Choosing a multiplier in four steps
Pick the hold, read the multiplier off your market's own row, check the venue lists the market, then cost the round trip. The last step turns on one number: the two fee bases cross at 23.1x taker and 69.4x maker.
Take the steps in this order, because each one narrows the next. Reversing the first two is the common mistake: pick a multiplier before you have picked a hold and there is no threshold behind it. The safe multiplier moves from 200x over one minute to 5x over one week.
Step one, pick the holding period
Your period sets your threshold. Hold for longer and the market gets more chances to move against you, so your multiplier is whatever survives the worst 1 window in 20 at your period. Most markets land on 200x at one minute, 200x at five minutes, 20x at one hour, 20x at one session, 5x at one week. The same market and the same conviction give you 3 different answers depending only on how long you stay in. Leave the period undecided and you default to the longest one, because a position you have not closed keeps accumulating movement.
Step two, read your market's own multiplier
The table answers per market, not per asset class. At one hour the highest that survived across 46 markets was 200x and the lowest was 10x, so a middle figure will not tell you what your own market took. Per-market rows sit on the scalping page for one minute and five minutes, the day-trading page for one hour and one session, and the swing page for one week. Every row carries its own window count, so you can see the sample the figure rests on.
Step three, check the venue offers it
A multiplier the data supports is no use if the venue does not list it. The flat-fee venue applies one ceiling of 1000x across 5 asset classes, so its ceiling never binds before the data does. The notional-fee venue sets a ceiling per asset, from 2x to 40x, and lists 18 of the 50 markets tracked here against 50 on the flat-fee venue. On Bitcoin the two ceilings are 1000x and 40x, so anything above the second figure exists on one venue only.
Step four, price it on each venue
The fee basis decides which venue is cheaper for you, and the crossover is a single number. A fee charged on your wager does not move with the multiplier; a fee charged on notional scales with it. Solving one against the other gives 23.1x taker and 69.4x maker, so below the first figure the notional-fee venue opens for less and above it the flat-fee venue does. At 2x the cheaper open belongs to Hyperliquid and at 40x it belongs to Moon, on the same $100 wager.
| Multiplier | Moon opens for | Hyperliquid opens for | Cheaper to open | Moon room | Hyperliquid room |
|---|---|---|---|---|---|
| 5x | $1.00 | $0.22 | Hyperliquid | 20.0% | 18.8% |
| 20x | $1.00 | $0.86 | Hyperliquid | 5.00% | 3.75% |
| 200x | $1.00 | not offered | Moon | 0.50% | not offered |
The referral discount on the notional-fee venue is worth 0.0018 per cent of notional, which is why it barely moves the crossover: fee schedule. Opening cost is also not what binds you at the top of the list. On the flat-fee venue the opening fee is always 1.00 per cent of your distance to liquidation, at 2x and at 1000x alike, because the fee and the room both scale with the wager and the multiplier cancels.
Worked example: Bitcoin over one session
Your period is one session. Your multiplier for Bitcoin at that period is 50x on the flat-fee venue, where you hold 2.00 per cent of room against a bad session move of 1.97 per cent, the worst 1 session in 20. The long side runs to 1.20 per cent and the short side to 1.97 per cent. The median session move on the same sample was 1.12 per cent, and the worst 1 in 100 was 2.13 per cent, so you clear the ordinary session with room to spare and you do not clear the worst window in 100.
Step three: both venues list Bitcoin, at 1000x and 40x, so 50x is available on both. Step four: a $100 wager at 50x opens for $1.00 on the flat-fee venue and $2.16 on the notional-fee venue, which is the crossover doing its work, since 50 exceeds 23.1. Your room differs as well as your cost: 2.00 per cent against 0.75 per cent at the same multiplier, because one venue holds a maintenance buffer and the other does not.
One step up, 100x leaves you 1.00 per cent of room against the same 1.97 per cent of session movement, which is why the procedure stops at 50x. Its session multiplier on the notional-fee venue is 25x with 2.75 per cent of room, a different answer from the same movement because the published list and the maintenance rule differ, and neither figure includes carry.
Indicative example based on third-party market data. Moon's reference price, spread, fees, settlement and liquidation rules may produce a different result.
Step three exists because Moon documents asset classes rather than instruments, so you settle availability on the venue: all 50 tracked markets are confirmed at instrument level. Venue terms from registry 2026-08-28a.
Step four prices the opening cost only. Carry is left out because one of the two rates is unpublished: the flat-fee venue charges every 8 hours at an undisclosed rate, and the other publishes hourly funding capped at 4.00 per cent per hour: funding documentation.
The record for Bitcoin reads verified, so this step stays a check you make on the venue rather than a claim made for you. Hub and tables: leverage by holding period. Working: how leverage works, what liquidation is, where the flat fee lands, the calculator. Stamped 2026-08-28 06:26 UTC, registry 2026-08-28a.
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.