Mooncake Review 2026: Solana Perpetual Markets

Mooncake is a Solana-based tokenized perpetual market powered by RateX. Its product category is clear, but key trading terms and risk details are not published.

Solana

By the DappsAtlas editorial team · Updated Nov 6, 2026

DappsAtlas score

—/10

Not rated

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Our verdict on Mooncake

Mooncake may interest Solana users looking for permissionless tokenized perpetual markets, and its description identifies RateX as the platform behind it. The main caveat is the lack of published trading details: supported assets, fees, funding, leverage, and liquidation rules are unclear. Two audits are listed, but their scope and findings are not specified. Treat Mooncake as a high-risk derivatives platform and verify the terms in the app before considering a trade.

Score breakdown

How Mooncake scores

Security: n/a
Ease of use: n/a
Fees: n/a
Features: n/a

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Mooncake?

Mooncake describes itself as a permissionless tokenized perpetual market on Solana, powered by RateX. Its listed token is RTX, and the project has two audits listed, but their names and scope are not specified.

Mooncake does not publish key details such as supported assets, trading fees, funding rates, leverage limits, or liquidation rules. Those omissions make it difficult to assess the market’s costs and mechanics before use.

How Mooncake works

Mooncake is described as a permissionless tokenized perpetual market on Solana, powered by RateX. Perpetual markets are derivatives designed to track an asset’s price without a fixed expiry; the specific pricing and settlement mechanics can vary between platforms.

Mooncake does not publish details about supported assets, order execution, funding, leverage, or liquidation rules in its product description. Review those terms in the app before considering a trade.

2 features

Key features

Tokenized perpetuals

Mooncake describes itself as a permissionless market for tokenized perpetuals. Supported assets and market parameters are not published.

RateX-powered

The market is described as powered by RateX, though the details of that relationship are not published.

Pros and cons

What we like

The product is identified as a tokenized perpetual market rather than a general-purpose trading app.
It is listed on Solana.
The project lists two audits, although their scope and findings are unclear.

Watch out for

Mooncake does not publish detailed information about how its markets work or what assets are supported.
Trading fees, funding rates, leverage limits, and liquidation rules are not published.
The two listed audits are not identified here, so their scope and findings are unclear.
Perpetual trading can expose users to rapid losses, including liquidation risk.

Mooncake fees

Mooncake does not publish its trading fees, funding rates, or other trading costs in the product description. Check the app’s market and order screens for any costs shown before trading.

Is Mooncake safe?

Mooncake lists two audits, but their names, dates, scope, and findings are not specified. An audit does not eliminate smart-contract or market risk. The project’s custody model and incident history are not published.

Perpetual trading can involve liquidation and substantial losses. Licensing and KYC requirements are not published; check that trading is legal where you live. Users should be 18 or older and trade responsibly.

4 steps

How to get started with Mooncake

1
Open the Mooncake app and review its current market information.
2
Confirm that you can use the service legally where you live and understand the risks of perpetual trading.
3
Check the app for supported markets, fees, funding rates, leverage, and liquidation terms before placing an order.
4
If those terms are not clear, do not trade until you have confirmed them.

Open Mooncake

Who Mooncake is for

Mooncake may suit experienced Solana users who understand perpetual derivatives and are willing to verify market terms themselves. It is a poor fit for anyone who needs clearly published fees, leverage and liquidation rules, or detailed audit information before trading.

Mooncake FAQs

What is Mooncake?

Mooncake is described as a permissionless tokenized perpetual market on Solana, powered by RateX. Details about supported markets and trading mechanics are not published.

What are Mooncake’s fees and trading risks?

Mooncake is listed on Solana and is described as a perpetual market. The project does not publish its fees, funding rates, leverage limits, or liquidation rules in the available product description.

Is Mooncake a casino or gambling platform?

Mooncake is not described as a gambling product. Perpetual trading is high risk; check that using it is legal where you live, and only trade if you are 18 or older and can afford to lose your funds.

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