This kind of thing comes up all the time; when two effects resolve at the same time which player is chain link one?
From my understanding the turn player is chain link 1, and the non-turn player is chain link 2, thus resolving first.
So, if Turn player A attacks non-turn player B's Exploder Dragon in any position with his Hydrogeddon, thus destroying B's Exploder Dragon, then the chain would resolve like this:
Exploder Dragon destroys Hydrogeddon, Hydrogeddon's effect dissappears because it is not on the field.
Now Reversed. Player B, now turn player, attacks A's attack position Hydrogeddon with his Exploder Dragon, thus destroying Exploder Dragon. The chain resolves thusly:
Player A SpecSummons another Hydrogeddon, then the original Hydrogeddon is destroyed.
Recapping, the turn player is chain link one and resolves second, while the non-turn player is link two and resolves first
Answer:
You're close.
The effects of "Exploder Dragon" and "Hydrogeddon" activate in the same part of the Damage Step, during the time when a monster destroyed in battle is sent to the Graveyard.
If "Exploder Dragon" battles with "Hydrogeddon" and the "Exploder Dragon" is destroyed in battle, the effects of each card will form a Chain because the effects will activate at the same time: when the "Exploder Dragon" destroyed in battle is sent to the Graveyard.
As Bhret mentioned, the turn player's effect is placed first onto this Chain, and the formation of the Chains mentioned is accurate, however one mistake was made.
"Hydrogeddon's" effect does not disappear when it is destroyed by "Exploder Dragon". "Hydrogeddon's" effect activated and was placed onto the Chain. Destroying it at this point isn't going to make its effect disappear.
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Curtis Schultz
Official UDE Rules Dude
CurtisSchultz_Netrep@Hotmail.com