Where the liquidation price actually sits

Your liquidation price sits one over your multiplier away from entry, and on Moon that is the whole rule. Go 1.00 per cent the wrong way at 100x and the bet is gone, because a maintenance rate of 0.00 per cent leaves you the whole reciprocal and nothing beyond it. At a 40x cap a 1.25 per cent maintenance rate gives you 1.25 per cent where the same multiplier would otherwise give 2.50 per cent.

The derivation in four steps

Write L for your multiplier, N for notional and m for the move against you. Your initial margin is N / L, so a $100.00 stake at 20x controls $2,000.00 and posts one part in 20 of it. A move of m against you costs N x m in that same currency, so your equity falls one for one with the move on notional.

You are liquidated when your equity reaches the maintenance requirement, a rate r on notional. Set N / L - N x m = N x r, divide through by N, and you have m = 1 / L - r. The notional cancels, so the same answer holds whether you stake $10.00 or $10,000.00.

venues.liq_move() computes that expression and offer.liq_move() pins the rate at 0.00 per cent, returning 0.0100 at 100x. Any smaller figure at that multiplier has subtracted a buffer the venue does not hold.

A zero maintenance rate leaves the reciprocal

Moon closes your bet once it has lost the wager, and documents no maintenance margin. Your exposure is the wager times the multiplier, so a move of one part in the multiplier spends the wager exactly. You get 10.0 per cent at 10x, 2.00 per cent at 50x, 1.00 per cent at 100x and 0.10 per cent at 1000x, with no step losing anything to a buffer.

Moon on how leverage works, placing a first bet for the loss cap.

Half the initial margin removes half your room

Hyperliquid holds maintenance margin at half the initial margin required at an asset's maximum leverage, so the rate is fixed per asset rather than per multiplier. At a 40x cap your initial margin is 2.50 per cent and half of it is 1.25 per cent. Subtracting a constant from a shrinking reciprocal bites hardest at the top, so you hold 1.25 per cent at the cap against 2.50 per cent. At 2x the same subtraction still leaves you 0.975 of the room.

Hyperliquid liquidations, maintenance margin and the liquidation price formula.

Room at every multiplier, both rates

Room is 1 over the multiplier less the maintenance rate, computed by venues.liq_move(). The second column uses 0.00 per cent and the third uses 1.25 per cent, the rate for a 40x-capped asset. Multipliers above 40x exist on one venue only, which is why the third column stops.

The maintenance rate rises as the cap falls

One asset per distinct cap in the coverage record. The maintenance rate is half the initial margin at that cap, so a 5x-capped asset carries 10.0 per cent and loses half its room at the cap in the same way. The second and third columns match at every cap by construction, because subtracting half the initial margin leaves the other half. Caps and tiers: Hyperliquid margin tiers.

The live readout reproduces the rule

One reading off the live product returns 1.000 of the rule. A 50x bet in the Down direction on Tesla, entered at $346.145, displayed a liquidation price of $353.068, an implied distance of 2.0000 per cent. The model puts it at 1 over 50, or 2.00 per cent, so the displayed price sat one part in the multiplier from entry with nothing taken out for a buffer.

Observed 2026-08-27, parsed out of the registry's own source string and divided by offer.liq_move().

Indicative example based on third-party market data. Moon's reference price, spread, fees, settlement and liquidation rules may produce a different result.

Your room only counts against real moves

The reciprocal tells you how far your room reaches, and only the measured moves tell you whether that is far enough. On Bitcoin the worst session move against you in 1 session in 20 was 1.97 per cent, which sits between your room at 20x and your room at 50x on the zero-buffer venue. The same move takes out all of your room at the 40x cap on the maintenance-rate venue.

Measured across 511 rolling session windows on Bitcoin, where that 95th-percentile adverse excursion exceeds the room at the cap by a factor of 1.6.

The measured move and the surviving multiplier for each of the 45 markets, what the opening fee costs against that room.

What these figures replaced

Three earlier guides here applied a maintenance rate of 0.05 per cent to Moon and put your liquidation distance at 0.95 per cent at 100x. Both were retracted in August 2026, because the documented rate is 0.00 per cent and the distance is 1.00 per cent. The retracted figure understated your room by 0.05 percentage points at every multiplier, which is 5 per cent of it at 100x and 50 per cent at 1000x.

The correction is logged on the corrections page. Registry 2026-08-28a, reviewed through 2026-11-28.

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.