moon against hyperliquid

The fee bases cross at 23.1x taker, and coverage settles the question on 32 of the 50 tracked markets before cost does.

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

cost per rung crosses at 23.1x and the comparison ends at 40x

Opening cost on a $100 wager, referral discounts applied, carry excluded because one of the two rates is unpublished. Above 40x only one venue prices the rung at all, which the ceiling cells state rather than hide.

room to liquidation on the 18 crypto markets both venues list

Each row is priced at the Hyperliquid ceiling for that asset, because that is the only rung where both venues can be compared at the top of the ladder. 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 18 shared markets is 5.18% of the mark.

Room is initial margin less the maintenance requirement, computed per venue per asset. The 32 remaining markets Moon lists have no second column (liquidations).

the survivable rung falls from 500x to 5x as the hold lengthens

The survivable rung is the highest rung on the venue's ladder 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. Across the markets in the dataset the modal rung falls from 500x over one minute to 5x over one week on Moon, and from 10x to 3x on Hyperliquid, where the ladder stops at 40x and the per-asset ceilings stop lower still.

Modal rung with the count of markets agreeing, computed from 46 markets. 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.

what each venue settles, dimension by dimension

cost of carry cannot be put in the same column

Cost of carry is not comparable across the venues, because one of the two rates is unpublished.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.

which dimension decides, by trade

A hold measured in minutes at a rung above 40x has one venue that prices it, because the other's ladder ends there, and the modal rung the data supports over one minute is 500x. 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.

Open Moon with code MAXBONUS Open Hyperliquid with code NEWBONUS

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