid with NEWBONUS