Sizing your position once you have the multiplier
The opening fee lands on your wager on Moon and on your notional on Hyperliquid, which is why the two reward different holds. Whichever multiplier you pick on the wager basis, opening costs you 1.00 per cent of your distance to liquidation, the same 1.00 per cent at 1000x as at 2x. On the notional basis that share climbs from 0.09 per cent at 2x to 3.46 per cent at the 40x cap.
Three quantities and you choose two
Sizing has three terms: your stake, your multiplier and the notional they imply. Notional is the stake times the multiplier, so a $100.00 stake at 20x controls $2,000.00 and the same stake at 40x controls $4,000.00. Only two of the three are yours to set, and the venue asks you for one or the other.
The fee basis is where the economics arrive. A fee on your stake ignores the multiplier, so you pay $1.00 at 2x and $1.00 at 1000x on the same $100.00. A fee on notional scales with the multiplier, running from $0.09 at 2x to $1.73 at 40x. Set the two equal, cancel the stake, and you have the crossover at 23.1x taker and 69.4x maker.
Moon betting glossary for the
wager-basis fee, Hyperliquid fees for the notional-basis fee.
The published referral discount is worth 0.0018 per cent of notional, computed by
venues.referral_worth_pct_of_notional(), two orders of magnitude
smaller than one step on the published list.
Breakeven is the fee divided by leverage
Your profit on a favourable move is notional times the move, or
S x L x m for stake S, multiplier L and move
m. On the wager basis the fee is S x f with no
L in it, so profit equal to fee gives m = f / L. The
stake cancels and your breakeven falls as the multiplier rises, from
0.5000 per cent at 2x to
0.0010 per cent at 1000x.
On the notional basis the fee is S x L x f, so the L
cancels instead of the stake. Your breakeven is f at every multiplier:
0.0432 per cent at 2x and the same
0.0432 per cent at 40x, whatever
you stake.
The fee as a share of your room
Breakeven on its own flatters the high multipliers, because the smaller move
that covers your fee is also the smaller move that liquidates you. Hold the fee
against your distance to liquidation instead. On the wager basis breakeven is
f / L and your room is 1 / L, so the ratio is
f. You get a constant: opening costs 1.00 per cent of your runway at 2x,
1.00 per cent at 100x and
1.00 per cent at 1000x. The multiplier does
not change how much of your distance the fee eats. Going from 2x to
1000x buys you 500 times less room for the
same 1.00 per cent of it spent at entry.
On the notional basis nothing cancels. Your breakeven is fixed at 0.0432 per cent while your room shrinks with the multiplier and a constant maintenance rate comes off it. The share rises from 0.09 per cent at 2x to 1.15 per cent at 20x and 3.46 per cent at the 40x cap.
Both bases, every multiplier, one stake
| Multiplier | Notional on $100.00 | Open, wager basis | Breakeven | Fee as share of room | Open, notional basis | Breakeven | Fee as share of room |
|---|---|---|---|---|---|---|---|
| 2x | $200.00 | $1.00 | 0.5000% | 1.00% | $0.09 | 0.0432% | 0.09% |
| 3x | $300.00 | $1.00 | 0.3333% | 1.00% | $0.13 | 0.0432% | 0.13% |
| 5x | $500.00 | $1.00 | 0.2000% | 1.00% | $0.22 | 0.0432% | 0.23% |
| 10x | $1,000.00 | $1.00 | 0.1000% | 1.00% | $0.43 | 0.0432% | 0.49% |
| 20x | $2,000.00 | $1.00 | 0.0500% | 1.00% | $0.86 | 0.0432% | 1.15% |
| 25x | $2,500.00 | $1.00 | 0.0400% | 1.00% | $1.08 | 0.0432% | 1.57% |
| 40x | $4,000.00 | $1.00 | 0.0250% | 1.00% | $1.73 | 0.0432% | 3.46% |
| 50x | $5,000.00 | $1.00 | 0.0200% | 1.00% | not offered | not offered | not offered |
| 100x | $10,000.00 | $1.00 | 0.0100% | 1.00% | not offered | not offered | not offered |
| 200x | $20,000.00 | $1.00 | 0.0050% | 1.00% | not offered | not offered | not offered |
| 500x | $50,000.00 | $1.00 | 0.0020% | 1.00% | not offered | not offered | not offered |
| 1000x | $100,000.00 | $1.00 | 0.0010% | 1.00% | not offered | not offered | not offered |
Notional is stake multiplied by the multiplier, on the standard
$100.00 stake. Open is venues.open_cost() and breakeven is
venues.breakeven_move(). The share of room is
venues.fee_as_share_of_room(), measured against a
1.25 per cent maintenance rate
for the notional columns and 0.00 per cent for the wager
columns. Multipliers above 40x are offered on one venue only, and the share
of room at the cap is 39.0 times the share at 2x. Rolling and
hourly carry are excluded from every column, so each figure is a floor.
What the table decides and what it leaves you
The fee comparison decides your entry cost, and it reverses at 23.1x taker. Below that the notional basis is cheaper on the same stake, above it the wager basis is, and above 40x you have one basis because the other venue stops. Against the maker fee the reversal moves out to 69.4x, above every multiplier the notional-basis venue lists.
What the table does not decide is your multiplier. Entry cost differs by cents on a $100.00 stake from 2x to 1000x, while your distance to liquidation shrinks 500 times over the same range. Your real decision is the holding period, measured against the worst move each of the 45 tracked markets has actually made against you.
the holding-period rule, the calculator, prefilled per market and per venue, where the room comes from.
Registry 2026-08-28a, reviewed through 2026-11-28. Rebuilt 2026-08-28 06:26 UTC.
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.