venue comparison

Moon lists 50 of the 50 markets tracked here and Hyperliquid lists 18, and the fee bases cross at 23.1x.

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 dimension, stated once, with absence as a cell

Venue registry 2026-08-27a, reviewed through 2026-11-27. Every figure on this page is computed from that registry at build time.

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

At 23.1x a $100 wager costs $1.00 on Moon and $1.00 on Hyperliquid, which is what the crossover means: below that rung the notional fee is the smaller number and above it the flat fee is. The maker crossover sits at 69.4x because 0.015% is roughly a third of 0.045%, so the linear line takes three times as far to reach the same height, and Moon publishes no maker rate, so its column does not split.

Opening cost on a $100 wager at every rung either venue offers. A rung above a venue's ceiling shows the ceiling rather than a blank, so the point at which the comparison stops existing is visible in the table itself.

room to liquidation is a maintenance rule, not a multiplier

Room is initial margin less the maintenance requirement, so the maintenance rule sets it. Moon holds no maintenance buffer, which puts liquidation at exactly one part in the multiplier: 10.0% at 10x and 1.000% at 100x. Hyperliquid's maintenance margin is half the initial margin at the asset's own ceiling, so at the ceiling half the room comes back off: 1.25% at 40x on Bitcoin against 2.50% for the same rung under a zero buffer (Hyperliquid liquidations; Moon on leverage).

what the loss is capped at differs in kind

Moon caps the loss at the wager and states that a bet closes once it has lost an amount equal to it (placing a first bet), so a $100 wager at 1000x risks $100 and the cap does not move with the multiplier. Hyperliquid has no equivalent object: isolated margin confines a loss to that position, cross margin does not, and a backstop liquidation below two thirds of maintenance margin takes the maintenance margin without returning it (liquidations). Hyperliquid charges no clearance fee on a liquidation, which Moon does not publish either way.

cost of carry can be stated per venue and not compared

Cost of carry is not comparable across the venues, because one of the two rates is unpublished. Every cost figure in this section is therefore scoped to opening cost only, which makes it a floor rather than an estimate.

what the referral discount is worth against the rung choice

Hyperliquid's referral gives 4% discount on trading fees for the first $25M of volume, and 4% off a 0.045% taker fee is 0.0018% of notional. The venue and rung choice above it moves opening cost between $0.09 and $1.73 on a $100 wager, which is the comparison that makes the discount figure worth printing. The registry records Moon's discount on its opening fee as 0%.

Open Moon with code MAXBONUS Open Hyperliquid with code NEWBONUS