Venue comparison

Five venues, three fee bases, one ceiling of 1000x. Where each one actually lists the market you want is the deciding line. Across 5 venues the ceilings run from 40x to 1000x, and the flat and notional fee bases cross at 23.1x.

every dimension across 5 venues, stated once

Opening cost on a $100 stake at every leverage level any venue publishes. A leverage level above a venue's ceiling shows the ceiling rather than a blank, and a venue whose rate varies by asset class shows both ends of its own schedule.

Venue registry 2026-08-28a, reviewed through 2026-11-28. Every figure on this page is computed from that registry at build time.

the fee crossover sits at 23.1x taker and 69.4x maker

At 23.1x a $100 stake costs $1.00 on Moon and $1.00 on Hyperliquid, which is what a crossover means: below that leverage level the notional rate is the smaller number and above it the flat rate is. Rates on notional in the registry run from 0% to 0.1%, so the leverage level at which each of those 4 venues overtakes a flat 1.0% differs by venue and by asset class.

room to liquidation comes from the maintenance rule, one venue at a time

Room is initial margin less whatever the venue keeps back, so the maintenance rule sets it and the multiplier alone never does. At 10x on bitcoin the registry gives Moon 10.000%, Hyperliquid 8.750%, Ostium 9.875%, Avantis 8.500%, and 1 of 5 venues publish a threshold table rather than a rule that can be evaluated at an arbitrary multiplier.

Room at each leverage level on bitcoin, computed per venue from its own maintenance rule. A venue publishing a threshold table per class and multiplier has that table on its own review page instead.

cost of carry, stated per venue and never added up

2 of 5 venues publish a rate or a cap for carry, so carry is not comparable across them. Every cost figure in this section is scoped to opening cost, which makes it a floor rather than an estimate.

what the 5 referral arrangements give

2 of the 5 venues bind a referral with a typed code and 3 bind it with a link alone, which matters because a link that is not followed leaves nothing to type in later. Of the 5 arrangements, 3 state a benefit that the venue's own documents confirm, and the rest are recorded as claims. Each one is written out on its own page with the eligibility and the exclusions.

the promo code hub lists all 5 with what each gives.

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.