What it costs you to hold a position
Hyperliquid charges you by the hour to hold, and Moon publishes no rate you can check. Hold on the notional-basis venue for a year and the interest component alone takes 11.6 per cent of your notional, charged 0.01 per cent at a time every 8 hours. On the wager-basis venue you cannot work the equivalent out, so every cost figure you read here is a floor.
Funding is charged every hour
Hyperliquid takes funding off you every hour rather than three times a day, at one eighth of the 8-hour rate. The balance of longs and shorts sets it, it is capped at 4.00 per cent an hour, and it is paid peer to peer with no venue cut. Hold through 8 intervals and you pay or receive one 8-hour rate.
Close inside the hour and you pay no funding at all, which puts the whole cost of a short hold onto the opening fee. Hold through a persistent premium and you pay 8 times per 8 hours at a rate that can reset each hour, so what you paid is known only once you close.
Hyperliquid funding, interval, cap and peer-to-peer settlement.
Interest alone costs 11.6 per cent a year
Inside the funding formula sits a fixed interest component of 0.00125 per cent an hour, which is 0.01 per cent per 8 hours and is paid by the long side to the short side. Over the 8,760 hours in a year that is 11.0 per cent simple and 11.6 per cent compounded, both worked from the hourly figure in the registry rather than quoted.
The component is small against the cap and large against what you paid to open. The taker fee equals 34.6 hours of it at 10x and the same 34.6 hours at the 40x cap, because both terms scale with notional. Hold past those 34.6 hours and carry has cost you more than entry did.
One capped 8-hour charge can exceed your room
The cap of 4.00 per cent an hour reaches 32.0 per cent over 8 hours, and that is the figure to hold against your distance to liquidation, because the two are in the same units. Your whole runway at 5x on the zero-buffer venue is 20.0 per cent, so one capped 8-hour period would swallow it, and the same holds at every multiplier above that one.
| Multiplier | Notional on $100.00 | Taker open | Funding over 8 hours at the cap | Hours of interest to equal the open | Room | Capped 8-hour funding exceeds the room |
|---|---|---|---|---|---|---|
| 2x | $200.00 | $0.09 | $64.00 | 34.6 | 48.8% | no |
| 3x | $300.00 | $0.13 | $96.00 | 34.6 | 32.1% | no |
| 5x | $500.00 | $0.22 | $160.00 | 34.6 | 18.8% | yes |
| 10x | $1,000.00 | $0.43 | $320.00 | 34.6 | 8.75% | yes |
| 20x | $2,000.00 | $0.86 | $640.00 | 34.6 | 3.75% | yes |
| 25x | $2,500.00 | $1.08 | $800.00 | 34.6 | 2.75% | yes |
| 40x | $4,000.00 | $1.73 | $1,280.00 | 34.6 | 1.25% | yes |
Notional is stake multiplied by the multiplier. Taker open is
venues.open_cost() on the notional basis, net of the published
referral discount. The hours column is the opening fee expressed as a share of
notional divided by the 0.00125 per cent hourly interest component. Room is
venues.liq_move() at a 1.25 per cent
maintenance rate. Cited: funding,
fees.
The other rate is never published
Moon charges a rolling fee every 8 hours and describes the
rate as dynamic. No figure for it appears anywhere in the help centre, so
venues.carry('moon')['rate'] is None and every function that would
multiply it returns nothing instead of a guess. A modelled rate would print to two
decimals on every table here while being unverifiable against anything Moon
publishes.
Moon betting glossary, rolling fee and interval.
You cannot compare the two on carry
| Term | Rolling fee, wager basis | Funding, notional basis |
|---|---|---|
| Charging interval | every 8 hours | every hour |
| Rate published | no | yes |
| Slices per 8 hours | 1 | 8 |
| Cap per hour | not published | 4.00% |
| Cap over one 8-hour interval | not published | 32.0% |
| Interest component per 8 hours | not published | 0.01% |
| Interest component, simple annual | not published | 11.0% |
| Interest component, compounded annual | not published | 11.6% |
| Counterparty | the venue | peer to peer, no venue cut |
| Comparable on cost of carry | no | |
With one rate published and one not, every cost figure you read here is scoped to entry and is a floor. Hold overnight on either venue and you will have paid more than any table here shows, and on the venue with the unpublished rate the size of that difference is unknown rather than small.
Third-party testers also report a performance fee on realised
profit and a spread inside the settlement price, neither documented by Moon and
neither modelled here. venues.carry_comparable() returns
False, which is what gates the comparison on
every page.
What changes if the rate is published
The carry record holds a rate field waiting for a figure,
reviewed through 2026-11-28. Fill it and the cost tables can run from entry through to a
stated holding period, and the crossover multiplier of
23.1x taker becomes a function of your hold rather than of
your entry alone. Until then it is an entry-cost statement and is labelled as one
wherever it appears.
the entry-cost arithmetic in full, what is excluded and why.
Registry 2026-08-28a, reviewed through 2026-11-28. Rebuilt 2026-08-28 06:26 UTC across 45 tracked markets.
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.