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A creature's speed determines how many squares it can move with each move action if it walks. A creature that runs gains +2 speed, grants combat advantage and takes a −5 penalty to attack rolls for that turn. A creature wearing heavy armor takes a −1 penalty to its speed (except Dwarves, because of their encumbered speed racial trait)

Speed by Race

Most races have speed 6. However, there are several exceptions: Gnomes and Dwarves, with speed of 5, and Elves, Vryloka, Thri-Kreen, Hengeyokai, and Gnolls, with speed 7.

Exploration speed

To determine exploration speed, multiply the speed value by 50 to get feet per minute, divide by 2 to get miles per hour, and multiply by 5 to get miles per day. [RC:169]

Base Exploration Speed
Speed Per Day Per Hour Per Minute
5 25 miles 2.5 miles 250 feet
6 30 miles 3 miles 300 feet
7 35 miles 3.5 miles 350 feet
8 40 miles 4 miles 400 feet

Creatures can attempt to move more quickly than the normal movement speed.

In one day, creatures may normally sustain a normal walking pace for 10 hours, although non-adventurers normally tire out after 6 to 8 hours. After that limit, creatures must make an Endurance check, starting at DC 20 at the end of the first hour, and increasing by 5 for every additional hour afterwards.

A creature may move double it's hourly speed for one hour. Beyond that limit, the creature loses a healing surge (or damage equal to its level if none are left) at the end of each subsequent hour.

A creature may move double its speed per minute when in a hurry.